All Forum Posts by: Chris Stromdahl

Hello,

I prefer electronic debit for rental payments. A new tenant has indicated initially that he would prefer to have his bank send me a check. 

The payment process I prefer is specified in the lease agreement.

Can I require that the tenant use direct debit depositing?

I don't want to make a big deal out of it, because I know they will be good tenants, but I do have processes that I would like adhered to in our relationship.

@Curtis Bidwell

Thanks for the event heads up.

In the process of closing on #2. Keep you posted.

Ill be there!

My tenants emailed me today to let me know that they would like to commit to a second year!

They are great tenants, and this is a result of a solid tenant screening process.

I did not do this alone. The BP community and specifically @Marcia Maynard and @Curtis Bidwell are the reasons that I was able to find, screen and place them into our first buy and hold.

If you are new and would like to talk with me about my process for screening, PM me and we will set up a time to talk.

Thanks, Chris

My wife is the only reason I am successful at real estate investing.

Two heads are better than one.

My renter works for a company that I know is going out of business.

Is this something that I am in a position to address?

Can I ask what his plans are for finding a new job?

Thanks, Chris

@Justin G. 

Put a pic up, let people know who you are.

@Marcia Maynard 

Thank you Marcia. Wonderful input as always.

@Justin G. 

I agree 100%. I will not be working with any uninsured contractors. I think that those who take the time/effort to get/maintain a license and insurance are worth the relatively minimal additional cost associated with the work. Thanks.

@Steven Zai 

Move into a duplex, triplex, fourplex and rent the remaining units out.

3.5 down, interests rates are pretty comparable, 3-6% depending on your credit score.

You may want to try to find an agent and mortgage agent that owns investment property as well so that they can help guide you in the process.

What I have found in talking with various lenders, that if you are comfortable with them and they are responsive to your needs all of the loans available to first time buyers are pretty standard.

I dont know what a SONYMA is?

I am not a lender, speaking in generalities.

@Aaron B. 

Without doing any calcs, using the 1% rule as a baseline, the most you would even want to consider offering is $450K. That is a pretty deep discount, especially in a hot market like Dallas where you are using conventional financing and there are people with cash who could fund this deal and make it work in their favor. $600K is an awful lot of money for a new investor. Personally, I would move on.

When I first started looking I was h@#l bent on buying a MF property. What I found that was, given the amount of capital we had to work with, a SF residence made more sense financially and was a scope of work we could handle. I have to crawl before I walk. I would suggest looking at some SF homes in the greater Dallas area that are priced competitively and present you with an opportunity to putting some minor sweat equity into. Get that done, learn how to rent/be a landlord and build from there.

$/door: $300+ is a good baseline. But this is market dependent.