All Forum Posts by: Dave Chapa

Mini splits are the key. You can install it your self with Mr Cool DIY mini-split systems.

@Zoabe Hafeez The deposit amount depends on credit, work, and rental history. My management co will start with the listed security deposit and work up from their once everything is verified. Lack of rental history can demand a higher security deposit, etc. 

@Steve Alexis As it stands for me, I am on hold, still looking though. I have not come across a deal that has motivated me to buy, however, when the time comes, I'll be ready.

I have always focused on a slow and steady approach to buying RE. I like building a portfolio that can resist a crash, or 50%+ vacancy. (I have been through 50% vacancy)

When you have lived through several economic crises; 1980 recession, 1987 Black Monday, 2001 Dot com crash, and the 2008 recession. You learn to never over leverage and, to position yourself to be ready to buy.

I know my way is not exciting however for me, it works. 

@Nicholas Hill Find a PM you trust and can work with. I'm still with the same one after PM 6+ years. We have a good working relationship that has been built on trust.

There are some updates for landlords.

https://www.nar.realtor/politi...

My friend bought a house with an adjacent lot in Spring, unrestricted. He is adding 4 RV slots. Had to install a new well and septic system.

So, there are some properties out there.

@Harrison Vann A 1/1 has a higher turnover rate than larger units. I would estimate 88-90% and see if the numbers still work, based on what you stated, it won't.

1/1 are fine when you can spread the vacancy rate between multiple units, however, by it's self, a month or two of vacancy can kill your numbers, unless, you get a really good deal.

If you have the best interest of your family in mind, you will send them to a good agent. They will bring in the best price.

@Cali Skier Depends on the type of property. MFH (Apartments) are higher turnover than SFM. All my budgets include vacancy rates, so the number I must beat, is my budget.

You are doing great if you have a line of qualified people waiting to rent and, a 2 to 3 day make ready. However, that's not always reality. So, we try to control what we can by having product ready for showing as soon as possible, and being proactive with listings, we require a 60-day notes.

If you have long term tenants, 3 + years, you may want to run rent comps (you should be doing this annually anyway) you may be too low on rents :). However, who does not like a long-term tenant? I agree with @Charles Carillo, we like to keep tenants in our SFH for a minimum of 2 years. As for the MFH, I am happy to get 1+ years.