All Forum Posts by: Diego A.

Hi @Justin Springborn

Well done for closing your first deal

1) those are the most common ways to collect the security deposit when lease agreement is signed and when you hands over the keys

2) I use apartments.com. they have a ACH setup and other features that are useful, simple and free.

3) I use Stessa, It is always good to have some way to track even with one property. Stessa can collect rent too but I haven't used it

Bonus answers, make sure to setup an bank account for the property.

Welcome to DFW @James Phillips

Hi @Philip M.

My stack is,

Payments / repairs: apartments.com

Managing expenses: Stessa.com

I used avail with a client of mine and it seems that is good option, but screening was not very experience. Similar than Zillow, it does not have enough information, not sure if it is the report or what. When using Transunion SmartMove I got the best experience.

Hi @Melissa Lindsey

This is a tricky situation, I will need to know more context, but you should consult with a realtor with experience in these deals.

Hi @Franklin Navarro

I am not an attorney, but transferring the title to an LLC is a simple thing to do. You have to have a Deed written by yourself or a lawyer and record it into the County.

The main things to consider is the loan and insurance, those could be affected if you are transferring to an LLC.

It is alsways recommended to wait a year before is done and then talk with the lender that owns your loan to know the requirements and process.

For insurance, there are some insurance companies that won't accept an LLC so it will cancel it immediatelly so be careful and do your due dillingece before hand.

Hi @Charlie Krzysiak

House hack is the best bet here. From today until January, there is a lot of time.

Ideally you have to focus on two aspects:

1. Savings (in 9 months increase those $10K in as much as you can)

2. Finances, you can talk with a lender or someone experienced in the matter related to qualifications. You have to look at your credit mainly.

FHA will give you the best for the money, but that will depend on the lender. You will have some tough time with what you are telling us, but there is always a way.

Rent for a short time would be another good strategy as well.

Hi @Malachi Gutt

Welcome to DFW!!!

What is your investment strategy? Are you looking to buy and hold or flip?

Hi @Curtis Osawey Welcome to the REI world!!!

All good reading and listening, education is best and if you want to learn you have to ingest as much information as possible.

I read many books that helped me, but my go-to is listeining to at least 2hrs of podcast with real examples per day.

One very important things that "want-to-be" fails is to understand that real estate has many different specialities, so you have to focus your time in your real project. Let us say you want to have a Section 8 rental, then first try to define what you can afford and where is that money will come from. Then look at places where you can buy those properties, and last investigate with HUD what is the section 8 rental in those areas.

In that way, you will collect a lot of knowledge in the process.

Hi @Chris Ehrhart

There are two prices in a negotiation, one is the offer counting multiple factors, mainly Cap rate and visible repairs when is a investment property.

The other one is when you do an inspection.

You listed 5 items here so I'll comment on each one:

- Electric panels, this is likely to be found during inspection. The requirement to change them has to come up for any other requirements that you have in which you will need to modify the panel. Inspections will most likely tell you that panel is not in code if there are older that the 90s. That does not mean you or the seller have to replace them.

- HVAC, the rule is that if it is working you may not have to replace it but count as a capex in the coming years. If it is not working then you have a negotiation power, but they are not obligated to replace them.

- Roof, whether it was disclose by the seller or not. This is an item that is always a negotiation powerhouse.

- Flooring, this is cosmetics that you have already seen when walk-in so it has to be part of your original price.

- Appliances, same than flooring.

Remember that in real estate everything is negotiable, and during the option period you have the unrestricted right to exit the deal.