All Forum Posts by: Bart H.
Bart H. has started 11 posts and replied 1128 times.
Post: need help with terminating senior citizen lease in Texas
- Dallas, TX
- Posts 1,165
- Votes 744
Originally posted by @Jim Cummings:
I would start with just the honest, Straightforward Truth of the Matter, and see if reason, logic and sympathy carries the day!
After that I would ask Management Company if they would accept some type of Severance Payment (1-2 Months) of rent until they can get the Apartment Leased.
Worst Case, you can Break the Lease. Management Company is required by Texas Law to attempt to Mitigate the Loss - meaning they have to put the place up For Lease, and make an active effort to get place leased. They can not just leave the place Vacant and NOT try to get a New Tenant.
Good Luck!
I would start nice, but I would be a lot more forceful if they are unwilling to play ball. (1 month TOPS). Especially if they went on and had her sign after you told them she was moving out.
I don't know her condition, but you could push the angle that they took advantage of an elderly woman knowing full well she intended on moving out.
Post: Buy and Hold / BRRR Properties - Dallas, Wylie, Denton?
- Dallas, TX
- Posts 1,165
- Votes 744
Originally posted by @Giovanni Silvano Salvatici:
Piggy backing off of this question, has anyone been able to achieve >1% rent within an hour of Dallas? Off-market or otherwise?
I've seen a few properties potentially fitting this criteria in the North Richland Hills area, maybe Euless and Bedford as well. Wondering if anyone else has had luck.
ITs getting tough, but we have found a couple in Oak Cliff. Some areas in east dallas, some near the Trinity, some near Elmwood, Bishop Arts and others.
Honestly we have slowed down a bit because the deal s have been tough to find, and I think its a good time to get a little more conservative and to not chase deals.
Post: Are there good investment properties in Dallas ?
- Dallas, TX
- Posts 1,165
- Votes 744
Originally posted by @Morgan Hoke:
While I think there are always deals in every market, I don't think now is the time to jump into the Dallas market.
I have walked thru a lot of houses that I think are being offered at nosebleed prices, especially from wholesalers.
Be careful with DFW, high property taxes and high property insurance. My sense is the market is flattening, and new investors are late to the party (unless we end up getting Amazon) short of a 10 or 15 year time line.
If I didn't live here, I would not be an investor in Dallas.
Post: Appraisal came back $35,000 lower than sales price (Turnkey)
- Dallas, TX
- Posts 1,165
- Votes 744
Originally posted by @Andrey Y.:
Originally posted by @Account Closed:
Originally posted by :
Though we do not force or require our clients to use our preferred lenders, transactions do go more smooth if they do which also eliminates in most cases any appraisal issues. At the end of the day our goal is to have a successful and smooth ( as much as possible ) buying process. If a buyer uses their own lender and we have an appraisal issue that we can not resolve with their lender we do ask for them to switch to our lender and lets try it our way this time. If the appraisal comes in fine ( which it usually does ) then great we keep moving forward.
Wow, I am speechless. Of course a sale is smooth if customers pay you 20% over market with cash. What could go wrong? The fact that the clients appraisal doesn't match your selling price is a huge red flag that the price is inflated. Unless your market is moving so fast that comps can't keep up. Which I seriously doubt is the case in Memphis!! Even if a second appraisal is warranted it should be an independent one.
That was my reaction as well Anish.
"transactions do go more smooth" " eliminates .. any appraisal issues" One doesn't need to read between the lines to much to know what this is implying. "Just sign here on the dotted line, lets not waste any time, and make this as smooth as possible." LOL yes smooth for the Turnkey seller, not smooth for the buyer who just overpayed by $50K.
Plus the lender has a HUGE incentive to make the loans as they likely are loaning to the Turnkey company during construction AND will likely benefit from future sales.
I absolutely wouldn't NOT want the lender to come from the same camp as the Turnkey company.
Post: Tenant Resisting Autopay
- Dallas, TX
- Posts 1,165
- Votes 744
Originally posted by @Michael Hayworth:
You can certainly require a tenant to use the sort of payment system you want. At least, you can in Texas, where the OP is located.
However, it has to be part of the lease terms, and if you inherited the tenant, you're bound by the existing lease. Change it on renewal.
We don't absolutely require electronic payment, but we say our stated rent includes discount for electronic payment. If you want to pay cash, money order or some other crap that requires more work on my bookkeeper's part, it's $50 extra per month. This is a business. If a tenant is making more work for you, it should cost them more.
Yup….allowed payment methods are described in the standard lease used by realtors here in Texas, you can check off authorized payment measures, as Michael says it has to be part of the lease terms.
If we have a paying tenant, we have had great luck using Venmo (or I suppose apple pay would have similar success).
Post: Looking for Dallas Investment
- Dallas, TX
- Posts 1,165
- Votes 744
Originally posted by @Chance Benjamin:
Hello!
