All Forum Posts by: Courtney King

@Nikki Cuozzo I've purchased a few homes that don't have leases. I think it would be wise to get some sort of "estoppel certificate" signed by the tenant and owner clarifying the rent per month and the deposit on file. Estoppel certificates are used in commercial deals so that's why I put them in quotations. Something in writing signed by tenant and Seller should be sufficient for now. Then, like you said, draft new leases with all of the tenants according to your preferences. Also a quick note, once you do the new leases be sure to stagger the expiration dates so that you don't have potential vacancies all at once. If you start with positive interactions and communications with the tenants (especially letting them know that you are making every effort for a smooth transition) the tenants shouldn't have any problem with signing a new lease and/or negotiating the terms of the new lease. I hope this helps! 

@Kevin Coleman I'd reach out to a local title company to get their advice.

Hi Habbak - We have a lot of half-duplex here in DFW. In my experience appraisers DON'T use SFH's as comparables. Here they distinguish a townhome from a half duplex even though it's almost the same thing.

You're going to want to have a local agent pull comps for other half duplex' in the area. Here in our market, the pool of buyers that want a half duplex is a little smaller than the normal pool but you can get a little creative and market it to retail 1st time homebuyers. 

With the homes I flip I strictly focus on single family homes but that's cause there's a better return in our market. I'd consult with a local agent to get their take on it as it may be a little different in yours.

I wish you the best!

Hi Maura! I'm a broker and use a normal CPA that works with small businesses. As a real estate agent you're basically self-employed so as long as your CPA is business friendly I think you should be fine. When I first started I started to use Intuit Self Employed to keep track of all of my mileage and business expenses which may help you and your CPA.

Hi @Fareed - Congrats on this property! Price and condition in my experience are the two driving factors. Where have you posted the property? I'd  say us CL, Zillow (which is syndicated on Trulia) and  FB Marketplace. Make sure your pics are on point and that you have many that always help. If you haven't gotten any bites you may want to look at your price in comparison to others in the area and see if you can improve your pics. 

If not, you may be able to pay an agent just to list it on MLS (not sure if your MLS posts rentals) but you can usually pay a flat fee and have them do that and direct all inquiries to you.

Sometimes in the slow seasons I have to market Half off first month's rent or free month. Sometimes crediting the app fee back to them for approved applications work. 

I hope this helps!

I agree with @Brian Alfaro.

@Tariq Bakroun Can you give a little insight in terms of lot size and budget and what you're looking to achieve in terms of net profit or cashflow, etc? That would be helpful in recommending areas.

Vinyl plank in the common areas an carpet in the bedrooms. For sure I agree with @Zachary Trigger in terms of color! Great point!

@Ethan G. Can you also send me that contact? Of course I know that we can't select the appraiser when I'm selling the property that I flip but I'd like to reach out and ask some questions as to what will generate the most value as a flip a house on Fondren Park right now. Thanks!

@Vijaianand Thirunageswaram Thanks for starting this dialogue! I absolutely agree with all of the comments here. 

@Tony Castronovo I'm right there with you. Just closed on the sale of a flip we finished in Pearland today. We're working on one in Fondren park but I'm actively looking for the next. The pricing of some of these wholesalers is NUTS so if you have any creative tips for snagging a good deal I'm all ears. Good luck!

My dad owns a rehab company and he does our rehabs. I will PM you the info!