All Forum Posts by: Lisa Walker

Go to : www.trec.texas.gov website & look at the education providers licensing pass rates. Click under Education & you will see the link for pass rates.

Many do online. The CE shop & Champions- I know several that has used their online platforms.

I just noticed you are a lender! Sorry- I thought you were asking more HOW to find.

I did find some here, some through google & some through networking with other investors & who they used. Of course I put more weight on a personal referral!

Call them & Ask lots of questions! 

There is some listed here on Bigger Pockets, or search forums to see what name gets dropped often as reference. Connected Investors also has a list of local HML. Depending on what kind of funds you need, for what, and what terms you want- it is not a one size fits all and they vary a lot so I have discovered. I made a spreadsheet with all my questions about terms: qualifying rules, interest rates, %LTV, %LTC, loan term, can you extend term, draws, draw fees, closing fees, if appraisal needed, time-frame to fund, general contractor needed etc...

Many were similar terms, but a few stood out when I went down my list & filled in all these and other answers from them.

In my Texas Lease agreements, it states very clearly that the security deposit can NOT be used for last month rent. And if they don't pay last months, all the traditional ways a landlord can go after it plus fees. I always stress to the new tenant that it is for any damages and not rent.

Most landlords/Property Managers ask for the same amount of deposit as monthly rent....I think this contributes to above problem. Even if it's a little difference I think it could help shift that mindset. Some landlords charge extra deposit if their app is a little iffy- like low credit score, etc. Some of them even double it! It's what you want & what they will pay. Make sure to have a set of criteria for tenants prior to advertising it & what you are flexible on with higher deposit or raised rent.

Don't forget about extra pet deposit too! Some make some of it refundable & some non-refundable.Or all one way or the other. I haven't seen any typical with pets.

@Harrison Sharp

I have a rental I rent by room. It’s a pain! Higher maintenance due to working with more tenants on leases, collections, splitting utilities etc. Higher turnover- about every 6 months most will leave. I don’t do more than 6 months lease starting out in case of internal bickering- they stay month to month after 6 if they’re happy there.

I do advertise for students, but have got non- students also. Over 1/2, I have had someone co-sign with them if students,no job or not enough income- so then I also have to deal with the parent/co-signer. I do screen each applicant.

It’s impossible for everyone in house to get along all the time, most conflicts involve cleaning up the common areas especially the kitchen!

You can advertise for same sex since they share common areas. I’ve had mixed & same sex. I found out when had 1 male & 1 female, it was impossible to get 3rd female- so this last year+ I’ve done female only.

Soon, I will not do by the room & just whole house only. I’m done spending too much time managing it. Sorry to be negative, but you need to be aware of more time managing it & higher turnover. Most room renters are that just to get cheaper living arrangements.

@Justin Schreibeis I’d love to see your template as well!

@Steven Westlake- since I’m a Tx Realtor & you’re from Texas- leases survive the sale here. ( might be same in other states, I don’t know). So, if you buy with a tenant in place, you have to honor that lease.

Where are your leads? I’d be interested in Fort Worth or Weatherford areas.