All Forum Posts by: Jarrod Weaver

The podcasts are great. They always have a few golden nuggets and plenty of valuable experience shared. I regularly have to stop the recording to take notes. Good stuff.

As long as you have kept your end of the lease agreement you can not be forced to vacate prior to the end of your lease. Even if she is foreclosed on, the bank would then inherit your lease/tenancy and you can stay to the end of your original lease - though your payments would go somewhere else. Here in Texas, it is exactly the same if the property was sold. They may want you to go, ask you to go, tell you to go, etc. but if you keep your end of the obligation you will prevail.

The concerning thing is that your actions with the mail could be considered to be an accomplice to mortgage fraud. They would have a hard time coming back to you on it but consider that you have publicly acknowledged that you knew what you were doing on this forum. This is dangerous. I would delete this entire thread ASAP.

It sounds like you need to get involved with your business. Tenant screening is as important as the price you pay for a property. Both can break you. If this was my situation I would fire the property manager and negotiate directly with the tenant to determine their intentions. If they are a good tenant, negotiate an agreeable deal for both. If they aren't a good tenant and you need them to leave, figure out a way to do this while avoiding further litigation. With the very strange way the PM was operating it is likely that you will not prevail in court. If you lose in court, you need to counter-sue the PM if they operated outside of your agreement. Do you even have an agreement?

Hello BP Nation - This is my first post in the marketplace and hope that I do this correctly. Here is the deal:

I ran across an REO 4-plex that should be a strong cash flow performer. It was built in 2006 and is in decent shape - needing very little to be ready to rent. It has 2 each 2/1½ and 3/2½ units. The market rents were $625 and $750 respectively before it was foreclosed upon. There are 8 similar properties on the street in which all but 2 units are currently occupied.

Using conservative estimates on the BP rental property calculator the pro forma suggests 20.74% CCR or 10.29% Cap with a $803/month cash flow.

A local lender couldn't approve me on this one because my personal DTI is outside of his limit, so I wanted to put it on the marketplace and see if I could represent or bird dog this for one of you.

@Joe Butcher and @Jeff Clawson are right on the money. You don't have to get very far outside of Austin before the deals make sense. Yesterday we went under contract on a REO 4-plex that will deliver nearly 30% CCR. You just have to be continually looking and ready to go when you find something.

@Brian Mathews is exactly on target. If you syndicate the deal and the others have ONLY a (silent) financial contribution then it should work. If you have that many competing ideas it would be nothing but trouble.

I actually WOULD NOT recommend the online option for acquiring a real estate license. Having done it in the classroom in Texas and online for my Florida license I can attest to the value of the interaction with the instructor and other students. Most schools cater to working people with bizarre schedules. Here in Austin there are a couple of schools who offer regular day classes, nights, weekends or a combination of each. It's really whatever you can make work. Good luck with your chosen course of study!

Welcome @Forest Ritchie BP is a great place to get the knowledge needed to be successful with your REI business. I really like that you are using your brain and being resourceful - this speaks highly of your future success with houses.

Agree with @Seth Teel the ROI is available in Texas if you are shopping in the right market. My favorite property nets $470/month on a $17,000 investment - 33% CCR. It's a >1000 SF, 2/2 built in 2007 that is 40ish miles from Austin. Definitely not where most out-of-the-area investors are looking.

@Sven Simon First, keep in mind that every broker has the right to negotiate their own fee/commission structure. If one wants to charge 24% of a watermelon and another 4 oranges - it is up to them and market forces in the area.

For my multi-opportunity clients (builders and investors) in both, Austin and Orlando, my most basic Fee-For-Service offering is $795 to list the house on the MLS, provide a multi-source market estimate, sign, lockbox and weekly showing reports. The seller chooses what commission he/she wants to offer a buyers agent. Most of my clients choose my $1,495 service that adds professional pics, web syndication, and contract support. Clients are encouraged to actively sell the property themselves - if successful they pay ZERO buyer's agent fee.

If they decide to lease the house instead of sell, they can add this service for $100.