All Forum Posts by: Vijaianand Thirunageswaram

I am in Sugar land/Missouri City area. Been doing deals for my investors and also do property management as well for them. It's full package deal. Find the property in online auctions, REO's and market sale, close the deal and get it rented and manage it for them to give good cash flow. Let me know how I can help you. I know you are realtor but happy to network and work together.

With my current tax situation, even with 800+ credit score, I am having hard time getting preapproval from conventional lenders. I am looking for any good portfolio lender who can offer good rates and low cost. Any suggestions and referrals?

Any portfolio lender in Houston Area? 

Mike,

RICH club is a good, cost effective place compared to LifeStyle Unlimited who charged lot of membership if you really want to use their service. You can also find lot of meetup groups around area for investment and may be find someone. I am realtor and investor in and around Houston and mentor lot of newbie around but not familiar with mobile homes investment.

vijai

Hello Alia

How you doing? I am vijai and I am a realtor and investor myself helping out investors to get in their feet in and around Houston area. I live in sugar land as well. I was happy to see someone in that area.

As per your question, you after market value can be found using sites like Trulia.com or Zillow.com to get an idea but true value can be only found with the help of Realtors who can get the recently sold houses in that area to determine the ARV of a property. In regard to rehab cost, you have to form a team like contractors who you can take with you to see the property to determine the cost and once you see more houses with them and learn from them you should be able to do it yourself.

Let me know if you have questions.

It's a good question. As per my experience, you do have to show it has an income but showing it has an expense to keep away the money. Some do that way but some only show when real expense happens.

I dealt with these kinda of tenants and they don't even get out of the house. I have to evict them out and they can stay free while the eviction process is going on in local JP court. In Texas, you can go to court for eviction and most likely you will have the case and property but they might damage the property which will be waste of time and money. I would just let go of them and find a better tenant. I am surprised how your PM company is dealing with this situation. Usually they should be able to manage and take care of it.

All the best.

8% percent is not bad at all with financing involved. But you also said you have 3 more similar properties in the market. That's what troubling me. BTW, do you have comps for the property? Just curious...

As TOm said, we do have additional inspection from the authority every year and even when renting out first. If its old house and don't have fire alarm in all places required, they want you to install which is simple but there are other expense changes they request. It is good and bad. Also if you give to Section 8 people, you have to lock yourself with them until inspection is completed and you are wasting 1-2 weeks on it until inspection completes and you cannot rent to any one else. If that didn't work out, you have to turn back and rent it again. So there is some time wasting and work involved but rent is paid on time and all the time.

It is always recommended to have the rent due on 1st and grace period till 3rd. That's what apartments do. If you tenant comes from apartment, they will tough time paying. Also beginning of the month people always have funds instead of mid month.