All Forum Posts by: Jim Cummings

John. I'm not really in-tune with the Private Loan Market. What I'm finding is a lot of folks that say they are "Private Money Lenders" (meaning they make Lending Decisions based strictly on the merits of the situation) are NOT! They are mostly "Hard Money" folks that don't do strictly Fannie & Freddie Loans - but they still have State & or Dodd-Frank guidelines to meet. In Texas that means NOT lending in Owner Occupant situations. These seems to be driven (In Texas) by our strong Homestead Act, and the "govmint" protecting you & your Homestead.  I have heard from one BP Member that indicates we may be able to get something moving. Hope So!  

Rick. you are correct in some aspects. There are PRIVATE Lenders that Lend based on the asset and the situation. There are Loan Brokers that handle these type of asset-based loans. 

NOTE that "Hard Money" Lenders (at least the ones I've talked to recently) will NOT - and I get the impression Can NOT Lend on Owner Occupied Properties - as I'm dealing with!

Kristina. Appears you are doing a "Buy & Hold" on this property. Rather than getting rid of both tenants (unless that what's your evaluation says do. Consider a rolling rehab. I.E. Vacate one side and rehab, move your "good" tenant in the rehabbed side, and then rehab the remaining unit. 

Another option, if both tenants are reasonable, (pay on-time, no issues, etc) is to just "keep on keeping on" - keep the Rental Income NOW - and when one of tenants Vacates - rehab that Unit. 

Good Luck!   

I need a Private (NOT Hard Money) Lender for a Transaction in Austin, TX if anyone has any contacts.

Daniel

Procedurally & Legally easy to get someone out in Texas! NOT so in the "Socialist" states. 

Whenever the end date of current Lease - You send tenant Notice the lease is Not being renewed or renewed at $$$$. Give Tenant time to respond. There is a Texas Real Estate Commission form that includes all that. 

If tenant chooses to not leave them you would have to evict. Again - NOT procedurally or legally difficult in Texas. If your agent deals in Leases - they should know / have access to everything you would need. Click this link  http://tinyurl.com/nx4b5ur to acess Texas Residential Rental Code.    

Daniel. I wouldn't put a lot of concern into the listing being "Vague" - particularly with out of area Owners. If there is a local Property Manager, they probably know more about the property than the Owner. 

Look at the deal - it either makes financial sense - or it doesn't! Look at the building condition and DEFINITELY have it inspected by a RE Inspector, as to condition, etc. 

Long Term Tenant: Pros & Cons to the situation. Would seem Tenant likes the location, rent situation, etc. From landlord perspective - it's a matter of Stability. Moving people in & out costs you Cash Flow. You'll always have some repairs with Tenant Changeover, in addition to leasing Costs, Vacancies, etc. 

Once you are the Owner - evaluate the situation, and decide if you want to keep Tenant or move them out.   

Good luck!

Michael

Lots of POTENTIAL claims / lawsuits in your post. Find yourself a good Attorney and hope they can extricate you from the situation at a minimal cost. 

Darren

From an Air Force Retiree and 26+ Year Real Estate Agent / Broker / Small Time Investor.

Suggest you scale your area of interest initially to the area you know best (Home Plate) before taking on everything from "Dallas to San Antonio". Lots to learn - ask Guy Gimenez  and other experienced Investors. 

"Don't lose your shirt before you get to wear it some"!

Good luck. 

Cody

I suggest you contact an Experienced REALTOR (or 2) who deals with Leasing in the city where the property is located. Ask for their take on Renting a 2/1 SFR. Ask to see the "raw" MLS Data for the last 90 - 180 days - not just their verbal summation of the situation.

From your post no indication the property is on the ACTIVE MLS. You might also consider choosing one the Agents to help you buy the property - if that's what you ultimately decide to do! Buying in a Small College Town is an excellent first step.

I'm in the Bryan College Station area and also have 25+ Years experience in the Austin Market. Let me know if I can help you locate an experienced agent in the town of interest.  

Click on the link below for some New Construction Statistics for Conroe, The Woodlands, & Willis, TX.

http://tinyurl.com/hryobcf