All Forum Posts by: Douglas Rice

Thank you All for the responses. Great information.

If I decide not to use an agent or Property Manager and self manage a house rental...Where is the best place to list and can anyone recomend a strategy to find potentail tenants?

I am going to lease my 2nd house and need an Application for Tenants and a Texas Lease agreement they can send me?

Thanks Thomas, just trying to determine the best exit plan from my unforeseen circumstances.

Long story short, I had my house 5/4/3 on the market in Frisco Tx and was going to sell it and downsize. I work out of state and it is just my wife and son. I was going to move them into a 3/2 SF just north of us. I make great W-2 income so I qualified to buy a new house without a contingency. I found a great deal on a 3/2 in Prosper Tx and pulled the trigger and put 20% down. Fast forward. My house has now been on the market for 60 days, no offers. Two price reductions and I own two houses and have two mortgages. And I am getting transferred back home after the first of the year. In the last 30 days i converted the 3/2 in Prosper to a 4/2 and added An Office w/French doors in part of an oversized living room. Added hardwood floors. The house is 2100 sq ft and is 500 sq ft bigger than the average 3/2. Do I pull my big house off the market and just rent the smaller Prosper house and BRRRR. Here are the numbers. I bought for 257k. Appraised for 277 as 3/2. Mortgage is 1750. I can rent fir $2000-2100. I have spent 8k on construction to convert to 4/2. Comps on other 4/2 in the neighborhood are well above 300k up to 320k I think I should get a tenant for long term lease(2yr), refinance after seasoning in 6 Mo or so. If I get my 305k appraisal I could pull 25k out at that time and buy something else? I need advice from seasoned investors as this was an accident...

My family owns a mobile home park in Santa Barbara Ca. We are under rent control have have been for 50 years. We have tenants that are only paying 400 in space rent on real Estate Worth millions of dollars. With rent control we can only increase space rent 10% when there is a change in ownership. With mobile homes, turnover is low....how do we maximize revenue under rent control. Anyone have success fighting municipalities for an increase rents to keep up with inflation?

Kansas, Texas property taxes scare me. Too high.

Does anyone have any thoughts, ideas or advice on the Wichita market. Looking to pick up 1-2 low cost rentals this year for a buy and hold strategy. Are rentals sting on 3/2 single family homes?