All Forum Posts by: Phillip Austin

@Xingcai Wu Keep in mind, rent assistance from the government may take several weeks before you receive approval. So, if you don’t get approved, you’ll have to start the eviction process which will also take several weeks until the tenant is officially out. 

If the tenant has a large outstanding balance, it may be worth waiting. However, if it’s only one or two months, I’d highly recommend offering cash for keys just to get the tenant out. 

@Logan Francavilla All of those markets are great for cash flow! For appreciation, some may be better than others. 

But, you may want to add Huntsville, AL to your list!

“We appreciate you reaching out and applying for ____, however, after carefully reviewing your application, we’ve determined you do not meet the minimum qualifications required for approval. Specifically, your monthly gross income must be equal to or greater than 3x monthly rent.

We wish you all the best in your property search!”

Also, make sure you have the minimum screening criteria highlighted in your listing so you avoid these types of applicants moving forward. 

Hi @Angie Castro! 

The section 8 programs can vary but generally speaking, you will have the option to receive physical checks or direct deposit from the housing authority. You’ll need to speak with the tenant’s caseworker. Each section 8 tenant has a designated caseworker appointed by the housing authority. They’ll be a huge resource for you throughout their lease. 

One caveat! Sometimes the section 8 tenant will be responsible for paying a small portion of rent and the housing provider will send you funds for their remaining balance. It all depends on the tenant’s voucher amount. For example, the tenant may only qualify for a $1,000 voucher. If rent is $1,200, the housing provider will pay you $1,000 and the tenant will be responsible for paying $200 per month. 

Best of luck! Let us know if you have any other questions. 

Hi @Darryl Lang!

I always try to keep up with the larger, national property management companies and pay close attention to where they’re investing. They spend a significant amount of money analyzing markets and tend to stay just ahead of market trends. Right now, they’re looking at places like Phoenix, Colorado Springs, Salt Lake City, and all major metropolitan cities in Texas. Austin is very very competitive so deals are slightly harder to come by. But, Houston and San Antonio are great alternatives. I’d also look closely at Salt Lake City and Colorado Springs!

Best of luck with your search!

@Ian K. You should definitely be able to clean it if it's just a grease stain. I'd get a couple quotes from trusted vendors and if it's cleanable, charge the full cleaning invoice to the tenant and deduct from their security deposit. 

If the invoice exceeds their security deposit, you have to choose whether you want to go after them for the full amount (not recommended; waste of effort), withhold their entire security deposit, or only charge them a predetermined amount.

I would recommend vacation destinations long the eastern side of the states: Smokey Mountains and Myrtle Beach are both great options! Those two areas have great year-round seasons compared to high-end ski destinations. Plus, that region is well within driving distance for the majority of the US population.

The liners would be a good choice if you only have a small section to replace. However, if it's multiple sections, you may consider a full replacement.

With that said, definitely speak with a few plumbers to get their opinions!

@Raeford Leonard Black II RE meetups through BiggerPockets is a great way to meet local professional PMs. If there aren't any PMs at the meetups, you can bet other investors at the meetups will have PM recommendations.

Also, don't forget to check your nearest NARPM chapter! The National Association of Residential Property Managers is the nations biggest network of professional property managers and they have local chapters in all major cities across the country.

Here ya go! https://southwestflorida.narpm...

@Kevin Alvarado Generally speaking, you would have a LLC for each property and separate bank accounts for each property. More expensive, yes. However, the protection and financial reporting greatly outweigh the cost.

With that said, speak with a CPA specializing in real estate for the best advice. Everyone's situation will be different and a great CPA will help you weigh all options.