All Forum Posts by: Rod Hanks

I love buying houses with existing tenants in my market because there is less competition and I usually get a better deal than the flippers who need it vacant. With that being said you are inheriting the tenants good or bad. The vast majority of the tenants I've inherited are good and have stayed. Just make sure that they sign your lease after their current one is up if you decided to keep them. Before buying just get the payment history and current lease and a walk thru to make sure they are the kind of tenants you want to lease to.

@Kenneth Brown

Section 8 is just an income source. Advertise the property like you normally would for rent and put section 8 ok. Screen the tenant like you normally would have except for income. If acceptable at that point you will get a landlord packet to take to the section 8 office, it’s really easy. Once you have signed up as a landlord with one property it even easier to put more properties on the program.

@Marsha Burks

Definitely not something I would allow on my property.

@Alex Mitt

Refi and hold. Selling to net 27k and pay taxes on that doesn’t make sense unless you need the cash for another deal.

Try RCN Capital

Zillow Rentals by far has been good to me. I use Buildium to manage my properties.

2nd vote for Scott Horne Attorney. Best and most experienced real estate attorney I know that actually does creative rei deals himself.

How about lending your cash out to other investors at above market interest rates? (i.e. becoming a private lender)

I just bought one last week for 65k and putting 20k into it to rent for 2k in Oak Cliff. I will do a cash out refi in a few months when leased out. 

@Chris Hicks

1% is not a rule, it’s a suggestion. As long as it appreciates at a good amount like it has and you are not losing money renting it out, I would keep it for the appreciation not be concerned about the 1% suggestion.