All Forum Posts by: Daniel Tanasa

Hey Maungmaung,

You can definitely ask for the rent rolls for the seller and after you're under contract and during option period you can ask the listing agent for copies of the lease agreements. Before you submit an offer I would also make sure you know all the additional expenses that you may me overlooking, is it separate metered for water gas and electricity. If water is common, is that billed back to the tenants or you as a landlord have to pay for it and that will eat in your profit. 

If the numbers look good after you get a good picture over all the expenses I would move forward with an offer. 

I hope this helps.

Hey Edith,

You're right, some investors are paying close market value for properties and it doesn't make any sense. Lately we saw some decent deals REO that usually are selling bellow market value. I understand you tried that and it was rejected but I think you just need to keep putting offers out there.

If you did some rehabs and some flips that's great, because it means you're not afraid to take on a project. There are still deals out there if you're willing to do a sizable renovation. The bigger the rehab the lower the competition usually. So I would still look at properties that need a lot of work on market and from wholesalers, and keep sending offers until something will get accepted.  

Good luck finding your next one!

Hey Deonte,

As @Dave Skow was saying you need at least 15% down if you plan to get a conventional loan for an investment property. Anither option could be to get a hard money loan for a property that needs work, increase its value through renovation and then refinance to a conventional loan. A hard money loan can lend you up to 100% of purchase and rehab money as long as that is lower than 75% of the ARV (After Repair Value) of the property. I will be happy to put you in contact with some lenders that I use for my hard money loans if this is something you're interested in.

Good luck with your investing. 

 Section 8 is government subsidized housing. 

You can find more information here for Houston Housing: https://housingforhouston.com/

And  here for Harris County Housing Authority: https://hchatexas.org/

Hello Soumya,

I am a realtor and investor in Houston Area. All my portfolio is actually in Sugar Land, Katy, Cypress and Spring. I specialize in working with investors and I would be happy to help you with your search. I think you have solid criteria to find a good property with good long term appreciation prospects and cashflow. 

If cashflow seems pretty hard to come by, I have an investor that I helped with buying 2 similar houses in Cypress in the beginning of this year, and he's cash-flowing $1000/month each. I would be happy to share it with you. 

You can send me a private message if intrested and we can hop on a call.

Hello Kiefer,

Two weeks is not that long of a period, depending on the area, that may be lower than the average days on market around there.

Have you considered section 8 housing, that will open up a new group of tenants and may be paying a bit more? 

If it's giving you a hard time to find a tenant you may be overpricing the unit.

I hope you get it rented soon. 

Hello Kathy,

Welcome to the real estate world! I think you're on the right track and you should stick with the BRRR. There are plenty of hard money lenders who will finance 100% of your purchase price and 100% of the rehab if you buy at the right number. I think is a really powerful strategy to grow your portfolio fast and to get all the benefits of owning real estate.

BRRR was the strategy that helped me the most to grow my portfolio. If you have a job you're not planning to quit anytime soon and you don't need a quick paycheck to suport your lifetime I think BRRR is definitely the way to go.

I will be happy to chat further if you have any questions. 

Hey Terra,

I perfectly agree. The only passive investment is if you invest in someone else's deal as a LP. Even tho is not a lot of work, there is some managing you need to do even when you use a property management company. But unlike the fully passive investments, real estate has so many more advantages that is making it all worth it. At least in my opinion. 

 I asked my mortgage company if that will work and they said I can’t have my insurance listed on the policy. Needs to be under my name only according to them. 

Hello Guys,

I am in a situation with my insurance for a property. My previous insurance expired and I changed the carrier and got a new insurance under my LLC name. However the mortgage company ( a local credit union TDECU) said they won't pay the insurance premium until we change the insured to be my personal name because I am the one that got the loan with them personally. When I asked if I can have both my personal name and my LLC as a co insured, they say no because this is a residential property and I can not have an LLC on the policy.

Now my agent says that if I have the policy under my name and the Deed is under the LLC, if there is a claim they won't make the payment because the insurance is not under the person/entity that is on the deed.

How should I manage this without telling the bank that I have the property under an LLC name now, which theoretically can trigger the do on sale clause or they can ask me to move the property back under my name. Let me know if anyone else had this happening and how did you handled it.

Thank you!