All Forum Posts by: Matt Bishop

@Nithya D., that's a very nice home and $1750 seems like a reasonable rent. What is the neighborhood like?

@Abdul Azeez, I believe you need a better agent. Your agent and the senior broker at her office should have already handled all of this for you after asking you how you want to proceed.

@Kenisha B., That's nowhere near "worst case scenario".

@Kenisha B.

If you go in there with this attitude, you're very likely to make some serious enemies who will immediately stop paying rent and you will miss out on rent from now until you get new tenants. Plus they may be angry and damage your property on their way out. Do you have, large cash reserves and a definitive, step by step plan how you will replace the existing tenants ? What if we have a deep freeze and your pipes freeze and burst in your vacant property, or it gets vandalized and taken over by squatters? What if it doesn't go as planned and you have a vacant property for six months? Do you have any experience with eviction process,. It's very likely the tenants will stop paying rent and also refuse to leave. Do you have experience and time to return to court and file a writ of possession? Experience and time to have the sheriff remove the people? Are you going to represent yourself? Do you have leasing and tenant relations or any business experience and customer service experience? What you are proposing is a plan to lose a lot of money immediately and continue losing for the next several months with the hope of making a modest increase in near future revenue. I don't mean to be harsh but that's the worst attitude and business plan I have seen in any business. Did you inherit the money you have invested in this property and someone advised you to try your hand at real estate? Something doesn't add up with the scenario you have presented.

@Dakota Ferguson, I would not consider anything South of I-30 very dangerous. It's safer but more expensive on the North side of town.

@David S., The best way to keep your property in great condition is to have a great property manager who will keep your property occupied with great tenants. I know if one of my houses needs carpet or flooring replaced, my property manager has Luxury Vinyl Plank flooring installed throughout. It looks great and it's very durable. Also, we use the same model of chrome American Standard faucets and toilets in every one of my 12 houses. My management company manages hundreds of SFH in Dallas area and they standardize on these items. But the main thing is selecting the right tenants.

@JD Martin, what would you think of turning the property with the existing tenant to a trusted professional property manager, immediately? Let them decide what to do. Owner should be free of dealing with or even being aware of any of these issues and only enjoying the monthly direct deposit from the manager.

@Anne Wang, for all the reasons you listed plus hundreds of more benefits, such as your peace of mind, hire a trusted professional property manager.

@Jay Hinrichs, they will see they missed the boat. That today was the bottom of the market and they missed it. I remember in the 1970s, "everyone" saying the market has peaked and can never go higher.

@Savannah Lewison, why would you try to do this, yourself? There are better places to cut corners and expenses. Like maybe a do it yourself combination laser eye surgery and root canal or maybe buying a new set of tires for your car and trying to mount them on the rims by yourself. Or renting a jackhammer and wheelbarrow and replacing your own concrete driveway. Are you planning to purchase a property without title insurance? In Texas, the seller usually pays for the buyer's title policy and the buyer pays for the lender's title policy. I have never heard of a buyer researching a chain of of title. Once you have completed your research, what have you accomplished?