All Forum Posts by: DG H.

My ad says we are "pet friendly" but each pet has to be qualified and require a non-refundable pet deposit as well as $25.00 per month extra lease amount. NO "dogs over $20lbs and no dogs on the state insurance "attack list" (I don't have my lease so not sure of my wording). I have found if they have had FUFU for a long time and are responsible they will willingly pay everything...if it's a new pet thing they won't spend the money. I also don't allow reptiles...any shape or form. 

Frankly...if you screen correctly allowing qualified people with pets will put more money in your pocket. Pets can pee or chew but I've never had them kick out windows, write on walls with crayons, put things down the toilets or knock holes in the walls with a bat. 

Great $ucess!

D

Thank you so much for your answers. I will continue to watch this deal. I received a call the seller had an offer. Is there a certain percentage that is usually offered for the feasibility amount?  

I'm looking at 40 units that's split into 4 buildings. I'm doing the do diligence now. HVAC is older (80's), some of the units have been "spruced up" as a tenant moves. There are 6 empty units, all units are 2/1.5. About half of the units are tired looking and needs a little TLC. All of the units are in good areas. The PM is the owner.  What would you look for the most other than HVAC, plumbing, roof. Many of the leases are MTM now and some residents have been there 2-5 years. Asking 900K. Any pertinent clauses to write into the contract if this works out? How long do you usually add for inspection?

Thank you for the answers.

I've been watching a property since December 2015. I've mailed three times, door knocked and talked to the neighbor. The neighbor says the person is deceased. I've googled Texas Deaths and Obituaries. I can't find anything. I tried calling the county and they won't give out the information. I thought it was public record. So...how do you find out?

My husband and I own a construction company. We've been in business for 37 years and never jumped ship on anyone. I can't imagine a good general contractor doing that. We're too far away to help you but make SURE this guy that left did good work on what he did. Hopefully he didn't short you on electrical, plumbing, etc. I would talk to some friends in the area and get recommendations. If you know the guys at the contractors desk at Home Depot or Lowes you might get a recommendation. Go early...because the real workers will be at the lumber yards early to get their supplies...the slackers are usually still in bed.

Good Luck

DG

THEIR problem YOUR Property. As long as the lease isn't in default, rent paid and no violence it's their problem, not yours. Don't let them make their problems yours. 

In small town Texas we don't prequalify them before we show them property. Brokers say unless you prequal everyone it's profiling and they don't want to take the chance they might make someone mad and they will go to another Brokerage. We have the buyers follow in their cars sometime and sometime we drive them. In my area it's slow...oil is down..many out of work so it's a buyers market. It's common place to show 5-6 properties in a DAY to a buyer and then not have an offer....also those buyers will then jump you and go with another agent. It's not pretty business now in rural Texas. The deals are great with Buyers that have money. Investing is cautious because of so many without jobs and moving to work leaves many rentals not full and older neighborhoods with many homes on the market. 

BUT if you are looking for investing in rural Texas  in rentals and can hold out moneywise until things turn around you can pick up some good deals.

Thank ALL of you for giving advice. I was almost ready to say "Im done". Reading all of your posts has given me ideas and a different view on my next step. I hope I can reach out to some of you as a sounding board. I'm also here to help with questions for anyone. I believe give to get.

My last two weeks has been spent showing a total of 15 homes to two different buyers....these were referred buyers...and we all know you do the work and don't get much cash. BOTH of these buyers have just disappeared...won't return calls, texts nor emails and the same goes for the referral agents! I don't understand this...My word is my bond..if I did something that wasn't to their liking why don't they respond to my messages?????

Also many have said to change to an investor friendly brokerage. I live in a small very rural area outside of Weatherford Texas and the brokerages are usually owned by people that have being doing this for 20+ years. There way is the only way. The big brokerage I am with isn't investor friendly it's selling as much and making as much as you can to make the stats look the best....nice people but I'm realizing it's not really what's best for me. 

Another questions: Has anyone hung their license with the online brokerage just to have access to the information so you can have all of the time you need to invest and sell and close deals as you want?

Thank all for being so nice and jtaking the time to answer my questions!

I've been an Real Estate Investor for 10+ years...I've had my Realtor License for 2 years. I'm always wearing two hats and sometimes they get confused. Since I've had my license I haven't bought a property for myself. I thought I would make a little more money being a realtor while I invested but this Realtor gig has taken on a life of it's own. I'm a Realtor with a Big National Company and they expect everyone to list, sell, close and repeat. I have to admit I'm very competive and it's not a good thing  since I spend more time being a Realtor than an investor. Everytime I start to offer on a property for myself...the listing agent says my seller won't take that! Before I was a Realtor I didn't care I offered anyway and sometimes I got the deal and sometimes I didn't. Now it's like I can't offer since I will offend another Brokerage. 

I need some input from others that have had the same problems with the investor-realtor life. Frankly I really make more money with less work being an investor but its not a steady money machine. As a Realtor I'm working non-stop and have money coming in more frequent but it's more frustrating since I work for nothing when clients don't buy, can't buy or just disappear. 

Thanks for listening...It's been a frustrating 2 weeks. 

I use to do many lease options in Texas in the late 90's. Some worked for a while and I still have two paying...but out of probably 30 deals most didn't turn out well in some ways. At least with the option money I had money to repair the property in comparision to the small deposit I get from rentals that NEVER cover the damage.

New rules in Texas and lease options aren't worth jumping through the hoops BUT most of the tenants still call and ask for lease option properties. 

Many landlords still do them just under the radar.

My questions is WHY would a tenant want to rent to own instead of just rent? Do they "think" the landlord will stay out of "their" home; because most of these renters NEVER complete the option. Why not just rent? After all these years I still don't understand the mind set. They usually only have $1500 to put toward the option...and in my experience don't really take care of the property and NEVER buy the property.

Frankly I would do the lease options all day with lots and lots of screening since it's easier to repair with $1500 than with $600. 

Disclaimer: I live in rural Texas with low income. A nice 3/1, CH&A with fenced back yard is $675.00 with $500.00 deposit.

Any ideas or your experience?

Thanks in advance and Great $uccess to All