All Forum Posts by: John T.

@Brenda Soto You might find the answer in the Texas Evictions Deskbook

@Herman Fox Option 2 (or some variant of Option 2) looks good to me.  

@Alex Place Wow! I love your philosophy and business plan. Yes, if you vet your residents properly, you are really not taking on any risk.  So why require a security deposit at all. Also, why don't we stop charging late fees? Why don't we ask our residents to pay their rent at the end of each month of residency. I call on all BiggerPockets members to adopt your business plan. Let's do the right thing!

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I reviewed the "My Automated Deals" website.  It looks dubious to me because "My Automated Deals" is offering services that, in my opinion, are not needed.

I did find the following statements on their Acquisitions tab somewhat assuming:

--Our agents are all male or female, so we can match your brand’s target demographic.

--We have English-speaking Philippine call agents, so there’s no language barrier when it comes to scheduling your appointment.

--We understand that you don’t want to work on the weekends, so we don’t either! Our agents are not available on holidays or weekends.

@Terry Landon

Some of the tools that you will need are as follows:

Responsibility: A clear understanding of your responsibilities as a landlord.

A thorough knowledge of local laws and regulations.

Technology: I started with an Excel spreadsheet and scaled up to Accounting software, Online ACH rent payment system, Property management software. Presently, I use QuickBooks (accounting) and Rentec Direct (property management, tenant portal, online ACH rent payment system, etc.)  There are many other accounting and property management apps available.

Team: Attorney, Real estate agent, Insurance agent, General contractor, Plumber, Electrician, HVAC technician.

Lease: A Residential Lease that is appropriate to the State and locality in which the rental unit is located.

Good communication skills.

Time and patience.

@John Walston  A real estate wholesaler is a person or company that buys properties at a discounted price and then resells them to other investors, usually at a higher price. The wholesaler acts as a middleman between the seller and the end buyer, and makes a profit by marking up the price of the property.

Real estate wholesaling is a fast-paced and high-risk business, as the wholesaler must be able to find properties at a steep discount and then sell them quickly to another investor before the market changes. It can be a lucrative way to make money in the real estate industry, but it requires a strong understanding of the market, good negotiation skills, and the ability to move quickly on opportunities.

See also Wholesaling in Texas Real Estate regarding Texas laws and regulations on wholesalers.

@Matt Nervegna Here are some websites that provide information on New York state landlord and tenant laws:

The New York State Department of State's website has information on landlord and tenant rights and responsibilities, including a guide to New York's rent stabilization and rent control laws: https://www.dos.ny.gov/licensi...

The New York State Consolidated Laws are the codified laws of the state, including the Real Property Law, which covers landlord and tenant issues. You can search the Consolidated Laws online at: https://www.nysenate.gov/legis...

The New York City Rent Guidelines Board has information on rent stabilization and rent control laws in New York City: https://www1.nyc.gov/site/rentguidelinesboard/index.page

The New York State Office of the Attorney General has a page with resources for tenants, including information on tenant rights and protections: https://www.ag.ny.gov/tenant-r...

The New York State Bar Association has a page with resources for landlords and tenants, including information on lease agreements and eviction procedures: https://www.nysba.org/for-the-...

It's important to be aware of your rights and responsibilities as a landlord or tenant in New York. The laws governing landlord and tenant relationships can vary from state to state, so it's important to understand the specific rules that apply in your state. If you have specific questions about New York state landlord and tenant laws, you may want to consult with an attorney who is familiar with these laws.

@Sophia Oberlander you might try QuickenLoans