I've been following bigger pockets for awhile now, but have not yet jumped in to a full investment. I'm looking to purchase a property in DFW in the next few months. If you know of any potential properties, or a realtor, own an airbnb you want to chat about (or need a co-host) or have any advise please reach out to me and I would love to connect!
I'm looking for something $200,000 or less which I know narrows down the choices I have. The plan is to live in the home while rehabbing it and get it ready for a vacation rental for airbnb. Back up plan could possibly be a rental. Looking at doing a conventional loan. Prefer single family home but open to townhouses as well. Looking in Arlington and somewhat south Dallas (trinity groves, bishop arts area).
A little background, my boyfriend and I own a home in Arizona where we use to live and turned it into a rental 2.5 years ago when we moved to Dallas. We find managing it ourselves even from Dallas to not be too difficult and enjoy the income it has given us. We bought a home in Irving a little over a year ago and realized its to big for us and that we wanted to start cutting out some of our bigger expenses so that we could be investing into real estate. We would be looking to sell this home at the same time that we are buying a home to fix up. I have worked in restaurants as a server for years and love the hospitality industry and would love to translate that into Airbnb. I also enjoy design and learning whats new and trending in design and would love to add that into my daily life. I recently did an internship in Arizona with a flipper / designer and now I am ready to do it on my own.
Thanks for any help!
Chance Benjamin
Hi Chance, welcome to Bigger Pockets.
I love the areas you are looking at, but imo you will have a tough time finding anything in Dallas in anything other than a war zone or needing a ton of repair below 200K.
We own a property near the Bishop Arts (Kids Springs), and we are seeing most properties selling well north of 300K in the area. The values have run so much we have thought about selling.
Post: Are we in a Bubble??
- Dallas, TX
- Posts 1,165
- Votes 744
Originally posted by @Sam Shueh:
Short term is still good.
In SFBA we have finally seen some price erosion (-4%, -3% each month even in Silicon Valley since April 2018). The reason is most home sellers thought prices could not get much higher thus finally there are more homes released than previous year when most wanted to time the market.
US Treasury has been delaying a catastrophe for sometime by printing cash and issuing IOU T-bills. Russia has just stopping buying bonds. China can follow by unloading $1T T-bills and bonds by disrupting deficit process. If the new administration can not sustain a recession, it is likely to start. The Wall Street people now keep arguing inverted yields hinting there is something in the horizon developing then it will happen. On real estate if one has equity and income recession or value drop, it is lessor a concern than those who have to refin big mortgage or have little cash flow.
China cant just offload their Us Bonds, because they would simultaneously inflate their currency making exports a Lot more expensive.
Plus there isn't anywhere to put the foreign cash reserves. What are you going to sell US treasuries, pay the cost of devaluing your currency and then go to buy Euro bonds at negative rates?
Post: What to do during the waiting game...
- Dallas, TX
- Posts 1,165
- Votes 744
Originally posted by @Brett Wagner:
Have you thought about house hacking? buy a house, or even better a duplex/tri/quad, and live in one unit and rent out the others?
How about helping someone bird dog for properties? Or drive neighborhoods and get to know a mile or two square area and look at ever property that comes on the market. Maybe help an investor do make readies? Get your realtor license? Read everything that is on Bigger Pockets, especially their books, attend investor meetups? There are a ton of things you could do.
Post: Knowing When to Walk Away or Take a Chance
- Dallas, TX
- Posts 1,165
- Votes 744
Originally posted by @Tiffany U.:
Yes Tiffany, its getting really tough to find deals in DFW. We look at hundreds of properties before even considering an offer, and then probably one in ten we actually get under contract and close. 2=3 years ago we could find properties on a regular basis. Its just getting tough now, and I don't think ROI's will be as high as they have been over the least few years.
I would say in baseball terms, look for a single. Low maintenance, rent ready, decent return with a little bit of cash flow. Something to get you in the game, then look for greater returns in future years.
IMO its a needle in a haystack finding a decent return property, and its been 4 or 5 years since we found a big ROI property that didn't require a ton of work, and/or a little help with the neighborhood going up in value.
My biggest recommendation is find an up and coming neighborhood, picking a place where developers are just beginning to build. We like rowing neighborhoods close to downtown/or in Oak Cliff.
Post: How Do You Build a REI Team?
- Dallas, TX
- Posts 1,165
- Votes 744
Originally posted by @Loren Howard:
No one accomplishes anything alone!
YOU NEED A TEAM!!!
The Mentor, The Realtor, The Accountant, Contractor, The Property Manager, and Investor!
Who are you missing on the team? Did I forget to add someone? How did you build your team!
Our real estate agents were our mentors.
We found our contractor as a neighbor and he more or less helps us find other contractors, although we have a few we have brought to the table.
I think those are the two most important, and a good real estate investor friendly agent should be able to help you find those additional resources.