All Forum Posts by: Imelda Mendoza

We purchased a 5 multifamily in Corsicana, TX last year and have slowly updated a few of the units that have became vacant.  New rents for update ones are $775-$850.  We currently have 2 units that have not been updated and rents are at $550 & $770 both have been living there 3yrs+ with zero rate increase in the past 3 years.  

Do you mail out a letter? If so, any templates you recommend or do you call them?

Thanks in advance!

Currently looking to start working with a real estate agent who is focuses on working with investors. I have purchased 3 properties with a real estate agent but feel that she doesn’t quite understand the investor mentality and want to consider working with another agent. Prefer someone who knows and understands the Dallas / Ft Worth market and surrounding areas.

I'm wanting to connect with local investors here in Dallas, TX- I'm assuming there aren't by meet ups because of COVID? I'm on my 3rd BRRRR and would love to connect and share ideas with others......

Me and my husband are on our 3rd rental property and find that we need more organization in our budgets/expenses besides an excel sheet.  I'm the one that's more organized and want to make it simple for my partner to create budgets of projected then actual remodels.  With both of us running full time jobs while starting our rental portfolio, i'm looking for something that can keep us organized.  Should i use google sheets - its something he can update and i have immediate access to the update or what systems do you find that are easy to manage for someone starting off? 

Also, once home is rented any apps or systems you recommend for self managed properties?

All advice is greatly appreciated and thanks in advance. 

@David Martin yes this is an investment property not a personal property. ThAnks for your 2nd response, I’ll walk into more banks this week and give them specifics then, I told them it was an investment property but they insisted that I couldn’t. I’ll work on that this week and give you an update. 

Thank you. I posted the home and have 13 people wanting to go see it, and my phone won’t stop ringing, I’m starting to think I priced it too low.

Have you guys ever had an open house for a rental property? I’m trying to manage the showing so considering having an open house, not sure if that’s even a thing. 

I decided to post my 2nd rental with Zillow instead of using my management company just see if this is something I can manage. Any Experience with screening tenants with other 3rd party companies? 
I selected the background check option for tenants that want to apply in Zillow and it will provide background, credit score and employment, any experience using Zillow screening tool? 

Any recommended guides that is should review? 

Thank you @ Jim - I’ll definitely step out and ask different banks.  @ David- yes that’s the exact code they gave me as to why I couldn’t refinance, I’ll read into it more and see why. Thanks guys. 

Investment Info:

Condo buy & hold investment.

Purchase price: $45,000
Cash invested: $68,000

Condo, cash purchase, did cash out after 1 year.

What made you interested in investing in this type of deal?

Booming area in Dallas and got lucky to find a deal on the MLS

How did you find this deal and how did you negotiate it?

MLS used my realtor and offer a cash offer and fast close with short inspection period.

How did you finance this deal?

My own personal cash

How did you add value to the deal?

Invested about 12k into it

What was the outcome?

Cash flows $100 monthly and the equity in it has jumped due to the hot spot in Dallas

Lessons learned? Challenges?

Need to work faster to get it fixed and not over think the small things. Set a scheduled deadline for me and track better the Goal from start to end of updates to home.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes