All Forum Posts by: Gustavo Delgado

I am trying to understand this a bit. You had someone reach out (person A) to request you work with an investor (person B), who is also a realtor, to help them. This realtor/investor (person B) has already identified the properties. What is the role of person A? Why does person B need a realtor when they too are a realtor? I gather that person A is a past client of yours? I would not get too ahead.  I would schedule a casual meeting with both people over coffee, not cocktails to get a feel for their plans. Ask questions their goals (fix flip, hold, air bnb, ect) how will the finance this? Is the financing already lined up? I would go in with basic questions but mostly to get a feel for the person and see if this is something you want to pursue.

Narrow down what type of property you want to look for. If I would do it again I would go straight for a 2-4 unit. Get loan approval. Once you have that you are serious and a realtor will be willing to work with you. Without an approval most realtors will not take to much time on you. And if you really want a serious realtor to work with you, don't hesitate to sign a rep agreement. Hell make it for one month and have them show you that they are working so they can re-sign you again later on.

I use a 3rd party rent payment collection service. Rent is due on the 1st but it is considered late if not paid by the 5th. If they log in to pay on the 6th its and automatic late fee charge of $75 and then $10 additional. In your case it looks like a state law makes it the 10th so you may just have to deal with it. Make it a bases to not renew them when lease is up if you can.

Hey , I’m in Houston

whats the mls #? I wanna see 

try to stay as close to home as possible so you can actually go see the properties and meet the team you assemble. 

If you are looking for distressed, you need to know what the market value range could be once you "un-destress it". Once you have that value in mind you need to calculate what how much it would take to get there so you can arrive at your fair value, which may not align with the seller so negotiation comes into play.

going through the application process with tenants, you have to stick to your guns. Be clear on what your rental approval criteria is and do not deviate from it. Now, if you do become lenient due to credit score or past rental history because they gave you a feasible explanation, then make sure they have some stake in it. Have them pay double deposit or something to that effect. Over time it will get easier but it can be difficult to deny someone because we want to help.

As an owner of condo rental and sfh. I would not go to condos anymore unless you can pick one up at a very low price. They appreciate much slower and that damn HOA will eat up you cashflow. You have less control of your and hopefully there is a solid management company and board of directors. They can make or break you.

You don't need to give your tenant rhyme or reason or explain why you are raising rents. Before the lease is up, I would recommend 60 days out send them the notice of renewal. Give them the choice of month to month at around 10% increase, raise the rent 3-4% for renewal, or vacate. Now it is maybe in your interest to keep them to avoid vacancy or make ready (let them finish tearing up the carpet.) Now before setting on a 3-4% increase, do an analysis of what current rents are in the area to see if that 3-4 is appropriate or maybe still a bit short. Then you decide.

just deduct from the deposit and keep the receipt