All Forum Posts by: Matt Bishop

@Mikielle Elum, you made a great decision to hire a great property manager, congratulations! You are now free to grow your business and enjoy your life.

@Thomas Balielan, sounds like this whole situation would have never happened to you if you had a professional property manager. Is there a reason you are trying to perform the services of a skilled, seasoned manager? If you had purchased a thoroughbred race horse, wouldn't you hire a professional jockey, trainer, veterinarian if you expect to beat the competition?

I know you are investing to win. Your team of professionals will help you be successful and if you choose the right people, you will be very successful and enjoy the benefits.

@Emmanuel Sanchez, the tenant should have renter's insurance to cover the loss and the tenant should work directly with their insurance company for payment. Your management company does require proof of renter's insurance prior to allowing a tenant to move in. Why isn't your manager handling this? Why are you even being bothered with such minutia?

@Ali Mora, what if you keep the current tenants and find a different place for yourself to live? As long as you make the mortgage payments on time, no one but you will know or care who lives in the property. Section 8 can be a great way to become a millionaire. Get yourself a great property manager and do not try to manage them, yourself.

@Jon Q., I believe prices will continue to rise 1% per month. No downturn in Texas major metros. I'm in "buy" mode for additional rental houses.

@Manley Woods, I prefer to purchase new construction 4//2/2 brick single family homes. I like to buy in brand new neighborhoods go under contract as early as possible and wait a year for my house to be built and closed. Rent it out for 2-3 years the sell it and take the 30% appreciation. If rents increase enough so I have positive cash flow, I keep renting it out.

@Elijah Brown, like you stated, It's a business cycle that repeats periodically. I do my part to help with the housing shortage by leasing some of my houses through the Section 8 Program. Plus, they pay me above market rents for leasing to black, single parent families in predominately white neighborhoods. They bring me their "Walker Settlement Voucher" now called "Housing Choice Voucher" and I gladly participate. This is a result of the Supreme Court case, Walker v Dallas Housing Authority. It's an interesting case, Google it..

@Benjamin Furney, if you don't already know the answer, you're probably not the right person to do this. When you get a VA or FHA loan you will need to sign a document stating you "intend to occupy the property as your primary residence". The only time I see a problem arising is if you default on the loan and try to avoid financial responsibility. I've done both VA and FHA dozens of times with no problems. In my heart, i did intend to occupy each property and then changed my little mind. Are you absolutely certain you will be able to repay the loan? If so, do it.

@Tim Miller, you're right! A fantastic professional property manager is almost always the best way to profit and enjoy being an owner.