All Forum Posts by: Joe Funari

@Dan Delcorio I recommend you reach out to @Andrew Postell. He is a fellow investor and lender. He may be able to help you out. He has done some very creative financing for me and my clients.

@Nick Sheveland Texas State law requires that you honor the current lease. But no need to swap out owners names on the lease. Simply send them a letter, certified preferably, stating new owners and contact info for maintenance issues, where to send rent payments, etc. If you have a PM they should draw up the letter and send it to the tenants. But I recommend you look at the current lease and check to see when you have to give tenant notice of either increase the rents or vacate. Some could be 30, 60, or even 90 days. Depending on what the rents should be you can give the tenant a notice of increase in rents and they must accept by a certain date and sign the new lease (This is when you address change of landlord on the lease) or they have to vacate by the lease expiration date. 

@Kesiya Kalf If you are looking to start a new real estate investment business then congratulations. Property owners are still required to have insurance coverage for the rental properties. Its called Landlord Insurance. It has all the overages that standard insurance policy would be for an owner occupant property. However, a standard landlord policy doesn't cover you for loss of rents. You will need to get a separate rider for this. Loss of rents coverage pays you the rents that your tenant was currently paying in the event of fire, earthquake, tornado, etc displaced them. When interviewing insurance companies if they don't have a clue about a loss of rents coverage's then move on to one that is investor friendly. There are plenty of them out there. Hope this helps you as you start your real estate investment company. 

@Ernesto Correa I use McCaw Property Management to manage my properties. They are owned by a fellow investor @Kyle Mccaw. I have found them to not only be a better value than other PM's here. But the quality of the tenants they are able to place in my rentals was far and away better than my previous PM. 

@Nicholas Weisman McCaw Property Management manages all my rentals and services the Cedar Hills area. @Kyle Mccaw is the owner and fellow investor and can answer al, your question regarding PM.

@Patrik Kusek it is common practice to do so. My PM is listed on my insurance policies here in Texas as well. My insurance company doesn't charge additional for that either. So if yours will charge additional look for an investor friendly insurance company. There are plenty of them out there. 

@Effram Barrett definitely disclose to the seller your a licensed agent once you obtain your license. Paragraph 4 of the TREC 1to4 (Resale) is where you will disclose on the contract to the seller that you are a license holder. The IABS you should always have your clients execute when you are representing them as either a buyer or sellers agent. 

@Melissa Williams Check out copplaw.com to set up either an S-Corp, LLC, or series LLC. I used them to set up an LLC for me. They were very reasonably priced did it all including federal tax ID in a matter of days. My recommendation is set up one LLC and don't worry about another one until you get north of $2M in assets. Use that money you would spend on attorneys and company formations and acquire more properties. Copp Law can also transfer your LLC into a series one down the road.

@Nancy Mascorro I love the Dallas Ft Worth area. Plenty of good 3/2/2 that are excellent rentals here.

@Chris DeSisto best advise I received from another investor is disclose down your underpants. So your on the right track. Here in Texas paragraph 4 of the 1to4 resale residential contract is reserved for license holders disclosures. So if you buy here in Texas I would recommend you place in that paragraph your a license holder from whatever state you hold your license.