All Forum Posts by: Charles Carillo

I hope it gets resolved soon but this is the issue with home warranties, they are delayed and delayed, there are deductibles and now you and your tenant are waiting 1+ months and hopefully they have not/will not report you to any housing authority. It is easier and more professional to keep a reserve fund and add to it monthly.

@Felix Torres

Commercial loan programs can differ greatly from institution to institution. For example; some banks love multifamily, some don't lend on it. Some don't like commercial unless it is owner occupied. I would start checking with local banks and credit unions in your area to see what programs they have. If you spend the time reaching out, you will find out how rates and terms can vary. Lastly, your relationship with the institution will matter in the decision, costs etc.

@George Rodriguez

You can try direct marketing to off-market properties in your target area. If Dallas is anything like Florida, these small properties are selling as soon as they hit the market.

It is as foolish to try and time the market as it is to compare 2008 to the early 1990s or COVID in 2020 or the 50% drop in home sales in the late 70s and early 80s coupled with 18% mortgage rates; they are all different and had different triggers. Bear markets can begin and end without clear indications. Create an investment plan and follow it through market cycles.

@William Jones

The actual market cap rate is very market and asset class specific. I would realize what your target cash-on-cash returns are and work backwards towards a cap rate that will work for you. If you require a cap rate that is higher than the current market cap rate you will be most likely getting into tougher areas.

@Nichdali Applyrs

When you are purchasing a rental property you should always verify the rental income and verify the rent roll and current tenants as much as possible by requesting bank statements showing deposits and requesting leases and then running their names through court records. Of course there is no way of verifying everything 100% but at least you will have some idea of good tenants vs. potential problem tenants.

Is the daughter still living there? Are they still paying rent? If they are paying and staying I would have them complete a new application and sign a new 12 month lease. If they are not planning on staying or paying, I would figure out when they are leaving and possibly offer them cash for keys now. It is easier to pay them to leave now then waiting months; since you cannot evict them for at least another 45 days...which will then be extended. 

@Asif Karmally

DM me...there are a couple banks you can use that we have used with our partners before.

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@Max Loi

Message me if you have any specific questions.

@Steven Westlake

Not sure about the legality and how you could make it uniform however; major issues can be researched by running the potential tenant through court records which is what I imagine most landlords do and what new landlords should do on the current tenants in the property when they are purchasing it.