All Forum Posts by: Rhondalette W.

Had $50k cash used 1/2 of it on first purchase.

 This is my best tip for a first timer on selecting the best tenant: (copied this from my previous post)

I used the tenant screening tool provided here on BP "smartmove" It provides a criminal background check, an eviction check and credit check. I have the potential tenant pay for the screening when they submit their application. For my first property I actually had open house on the weekend due to the high volume of calls I received. I actually ran the checks on 4 separate families who applied. One family had past bankruptcy, another family had an eviction on their record, the third family had a criminal record so I passed on all of them (sent them a denial letter). Finally, the fourth family was exactly what I was looking for. Non-smokers, no pets, income 3 times the rent, and clean background. I believe that tenant screening takes patience. I have learned not to be "desperate" to get someone in as soon as possible because that is when you may make the mistake of accepting tenants that really don't meet your standards.

Good luck finding the right tenant.

 Hello Emmanuel welcome to BP. You live in Texas and Texas is probably one of the best states to invest. I see you are from McKinney where the property is a bit more expensive. You may consider investing long-term buy and hold in Dallas or other surrounding counties like Mesquite, Grand Prairie, or Garland where there are older homes that are more reasonably priced. You may consider flipping in a city like McKinney (The is just my opinion). Good Luck!

 Thanks for wishing me luck with 4, 5 and beyond. You are so ahead of me...lol

 I have learned so much from you. I think I have watched every video and listened to every podcast. You have been my long distance mentor. One of my favorite videos is the one that you sit down with your mentor and talk about how you met and how you learned from him. Well, now you are paying it forward BIG time!  Thanks

 Yes, I screen my tenants myself. I used the tenant screening tool provided here on BP "smartmove" It provides a criminal background check, an eviction check and credit check. I have the potential tenant pay for the screening when they submit their application. For my first property I actually had open house on the weekend due to the high volume of calls I received. I actually ran the checks on 4 separate families who applied. One family had past bankruptcy, another family had an eviction on their record, the third family had a criminal record so I passed on all of them (sent them a denial letter). Finally, the fourth family was exactly what I was looking for. Non-smokers, no pets, income 3 times the rent, and clean background. I believe that tenant screening takes patience. I have learned not to be "desperate" to get someone in as soon as possible because that is when you may make the mistake of accepting tenants that really don't meet your standards.

I also decided to use Chase QuickPay to collect rent. My tenant can pay using her phone on which allows her to transfer funds directly from her checking account into my Chase Account. The only drawback I see with this method is that it takes 4 to 5 days for the transfer but there are not checks, stamps, envelopes etc. Another good feature about this rent collection method is that there are no bank fees involved. Thank you for asking about my tenant screening process. I have learned a lot from Brandon Turner and everyone here at BP

 Right now I manage my properties my self because I only have 3 so its manageable. I calculate property management into my expenses so one day I can use property management when I need it or when I retire. In my opinion the hardest part of property management is selecting the "right" tenant. I am very picky and will make certain I do a background check, credit check, eviction check and make certain that the tenant makes at least 3 times the rent. Every thing after that is easy since I do NO repairs myself. I have to call handyman or plumber etc.  @Kizzy Brooks how many properties do you own?

 Investors can purchase using conventional fixed 30 year mortgage however they usually have to put more down typically 15%-20% or more. 

Hey Rod, right now I am using conventional financing until I can no longer finance this way. I may eventually move onto hard money lender and the BRRR strategy but for now using conventional. Good luck on purchasing 2 this year. What type of financing are you using and what is your strategy?

I finally closed on rental property #2 today. I will close on #3 on tomorrow. The properties are located in Lancaster, Texas. I closed on my first property 1 year ago and currently have a fabulous tenant so I am hoping to find great tenants for these properties as well. But first, I need to do some renovations. If you are in the area and can recommend contractors or handy men please refer. 

Thank you for letting me share my success stories.