All Forum Posts by: Courtney King

@Jonathan Massey What market are you in? In Texas she can demand all she wants but we can't generally do anything about the deposit until she's given possession back to you. And even once you have possession, you have 30 days to complete final accounting. I'm not sure if you have any other rentals but I'd treat it like normally. Always refer back to the lease and stress what the protocol is. 

I sometimes will communicate with the tenant and say that I'm happy to walk through the property a few weeks before move out to give them an idea of what they need to do to get their deposit back. This shows good faith and also gives you an opportunity to see the overall condition before the move out; gives you an idea of what you will need to spend in terms of make ready. I hope this is helpful.

@Chelsea Jean-Mary I ran into this on a listing I had in Dallas. Unfortunately there's no way around it unless you go through a private lender. I would certainly caution you (as I would any client) as this may affect future resale; making it potentially challenging for you to unload it in the future.

@Harsha G. I'm a broker and within my brokerage we also do property management. My dad owns a GC company that works hand-in-hand with us and the properties that we list/manage. I will PM you my info. I'm happy to be a resource on all fronts; we're a full-service brokerage with a multi-generational approach. 

I also agree with @Andrew Postell If this is a long term buy/hold then as long as you have at least one tub you should be fine! Even if it were a flip I still think it would be fine. @Rob Lee is 100% accurate a lot of builders are considering tubs in master as upgrade; I've done a lot of work with David Weekeley homes on the higher end and they are eliminating tubs in the master!

@Vijaianand Thirunageswaram and @Chris Hopper I appreciate both of your thoughts and dialogue! I absolutely agree with you guys. One other thing that I'd like to add to the convo is...

Where are the wholesalers that are not so short sighted? My clients and I are actively buying but I have been seeing a lot of wholesaler who are advertising numbers that are no where near the reality to get their desired net AT THE EXPENSE of building actual meaningful relationships with buyers that will buy consistently on a monthly basis. No disrespect to them but in a changing market, I can't help but to notice them overlooking the long term perspective...Of course we all want to win and I approach it that way when dealing with wholesalers but most of my deals have NOT been from wholesalers because of this. I just thought I'd chime in! Keep up the good work!

From my understanding you're right! I take depreciation and deduct all my expenses like commissions, fees, maintenance, etc. Buy/hold is a GREAT strategy that I use to reduce my taxable income especially since I don't have kids. CPA's and their recommendations are ALL over the map. I would definitely talk to various investor friendly CPA's to get their take. Of course you'll want to factor in this tax strategy with your overall financial picture AND your short and long term goals; I say this because personally in 2017 I went light on my deductions specifically because I needed the return to show a certain amount for future purchase.  I hope this helps! I wish you the best!

I'm not sure what your local laws are but here in Texas, I would recommend that you at least respond to the request and attempt to schedule the repair; I'd use it as an opportunity to go to the property and informally inspect it as well.  Even if you schedule the repair AFTER the court date you still showed good faith. I'm not an attorney though. Additionally, that's such a minor thing. I hope this helps. Maybe consult with a local PM or attorney that has handled evictions in your area. 

@Arti Jonna I've used Unique Home Maintenance LLC based out of Manvel on quite a few projects. Let me know and I will DM you their contact info.

Hi @Lily Nelson congrats on your graduation! I manage properties for out of area investors. I also help them acquire them; usually I'm their eyes and ears. I'd recommend establishing a relationship with a seasoned Investor/Property Manager. They will be a huge asset to you at the end of the day. They will not only have the experience but also the contacts you need to make it a smooth transaction and overall positive experience.

I just released a book called Millennial VS. Machine: How I got someone else to pay off my student loans and how you can do the same! I'm not sure if you're using this asset to pay off your student loans but I literally walk you step by step on how to do it even if you're investing in an area that's not where you live. I also have a podcast on Apple, Spotify and google if you want to check it out. Feel free to DM me if you want more info or tips on questions to ask a PM.

@Kasun Herath I think you're right on track. With townhomes just watch the HOA dues as those could really affect your cash flow if you decide to rent it out later. Congrats on the new addition to your family!