All Forum Posts by: Maurice D.

Good thread, there are some other great threads on Section 8 here in BP.  Set your tenant criteria high if you don't want section 8 (as in high credit score) but has to be applied equally to every applicant.

Section 8 can be profitable, but comes with the bureaucracy headaches as @Curtis Mears states.  That being said, good tenants can be found in that realm.

You could go either way, but it depends on YOUR learning style/skills.   Do you get more from reading? do you like asking questions? In person training gets you that. etc

When I first started I took a class, it came with a guarantee that I would make up the fee in six months or they would extend coaching until I did.   I did make the fee (and some) on my first deal, so it was worth it to me, it was a great class. 

Another thought here is you don't likely know your REI strategy yet (being new and all), so courses tend to be narrow and focus on just one aspect of REI (Flipping, short sales, foreclosures etc).  you won't find a single class that teaches all these approaches!

Do you want to buy and hold?  build?  Flip?  What are your financial goals?  etc.  Once you get somewhat on track with a direction then you can look at classes if you need to.

sounds like a large or very large house converted into multi-family with little apartments.

Along with the eviction have a conversation with the property manager and find out what their screening criteria is, and give them instructions to strengthen it.  *They* picked this tenant in the first place!

Another point in selling this low cash flow property is if you don't, this mortage might harm you down the road, as lenders only look at 75% of your rent for income, and this will just drag your DTI down for future loans.

I wouldn't mess with it, unless you are in an ADU friendly city like Austin which non-are in DFW. the ones that allow ADU don't allow you to make a profit on it, and some even don't allow occupancy, just a shed with no plumbing yet along shower or kitchen.

I bought a nice property with ADU (built in the 80's), complete with kitchen and bath only to find out later my city doesn't allow them and of course no permits. In that case, lesson learned and I converted back into the garage it was, and converted (with permits) the main house garage into a nice master bedroom suite and made a profit.

Not sure if this flies, but In the future i would discount the un-permitted structure(s) from the sq ft in my offers city regs?

Strange, Try Penfed CU?  you own your side, you should be able to? 

so the buyers defaulted on the payments to you and the bank called the due on sale clause?  did you stop making payments to your bank?  Where is the house in Dallas?

did you already purchase the flip?  or you need funding for purchase + construction?  have you talked to hard money lenders?

Are schools important to you? Coppell is next to Grapevine and is a great balance of cost and school ranking , it ranks higher than Grapevine but not as expensive as South Lake school district homes.