All Forum Posts by: Eliott Elias

 I’ll give you a more thought out answer than this. The reason why the monthly payments have gone up significantly is because either taxes or insurance have gone up substantially, or both. There’s not much you can do with the taxes other than protest them. Even if the seller had Homestead, or some kind of military tax exemption, that will be released when you own the property. You can shop insurance quotes and look for a cheaper rate. If the loan is in delinquency, you can also explore a loan modification.

DSCR loans, commercial loans, private money and owner finance.

Running your numbers based off a short term rental or medium term rental rate is going to get you in trouble. If you don’t cash flow with long-term rents, don’t buy the deal.

More and more sellers are going to have to sell owner finance with these interest rates. Most don’t offer it, but if you propose it, I’m sure sellers will be open to it.

If your properties are not cash flowing, you need a general rule of thumb on how many you sell per ones you keep.

It is easy to be in building mode all the time, but it is not sustainable if you are not actively making income and have cash reserves.

I typically do not provide appliances in my rentals. It is too much of a liability and things always go wrong with them.

Tenants can either buy their own or rent from a company.

My rule of thumb is no more than 400 dials per phone number. Make sure you are registering your phone numbers with the big carriers. 

This is dependent on what market you’re in and what kind of barrier to entry there is. Even if you had the cash, and you had no experience, you are going to have trouble finding lending.

Get on the phone with a title company that closes these regularly. Talk to an escrow officer, or the lead attorney who writes the promissory notes. Pay for their time if they ask for it. Pace Morby is also a good resource for any question you have.

Do not close the deal if you don’t know what you’re doing. That is a huge risk for you and the seller to take on. I have closed many subject to deals in Killeen and I’m happy to help if you need it.