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All Forum Posts by: Rod Hanks

Rod Hanks has started 8 posts and replied 575 times.

Post: BIG decision to make.... NEED Help and Advice please

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 594
  • Votes 372

@Michael Dunn

Hi Michael, my thoughts are still the same. Pay off the debts and use the equity as down payments to buy the rentals using the portfolio lenders.

Post: Real Estate Consultant - Texas

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 594
  • Votes 372

Welcome to BP!

Post: BIG decision to make.... NEED Help and Advice please

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 594
  • Votes 372

If I'm reading correctly you can't finance a house because your DTI is too high so you are looking at getting 20-40k in equity from your home to buy a rental property for cash????

If that's the case, I would recommend paying your debts down first before you buy a rental. Because stuff happens in this business and you better have cash or you will be in trouble. Let's say that you get the 40k in equity and buy a rental for cash for 40k...the AC goes out, the water heater goes out, and the roof leaks in the first 2 months.....big trouble!!! 

I would recommend paying the debts down to get your DTI in order, refi to get the equity and use a portion of the equity for the downpayment on a rental in a good area. 40k houses will have 40k problems.

I know this is probably what you didn't want to hear, but if a portfolio lender is telling you your DTI is too high you need to listen.

Good Luck!!!

Post: Cheap Duplex in Waco for Sale ***Back on the Market***

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 594
  • Votes 372

Both sides recently remodeled. One side is currently rented for $410 and other side is vacant and listed for rent at $425.

Rod Hanks

214-769-5091

Post: What do you say to people about how many units you own?

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 594
  • Votes 372

I always say "A few" Not sure why but sometimes I'm just uncomfortable sharing my business to people I don''t know very well.

Post: Adding a partner to property deed

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 594
  • Votes 372

file a new deed with you and your partner as owners. Talk to a real estate attorney or title company.

Post: 8 Unit Full Rehab - Initial Offer - Help???

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 594
  • Votes 372

Find other 8-10 units in the area in the same condition and that will give you an idea per unit value. Also check the tax value. I would also call a local appraiser and ask questions about value for the complex.

Good Luck!

Post: TREC Contract for Wholesaling

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 594
  • Votes 372

Use the TREC 1-4 family residential contract and put and/or assigns next to your name as the buyer. When you find a buyer use an assignment contract to transfer your rights to the new buyer.

Post: Criminal & Eviction Reports from the applicant.

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 594
  • Votes 372

Run don't walk!!!

Post: Texas Lease Options: Deciphering the Legal Jargon

Rod Hanks
Posted
  • Insurance Agent
  • Dallas, TX
  • Posts 594
  • Votes 372

Lease options in TX should give you troubled thoughts! Don't do it. Owner finance with a wrap is the only legal way to do it.