All Forum Posts by: Pat Mulligan

 I have been looking into Houston as well. The rental market is a little soft at the moment but I agree.  The appreciation rate is better than a lot of other  metro areas.  MTR for traveling professionals is prob the way to go in Houston for max cash flow, IMO.  The Airbnb ave rates are really low there- glutted market or crappy place to vaca? lol. 

We have $1.3M we have to spend, roughly $380K of that in a mortgage. We were thinking of BRRR-ing a combo of 3 or 4 SF and duplex properties in 2 different markets. Of course, we would love to be "cash buyers" for a quick close, but obviously, we can't be on all of them.

Can we get decent financing on a conventional loan if the properties do not yet have any rental history?  Also, if we plan to short-term or mid-term some doors, how does that affect financing options? 

If we can't get conventional loans with 30% down payments, we were going to buy 2-3 and refinance them later. I just need to at least get that $380K loan incorporated into the exchange.

BTW-We are experienced long-distance landlords and 10-year Airbnb hosts. Cash flow will not be terrific because of the markets,  but we are willing to buy and hold long-term. We identified these markets for personal reasons.

Thanks in advance for any advice you can give me.

Pat

I just changed my checking to Axos Bank.  They are 100% online, offer every service other banks do ( like bill pay, checks. Debit card, free ATM nationwide, etc), no minimum balance and the highest interest rate I have found.  Very easy to open an account with 2 owners. ( I hate sitting at a banker's desk for an hour just to open an acct.) 

I had one glitch in the past 6 months with Axos. I made a payment to my Amex business card through my Axos checking.  Amex took the money, but before they would credit my account, the wanted to " verify" that the Axos checking was legit via 3 way call. I was so mad, especially since they couldn't give me a reason why. They either didnt trust  Axos or me.  ( btw. I had that Amex account for 2 years,  making timely payments).  After that, I closed my Amex account.  Axos is so much more worth it. 

I've had good results low-balling, several times. 

Good luck!

I had the same problem with an unreported running toilet.  Worst of it, we only get water bills every quarter, and mine was $900 above normal. I immediately called the tenant and asked if they had any drippy faucets or running toilets. He told me no.  I said I better come and make sure there are none in the wall.  I get there, the toilet is running like a river. I could hear it as soon as I entered the apartment. 

I just told the tenet I was billing them for the overages, $200 per month tacked on to the rent.   They never balked and paid it off. 

Have you tried just billing her?

Pat

So sorry this happened to you, Wilson.  I've had plenty of deals myself and representing clients, where the other party acts without integrity.  Me? I gotta sleep at night. There is nothing worse than the worthessness of one's word, IMO. 

Additionally, as a retired Realtor, I would encourage my colleagues to re-read the Realtor Code of Ethics.  Included are paragraphs like this: 

"The term REALTOR® has come to connote competency, fairness, and high integrity resulting from
adherence to a lofty ideal of moral conduct in business relations. No inducement of profit and no
instruction from clients ever can justify departure from this ideal."  The Code also talks about the Golden Rule.  

Owner or not, Realtors ARE held to a higher standard than the public wherever real estate is involved.  Your seller gives us all a bad name. 

Pat Mulligan

Not sure what a "trend assistant" is. Never heard that term, but I worked as a unlicense assistant, licensed assistant, agent and broker. The assistant is in the MLS constantly. depending on your MLS, an assistant can have their own login with 24 hours access, or has to login in with their agents credentials and only one person can be in it at one time.

In both situations,  you have to actually work for an agent or brokerage, so unless you choose that profession. 

I do know agents who, against regs, would share their MLS login with select clients. it's just best to have a good agent who will set you up on auto searches-- as many different ones as you want. Make sure they send you the Full or Agent Report.

Good luck

Pat 

Licenced VA Broker