All Forum Posts by: Esi Okpetu

Quote from @Bonnie Low:

MTR and Section 8 are very different niches with little in common so it's very difficult to provide advice on your question. For example:

- Section 8 properties are usually in rougher areas. These do not make good sites for MTRs.

- Section 8 properties will be unfurnished. MTRs are always furnished. 

- MTR guests expect a hospitality experience, much like STR. This is not the case with LTR or Section 8 tenants.

- While self-managing either type of property is possible, if you hire out property management you'll pay a higher percentage for a skilled MTR manager than for someone to manage your Section 8 property.

- While MTRs can be any size property, the bedroom/bathroom count is really important, especially with larger properties. With Section 8, pricing is based on bedroom count only. It's not unusual to see 3/1 and 4/1 Section 8 properties but that single bathroom would not do well as an MTR.

Overall, I'd say location and the shape of the property is going to be your key driver and the factors that will make or break you in the MTR space so very carefully evaluate both before you make your decision. 

 Thanks! This was very helpful and provided some guidance on what to consider. I appreciate your response.

Hi everyone, I am wrapping up the renovation of a 2 bed, 1.5 bath in Fort Worth, TX. It was meant to be a flip project but the investment was more than expected. I am considering keeping and using the property for MTR or section 8. Any tips on which is a better option?

Hi everyone, I am wrapping up the renovation of a 2 bed, 1.5 bath in Fort Worth, TX. It was meant to be a flip project but the investment was more than expected. I am thinking of keeping the property and using it for MTR. Does anyone here have experience with MTR in DFW? Is it worth it and are there any helpful tips you can share for getting started?

Quote from @Preston Dean:

Quote from @Esi Okpetu:

I just purchased my first property in Forth Worth to flip and I am based in Houston. I Worked with a realtor I met on here and they confirmed the property was vacant before closing, the title company also confirmed the property was vacant in an email. Only to close, and I visit the property to find out the tenant had not moved out as claimed. The tenant asked for an extra week extension to move out which I agreed to but now they have not still moved out. I want to serve them an eviction notice but I don’t have the full name of the tenant. I reached out to the realtor to see if they can provide a name but they are also trying to get a name as it seems the tenant had a verbal agreement with the previous owner so no existing lease document. How do I proceed and does the realtor or title company have any responsibility for confirming the property was vacant when it was no

 @Esi Okpetu

Wow... I am so sorry to hear this. This is inexcusable & I am pretty confused how this can happen.. Did your realtor not physically go to the house and send you any videos or pictures of the place? And I don't know why someone at title company would confirm that it is vacant? Title companies do not go to the house. I am so sorry to hear this and I would be furious at my agent if this happened. 

Unfortunately you have a couple things working against you at this time.. There is not a physical lease & the tenant clearly has made this their dwelling place.. Therefore they have rights. 

As far as legal action?.. I don't think the time effort or money would be worth it. The best you could do is call the agents broker and file a complaint with that specific agent. 

I can get you in touch with someone who can help with removing the tenant

Thanks, I’d appreciate that. I need to start working to get the tenant out asap. The realtor sent me videos prior to close when the tenants were still living there and at the time of closing he just confirmed via sent and claims that’s what he was told after the fact so he never when there to physically confirm it was vacant. 

Quote from @David Ramirez:

Hey @Esi Okpetu, 

Was there a clause in your purchase agreement stating that the property was going to be vacant at closing? 

Go through any contracts or agreements you signed with the realtor or title company to see if there are any clauses related to their responsibility for verifying the property's status.

I don't know how liable the agent or title company could be if there was not a signed document stating the vacancy. I would consult with a real estate attorney to see what's the best course of action. 

Best of luck!

 Thanks, I don’t recall that being in the contract but I will double check.

I just purchased my first property in Forth Worth to flip and I am based in Houston. I Worked with a realtor I met on here and they confirmed the property was vacant before closing, the title company also confirmed the property was vacant in an email. Only to close, and I visit the property to find out the tenant had not moved out as claimed. The tenant asked for an extra week extension to move out which I agreed to but now they have not still moved out. I want to serve them an eviction notice but I don’t have the full name of the tenant. I reached out to the realtor to see if they can provide a name but they are also trying to get a name as it seems the tenant had a verbal agreement with the previous owner so no existing lease document. How do I proceed and does the realtor or title company have any responsibility for confirming the property was vacant when it was not?

I really appreciate all the responses, very helpful. Thank you!!! 

@Jonathan Klemm, the property is in TX. Below is an excerpt from the quote, it seems to be slab related but from the general advice, it may be best to have a structural engineer take a look in person.

Looking into the MTR space as well in Texas. @Justin Brickman I would be reaching out too for some pointers.

Thanks for the responses, I appreciate it.

@Bruce Woodruff I'll send you a PM as well.

Thanks

Hi everyone! My name is Esi and I am just getting into the world of real estate. I came across a deal that has foundation issues. It was priced below market value and I would still be doing further negotiations if I were to put in an offer but the major issue is the foundation. The owner's provided a repair estimate they received of $10,000. I have not had a professional look at it or anything but I would like to hear the general feedback or opinion of anyone who has dealt with foundation issues. Is the deal worth pursuing, given I'm still new to the process or is it not a big deal? 

Thanks.