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All Forum Posts by: Rod Hanks

Rod Hanks has started 8 posts and replied 566 times.

Post: Deal assessment, and advice

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 585
  • Votes 370

@Josiah Hrusch

What's the ARV, how much to fix it and what are market rents?

Post: First Rental Refinance suggestion

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 585
  • Votes 370

@SivaNaga Prasad Shola

Those terms seem reasonable for an investment property. But I would compare the rate without any discount points to see if it makes sense to pay to lower the rate.

Post: Should I kick them out at the end of the lease???

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 585
  • Votes 370

@Michael J.

Two things I love as a landlord. 1. Pays on time 2. Fixes what she breaks. She’s a good tenant just request that she communicate more.

Post: Termite fumigation - tenant occupied

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 585
  • Votes 370

@Lynette Pang

Everything is predicated on what the lease says. But I would think the right thing to do is for the landlord to pay for hotel why the unit is being fumigated.

Post: Partnership question- acquiring a new property

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 585
  • Votes 370

@Lauren Cook

80/20 seems one sided. It seems like you are doing all the work. You are worth a lot more than 20%. If you find the deal the money will follow. There are plenty of silent investors who will give you a more favorable split than 20%. Personally I wouldn’t do a partnership less than 50, unless the partner is doing all the work and I’m just providing the funds.

Post: 15% or 20% down? I can't decide

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 585
  • Votes 370

@Jeff Langley

I always try to get into a property with as least invested as possible.

Post: Not going to renew lease - any notice required?

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 585
  • Votes 370

@Matt Huber

No one can answer that question without looking at your lease. My lease says 30 day notice which is pretty standard.

Post: Collecting rent on property in own name

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 585
  • Votes 370

@Jeffery Drayton

I really wouldn't worry about forming an LLC until you have 5-10 properties. Just get an adequate amount of liability insurance and conduct business the right way. The cost wouldn't justify a LLC with one property. As far as triggering the due on sale clause ask your bank if that would trigger. If it's a single member S-LLC it shouldn't trigger it. But even if it does I've never seen a bank call it due with a mortgage that's paid on time.

Post: The only dumb question is the one not asked right?

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 585
  • Votes 370

@Isaiah Doss

Not worth the risk. His real question is how does he sell his house without his wife knowing and getting half the proceeds. In Texas the wife owns half whether she contributed anything or not. If you do this deal you won’t be able to sell it later because the wife owns the other half. If you insist on doing the deal offer him half the value of the property because he is only selling his half. I could gone on with a lot of reasons why I wouldn’t do the deal without title but I think you get the point.

Post: How is the buy & sell market in Dallas during Coronavirus time?

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 585
  • Votes 370

@Alon Niv

It’s still hot!!!