All Forum Posts by: Jessica Hughes

Awesome thanks! 

Hi, I was wondering if there's any good reliable places to market tenant in place + management in place properties. 

I got a couple in my own portfolio that I also manage (I have a management company). I have them listed on the MLS, but I know my pool of buyers there is going to be small. Any ideas would be great!

 Glad it's a cash buy or that one could hurt a lot more!! There seems to be some slight signs of life in Garland lately, hopefully by spring it's good again!

Quote from @Bruce Lynn:

Quote from @Jessica Hughes:

Quote from @Leslie Chukwuleta:

Hi Matt, it doesn't cash flow as an LTR which is why I am trying the mid term strategy. If interest rates settle down and rents improve I may try the Long term route. 

 I'm an investor and property manager who is extremely knowledgeable about the Garland area. I was wondering how the midterm strategy worked out? What part of Garland is the property? Firewheel or a house off First and Miller are like 2 different planets. If you ever need any advice on the Garland market, feel free to ask! 

 Garland has rental inspections.  Is it required every turnover..so 3-4x.a year with MTR or is one inspection good for a year?

 It's required with every turnover. Unless you're certified, then you don't have the inspection requirements. That would be the easiest route with a lot of turnovers 

Quote from @Michael W. McCord:

Garland has some pretty onerous rules for STRs and even requires a license and inspections at every lease turnover for LTRs which has put me off investing in the Garland/Mesquite market period.

https://www.garlandtx.gov/DocumentCenter/View/15034/STR-Info...

 The inspections are a mild inconvenience. It depends on the guy you get, but typically not a big deal. I did get a complete nutjob once though that nearly made me lose my mind. Said I wasn't allowed to have a glass window in my old back door. so I covered it in cabinet grade plywood and trimmed it out to make it look as good as possible. Then he told me that I needed a peephole because you could no longer see out if it. 

wanted to yell at the guy so bad but you know, my life was in his stupid... stupid hands at that point. 

Quote from @Leslie Chukwuleta:

Quote from @Jessica Hughes:

Quote from @Leslie Chukwuleta:

Hi Matt, it doesn't cash flow as an LTR which is why I am trying the mid term strategy. If interest rates settle down and rents improve I may try the Long term route. 

 I'm an investor and property manager who is extremely knowledgeable about the Garland area. I was wondering how the midterm strategy worked out? What part of Garland is the property? Firewheel or a house off First and Miller are like 2 different planets. If you ever need any advice on the Garland market, feel free to ask! 

 Hi Jessica, 

I put the house on the market instead as the MTR strategy involved significant upfront capital that I wasn't ready to for. It is now 3 months and the house hasn't sold so I have to weigh my options again. My property is in the La Prada neighborhood but in Mesquite ISD if that helps.

I know that area pretty well. It was appreciating pretty rapidly for a while and a lot of flippers moved in. A lot of work from the city improving the roads in those neighborhoods as well. Prices have been coming down rapidly since the rates spiked. I had a few houses that lost about 30k in equity overnight in the area (had been considering selling to do a 1031 into some new builds, but that turned into a less attractive idea after the equity drop). A lot of it has to do with the rates right now. 

The area is very good for long term rentals right now however. If the house has the right updates for electrical it is a very in demand area for Section 8 tenants as well. It would rent out pretty easily if you needed to wait for prices to stabilize and more buyers to come back into that area. I love the area for long term rentals, I personally still own 4 in that older mesquite/Garland area 

Quote from @Leslie Chukwuleta:

Hi Matt, it doesn't cash flow as an LTR which is why I am trying the mid term strategy. If interest rates settle down and rents improve I may try the Long term route. 

 I'm an investor and property manager who is extremely knowledgeable about the Garland area. I was wondering how the midterm strategy worked out? What part of Garland is the property? Firewheel or a house off First and Miller are like 2 different planets. If you ever need any advice on the Garland market, feel free to ask! 

Quote from @Bhushan Shinkre:

Few corrections, tenant simply decided not to pay rent and took further action of asking for refund of all prior payments (legally made via Baselane), which Baselane paid out no questions asked. Since my bank account had no funds (I transfer them fully as soon as rent collections deposit), Baselane basically paid those refunds from their own pocket and now are coming after me to recoup them. This is an extremely unusual practice, never seen this in 15 years of my investing career. Hence, I'm making you and my fellow investors aware that this may happen via Baselane. 

I had something similar happen through apartments.com. 

I had a tenant using their portal to pay rent. They had been keeping the account a month ahead and one month, about 10 days after depositing, flagged it as fraud to get it back because they were short in cash. Apartments paid it out and came after me about it.

Fortunately the tenant wasn't a huge problem and paid it back on the 1st (i told apartments they could just wait and get over it), but I could easily see it could have ended up more like your situation. Seems to be an issue with 3rd party processors 

So I have a 4plex in Tulsa county. 

I'm under contract with a buyer right now.

had a contractor spruce up 2 of the units. 

things went south with this "investment contractor". Long story but I found her guys to be very incompetent, slow, and lacking in basic carpentry knowledge. Let them finish the jobs though because they were small and I am under a construction loan I wanted to hurry up and get out of. 

For both units I have the estimate, invoice, and signed lien waivers.  

Two days after the property was put on market, a lien was placed for $2370. Found out about it today after title work came back. 

No responses when I text her. Talked to my property manager (who originally recommended this idiot) and he said it might be over a door i told him she needed to have fixed because it broke off the hinges a month after install and maybe theyre mad about it. It's just a theory

Im calling the county tomorrow to see what exactly the lien says, but yeah... how the hell do I handle this? 

If I pay it off just to close with the buyer will that limit any retaliation I have? If they choose to close I don't want to eat 60k to fight over 2500 bucks, but it does really stick in my craw and I would like to file charges for a false lien at least 

The fact it was filed 2 days after list seems retaliatory and vindictive. This psycho chick is a realtor with a renovation company, and apparently wants to commit a felony to get back at me for calling her stupid? 

Please advise

Let me know how that worked out, I'm looking for a new PM in Tulsa also, I'm gonna drive up there and slap my current one possibly. 

I've found deals in Tulsa to be fantastic but the professionals I've dealt with there... a lot of them are just... dumb

And im from Arkansas, I thought I was sposed to be from the dumb state.