All Forum Posts by: Bruce Lynn

@Cameron Marmon   The TAR lease one could argue is about as good as it gets.  If I remember right about 14 pages vs 8 for the sales contract.  Often when we see a deficiency in the lease we'll update the wording or add another paragraph or tweak.   

That said....it's really only as good as the tenant.  You can have the tightest lease in the world and if the tenant wants to move out mid-lease or park 3 cars instead of 2, or get 3 parrots, when the lease says no pets....I think tough to enforce.   My guess if the tenant is paying you $1500/month and on time and they get 3 pets...and you try to evict and they want to fight, most judges will not side with you.    That's the reality.

I've got a friend that uses a two page lease.  Probably wrote it himself.  It's pretty simple.  You pay rent...you take care of the place, if you don't you need to move out.   All are month-to-month.  His thought is...you cause me problems....call too much, bother the neighbors, don't take out the trash, get a big dog, or whatever, he raises the rent the next month, you don't want to pay it, then you get to move out.   Interesting concept and thought process vs. most people.

@Matthew Hite   I almost agree.....Sometimes I see people spend way too much on training.  Sometimes I wish the people who would spend $20,000 on mentoring, would spend $20,000 on almost any type of property instead and learn first hand.   I am all for training, but not at the expense of investing.

Most parts of Irving are pretty hot right now, especially under $200,000.  Irving is about 50% rental.  City for a while was very aggressive with the old run down apartment owners and if I remember right ended up forcing about 5 low rent places to be torn down.   I understand people like to do this to improve the look and feel of the city, but it also created some pressure in the lower rent ranges.   Not that many $500-$600 apartments around and certainly nothing like that getting build.   Plenty of demand factors hitting Irving....both airports are close.  Las Colinas is now pretty full on office space.   Irving Music Factory is now open.  Northlake is on fire....bringing in lots of businesses...7-11, Core Logic, and more.   I was thinking today Northlake might be a great place for Amazon HQ2....   Lot's of competition typically sub $200,000.  Many will sell $5000-$10,000 over asking.    

Some people like North of 183 better than South, but I like both.   I think South has more potential for appreciation in many cases.    

House hack to me, looking at your situation and expertise is to buy a 3-4 bedroom house that is set up good for roommates.   You network everyday with  people in your field and have lots of access to them.  You also know the HR and recruiting people in your field.   I would think for example if you can find one...a 4 bedroom 4 bath house might be ideal for you or something like a 3bed house with a garage apt.   Live in one bedroom and rent the other 3.   If you buy at $200,000 and can rent the bedrooms at $500-$600/month you are probably in good shape.

I don't often see for example a turnkey 4 unit...or even that often a 2 unit....because most often at least one side is rented or all the units are rented already....typically that means some repairs or make ready or upgrading when they move out.

If you ever think about Dallas let me know.

Champions School of Real Estate has in person and online classes in some of the big cities.

Kaplan which just changed their name to something else has online, live online, and live in person classes.

Dallas County Community College and I'm sure several other schools around the state like this have online and in person classes.

There are others.

Self Study is about $500 if I remember right....and goes up from there.   Live in person is about $1000.  

Make sure to take the prep class before you take the agent test.

I'm thinking testing is about another $100 each time you take the test.

You'll need a broker when you're done and here are some questions you can ask a broker before you join up with them.

http://teamlynn.yourkwagent.com/atj/user/AdditionalGetAction.do?pageId=202965

Happy to help you April.  There's not a lot of inventory for this type of product, but happy to help you where I can.  

B&B..... Boom and Bust...   better kick in some bucks for the Amazon HQ2 bribe.

Everyone 8 years ago gets the same data.....high growth, shortage of inventory, let's build....everyone jumps in at the same time and runs their numbers....stretches them a bit to meet cap rate goals and lender requirements and the BOOM is on.  Build Build Build....then it is like oh crap...who tied up all the cranes....where did all the bricklayers go....ut-oh....there are 30 high rises under construction....how the heck am I going to rent my $3000/month units to.   So we are back to 1 month free 2 months free....free car washes....free laundry....and we'll throw in a dog park too.

This guy is pretty good too I think:

J Gannon Helstowski 

There are lots of different ways to stop the sale.

I would suggest contacting 

Israel Suster

The Suster Law Group, PLLC

Plano, TX

http://www.susterlaw.com