All Forum Posts by: Ann Watkins

@Jack Tucker

Big Congratulations on planning for success and finding it! I have to second @Gerald K. the red arrows are somewhat distracting...there's something hospital like an IV sign about it...lol, but I really like the one with the windows.

I did the same thing you're doing and tried to do it myself, but in the end I just paid someone to create my logo.

OP,

"Under new management" is something we've all heard from time to time or at least are aware of. Let them know the property is now under new management and the new owner will require an amendment to the old lease or even a new lease. You can honor all the previous terms but incorporate a significant pet deposit with a penalty per diem if not adhered to.

State that based on your insurance carrier certain breed dogs may require an additional deposit and that you will need proof of shots, prior record if any and registration of any and all pets currently on premise.

Just be prepared to look for a new tenant, or you may be surprised the family pet is a pet who is very well behaved and well taken care of.

Brightest Blessings!

Thank you @Michael Walker

It always helps to have a road map of sorts, even if you get lost you can see where you took a wrong turn.

@Account Closed

Thank you for the reading recommendation, I will definitely pick it up!

Great post @Karen Margrave

My goals for 2014 are a continuation of my five-year plan from 2010.

1. Prepare for retirement in 2015 by purchasing at least two rentals a year.

2. Learn as much as possible by reading, sharing and applying knowledge from BP. I've basically incorporated the podcasts into my workouts. And my kids are getting me books from the recommended reading list (e-myth, 4-hour Work Week, and The Millionaire RE Investor)

3. Purchase my first MFR in 2015. I need to be retired to give any rehab/leasing the proper attention.

4. Get healthier. Just bought a juicer and plan to slowly weed out carbs, sugars, salts, etc.

5. Work more in my church. Take on more projects, in our marketing department.

6. Assist my kids in acquiring their own properties via county auctions. I have been taking them with me to the auctions but they need to get better at saving.

7. Build my real estate business (new website is completed, new business cards ordered,) by continuing to focus on bringing in more clients.

I have actually created Action Plans for each one of these, so I can look back and see my progress or lack thereof.

@Ronnie Sparrow

Try this MERS . This is the Mortgage Electronic Registration System, a great deal, but not all mortgages are registered here. You will have to register to use the system, but it is free.

Once you get set up, use this link MERS-ServiceID

This is a good one too and doesn't cost a whole lot Courthouse Direct

Brightest Blessings!

- List it on the MLS

- Re-key

- Turn on all utilities in my name

- Pull up the carpet and padding if any (this is the cocktail for me, it's more ceremonial than anything.

- Start pre-op demo (make sure pre-plannning is still viable)

- Bring lockable trailer pod with any materials/installs

- Take several deep breaths

@Joey Ickes

I've found that often times referrals may not work out, as some contractors are area specific. My contractor on the northwest side is not going to drive down to Galveston or Ft Bend, no matter what the job is. It can also put a damper on dependency, if they do take the job.

When I'm interested in a property, I drive the area and find other contractors working on properties that are similar to the one I'm looking at. I get out and take a look at the quality of work, type of materials and ask a ton of questions. If they're subs we may be able to do business. I never hire employees off a job, although they almost are always willing.

I may visit their job site a couple of times to make sure I have a good feel for their before, during and finished job. This may not work for everyone but this has definitely worked for me.

Brightest Blessings!

@Luke H.

Welcome Welcome!

You'll find a wealth of information here.

Brightest Blessings!

@Stefon Bostick

Hi Stefon,

In my opinion at that price point you are limiting yourself because townhomes are a smaller market segment, and can be harder to sell/rent. It will greatly depend on the location and demand for that area in a year. You mentioned moving out and purchasing other properties but your saying you're renting the first one, but maybe you plan to sell it...wasn't sure.

So it depends, if you're financing or paying cash. In a year, you won't have enough equity (room) to re-fi and get out of the property. But if cash then you can probably...maybe...get it for a lower enough amount to have some equity in it.

I personally would not acquire potential rental property at that price point with or without a mortgage. Mainly, because should I ever have to service that note due to vacancy that would be a drain on my operating budget for everything else. And if I had that much cash, I'd be looking at more than one property. But that's just my business model...

Also, what do you think would be the most you could rent it for...just going by the price, without any other variables maybe $1600 high side? I have properties I purchased for $50k, that have rented for years at $1200-$1300. So with the right properties you could be looking at 3 SFRs, same money out but possibly bringing in $3,600 monthly before expenses.

I agree with Darren, getting a duplex is a great way to get started because while you're living in the property, someone else is paying your mortgage or a good portion of it, and when you move you will have two properties already in place.

May I ask why you want to live in the property for a year? You can pm me if you want to discuss more. Congrats on getting started, that's the important thing!

Brightest Blessings!