All Forum Posts by: Joe A.

@Mark Rocka There are some small, local banks that will lend to an LLC. It might not be a "conventional" loan, but they are usually pretty close with their terms. Might be hard to find one in Houston, though. Think small town bank.

@Pete Harper That’s awesome! It just wasn’t my experience. I was in B+ areas and it was just too difficult to get tenants without dropping the rent. I had trouble finding a good PM company also. I ended with a decent one, though.

@Josh Pratt Hi Josh. First, I would recommend not going to the B/CS area just yet. The market is over saturated with rentals there. I just sold two properties there because rent prices were dropping rapidly. Keep an eye on it though... you never know. Second, I would say small multi family is the next step after SFH. I'm looking to scale that way myself.

Good luck!

I meant to say “Good” luck, but maybe Gods luck works too😉

@Ryan Rush Sell some of the doors. Figure out which ones would be best for you to sell and do it. It could be 1 or it could be 12. Sometimes you have to take 1 step backwards so you can take 2 (or more🤞🏼) forward.

Gods luck!

@Brigham Lewis Definitely go to college. For only $10k... it will be a tremendously good investment. You’ll learn things that will earn your $10k back and much more.

I prefer to use 15 year if you can afford it... ie keep positive cash flow. The faster your tenants pay the mortgage for you the better. Once you’re mortgage free, it’s all smooth sailing.

I would have them sign the traditional 12 month lease with an addendum stating that after a certain amount of time (whatever time they’re requesting) you will let them out of their lease free if penalty if another qualified tenant can be found. If one cannot be found, they should be responsible for the remaining months rent. As the landlord, you will then make every effort possible to find new tenants. You can even ask them if they’ll help to find some new tenants since they’ll have a financial stake in it too. Once you do get new tenants, get the new lease back on the correct time schedule.

@John Moorhouse DON’T drop out of school. So many doors in life are closed to those who haven’t finished high school. Even better, graduate high school and then go get a business degree as cheaply as possible. You will learn so many things doing that. In the long run (aka the rest of your life) a few years of school isn’t very much time, but the benefits will last your entire life.

@Rousner Ermonfils Do you have any other applications? If yes, and their applications are cleaner, the solution is easy. If no other applications, I would go with the higher deposit solution you’ve come up with.