All Forum Posts by: Rick Pozos

@Isaiah Cuellar you dont see what people are telling you because you are 22 and can only see to 25 years old. You said it yourself, the house would be paid for at 52 years old. You say that like it's a bad thing. It's called delayed gratification. If you want an apple tree, you have to wait some years for the fruit. Take care of it for a long time before it produces more than you can eat!!

My advice: plant a tree every year. You will have an orchard before you know it.

Buy a house every year. Sure 1 will be paid off at 52, but another one at 53 and another one at 54. You can stop at 10 houses and start paying them off then. They should all be paid off by age 40. Now you have 15k or more per month. That is a lot better than 1500 per month, but it takes delayed gratification to get there.

The great thing is that you can change direction whenever you want. You dont have to do one thing and never change. Just do something.

Hey @Ell Jay Lindsey you kinda have 2 choices right now as things are in a little state of confusion. You can stay right where you are and do nothing real estate related. Which is ok because you have a regular job and a couple of properties. 

OR you can change what you do. You know things are not penciling out right now. That is the way it is. I think what @Bill B. is saying is that if you want to keep going, you have to try different things. You may not WANT to do a flip or two, but it's kinda what you do already, you just dont sell. BUT if selling is what makes sense, do it. Maybe the numbers dont work for a regular rental, but maybe they do for a mid-term or short-term.

Keep the machine going. Stay in the game. Keep the contractors busy. When things make more sense to hold again, hold again. For now, do something else!!

I don't know what state you are in because you did not fill out your profile, but in Texas you can give a 30 day notice to vacate when you dont have a lease or on month to month. That is what should have been done. But now that we are here maybe have a real heart to heart with her. Let her know that Mom passed away and that you guys really want to live in the house.

Try all of the things mentioned above and more. First start the 3 day notice to vacate for past due rent. At the same time, Cash for keys with the heartfelt story. If that does not work while the eviction is in process make it uncomfortable for the tenant: noise, temperature...

I have to say that bad tenants annoy the crap out of me. We provide above and beyond. When they take advantage they tend to see our WRATH!!!

Hey @Ethan Espinosa you probably need to go to some meetups. There are plenty around town. I have one(all the info is on my profile), Alamo Investors, SAREIA, Pints & Properties, In Between REI and a bunch more. Those are the ones that I go to.

I make offers that work for me and have a little room in case they want to bump me up a few percent. If it works for them, great. If not, just keep on walking. Of course it has to work for both parties. If he wants you to over pay, then he has to have a super duper interest rate. He can win on something, but not everything. That is NOT Win-Win.

Hey @Deepak Sundar Vijayan you need to drive the neighborhoods. The numbers might sound good, but there are lots of rough areas. Little things to look out for are: cars parked on the grass, the style and age of cars, yards with high and unkept grass, cyclone fenced front yards, houses that need painting, blue tarps on the roof.

If you are not an attorney, you should NOT be drafting legal documents, just saying. Go to a title company and let them do it. Be a professional AND let the professionals do what they do.

Why waste your energy? Clean up the house and get it rented again, move on. There is very little chance that you will get the money back. 5k is a bunch of money!! Try to NOT let tenants get that far behind in the future. After the 7th or 10th of the month, start the eviction. Send the a 3 day notice to pay or vacate. When you wait a couple of months or longer, the chances of someone getting caught up goes down significantly.

Nolo.com is a good start. or google "steps to eviction in Texas"

You need to post notice TODAY. If they pay Monday, ok no biggie. BUT now they have to pay Jan AND Feb. Probably NOT going to happen. Get started on the eviction now.

Contact a local attorney but give notice today. The attorney will pick up where you left off. I would have started this on Jan. 10th. If they pay on Jan 12 or Jan 13, they at least know that you are not playing around. If they dont pay, you have everything already in motion.