All Forum Posts by: Mak K.

Yes once in Eviction court, I heard judge state in the similar case. If landlord sends the money back with Check and tracking number, it is considered not accepted.

0 Votes

Gilbert, Arizona

Hi,

What are your thoughts on renting a property to Home Care Patients who needs care. I know you have to modify the properties to ADA etc etc. Anybody had any luck with it and what is the rent expected and p&l, pros and cons?

0 Votes

I am facing the exact same issue. I am getting told many carriers do not want to write policies in Harris county while we had no hurricanes or floods or anything in last 5 years. I am in houston. PM me. Do you have suggestions on any brokers? PM me pls

0 Votes

Houston, Texas

Hi,

I am getting crazy prices in $5-$6K for landlord insurance in Harris/Houston. Anybody having luck with any carriers hungry for business? Any carrier names suggestions

0 Votes

Quote from @Connor McGinnis:

Hello,

I am looking to buy my first Duplex in the New Orleans market. My strategy is going to be house hacking the property. I have analyzed 300+ listings and crunched numbers on many of them. I have toured 6 properties so far as I have just connected with a realtor.

I have found two listings that I like so far. One in particular I like the most. However, this property is a foreclosed duplex and the bank owns it. It was built in 2018. 6 beds and 2800 SQF. Priced at $499k. Great location.

The property likely needs $10k worth of work.

I have heard that when writing an offer to a van owned property that the closing process can take a long time. My current apartment lease ends on April 20th and so I only have 3 months to close and move in.

My realtor also told me that banks can pull out from under contract late in the closing process if they receive a better offer which is scary to me.

Any advice on being able to write and offer and close this deal in a timely manner? Anything else that I should consider?

Thank you!

Curious how did you find the property? MLS?

0 Votes

Quote from @Bjorn Ahlblad:

I had 3 tankless w/h in my same primary in Ca over 5 years. Between breakdowns, leaking, auto shutoff and program malfunctions it was a thankless experience! (PUN) I had to become the in-house software engineer. Never again. Last house we bought as primary now has conventional water heaters with tanks. I would definitely not recommend them in a rental. Just too many points of failure, temporary or otherwise and tenants would be unable to deal with re-starting them. Hope others have had a better experience, I can only speak from my own.

I heard the same issues you mentioned. Thanks for responding. Will go with traditional gas tank heaters

0 Votes

Houston, Texas

Replacing a water heater at a rental sfh 2bath property in Houston, TX. Any suggestion on if tankless is better or not? Any pros or cons?

1 Vote

Houston, Texas

Hi,

I have always been a cash buyer and this is the first time I am looking at a lender for a deal. I am trying to decided the differences and especially the interest & expenses associated with the different type of loans. This is my understanding but please help me to get a clear picture.

Lets take $100,000 for the amount to be loaned out.

1> Line of Credit (based on stock portfolios)

- Lender says it will 0.5% origination fee ($500) one time cost

- Lender says prime -MINUS 0.5 = 8.5-0.5%= 8% loan as of today.

- No other fees or cost. I can withdraw and payback as needed. Only thing I need to pay is interest every month.

- More like a credit card where you limit is fixed. You pay interest based on what you use.

- Floating rates so I guess rates would go down as FED cuts the rate

2> Mortgage on property

- Lender says if it is LLC, then it is prime plus 2.5% = 8.5% as of today

- Lawyers & lender fees to be added- COST ADDER

- Survey and appraisal to be added- COST ADDER

- insurance, property taxes on property required etc to be maintained etc

Per my discussion, it looks like LINE OF CREDIT based on stock is easy and cost effective. Am I missing something? Anything I need to know?

0 Votes

Not very common but you can buy the house and continue and manage insurance claim under previous owner name. It’s possible but how it’s done I do not know..

1 Vote

Update and sharing what I learnt so far:-

I went to a local credit union and they said they give line of credit based on 80% equity. Also rates are prime plus 2.5. So as of this date you are looking at 8.5ish. Loan involves a fresh appraisal and origination fees etc.

Another suggestion banker made was it’s easier to get a loan on a stock portfolio. It cost less, there is no Leon, and rates are prime minus 0.5 meaning as of today it is 8%. the benefit is it did not require Lein, home insurance, etc etc making it cheaper to acquire

0 Votes

Houston, Texas

All Forum Posts by: Mak K.

Mak K. has started 90 posts and replied 207 times.

Post: Eviction - Tenant Sending Money

Post: Experience with Renting to Home Health Patients

Post: Harris County (Houston, TX) - Landlord Policy options?

Post: Landlord Insurance - Harris County

Post: Buying a Foreclosed Duplex

Post: Water heater- Tankless Electric vs traditional Gas Heater

Post: Water heater- Tankless Electric vs traditional Gas Heater

Post: Line of Credit vs Mortgage- Interest rates & fees

Post: Pipe burst during due diligence

Post: How to get Portfolio loans or Line of Credit