All Forum Posts by: Brandt Smith

@Labraysha Brickhouse you need MLS access. You might be able to get access via a service. I know there are several in the Houston area that provide this.

Real estate agents will get tired of running comps all the time for you. Zillow/Truila don't provide accurate comps so you need something better.

@Priscilla Davenport this is a business not a charity. Make her an offer than makes good business sense. If she doesn't accept, move her out.

People will tug your heart strings. You need to make the decision based on business reasons.

Wade Garrett each state is different so check your own requirements. What doesn't change is your goal: get the tenant out ASAP with minimal fuss or damage. Have you considered cash for keys? You may be able to avoid the entire legal hassle. A few hundred dollars is cheap if you avoid the courts and get it rented again quickly. As for pursuing past rent...good luck. I wouldn't waste my time.

Philip Mullinax move on to another tenant. You are considering taking on a tenant that doesn't meet the basic 2.5 x rent salary requirements.

Adrienne Bryson not all deals are good deals. Move on to something where you can make money.

@Tracey Thornton why keep your debt to a minimum? Leverage is one of your key tools in real estate investing. It allows you to use your funds more efficiently and increase the return you make on your money (ie...buy 5 properties at 20% down vs. 1 $100k property). 

Just make sure you don't over leverage. Also, make sure you have enough cashflow / equity in the property to protect yourself.

@Steven Barros you use a hard money loan for the rehab and refi into conventional after a few weeks. In the right situation you can come in with minimal out of pocket. Call a few hard money lenders and they can help you. 

Andrew Graziano I would run comps on both ARV and rents. I would also ask for his tax returns to see the income and expenses he is reporting. If all looks good go for it.

Steven Barros I'm not a big fan of turnkey. You leave a lot of the profits on the table. Also, a lot barely cash flow. Have you looked at hard money/double closes? You can often get into a brrr for less out of pocket than a conventional (turnkey) deal.

@Jason W. whether or not you need an llc depends on your investment type. MF always should be in an LLC. SF (including duplexes and quads) don't need it. It doesn't add much protection (use insurance and good landlording for protection) and you can only get non-recourse loans. Fannie Mae (recourse) loans typically have better terms and can't be called.