All Forum Posts by: Robert Melcher

it's also possible it's a tax lien.  Not being a principal residence I don't think it's protected by homestead rules.

If you buy, be very sure who's doing the foreclosureZ

I had a rough year in 2015 with a 10-year rental SFH I thought to sell to the tenants. $50k in foundation, plumbing, and flooring bet two-for one and the deal fell apart. Whee!

Today I got a call from an insurance company because another tenant drove into the garage with the door down.  I had her laughing so hard.  It's really nice to covered for something....

My experience is that the margin diminishes as home value rises.  Higher-end properties just don't command the same rent-to-price ratio as homes valued at, or below, the median home price in a given market.

Cynthia,  get with your broker to discuss the wholesaling process.

There are additional disclosures and care you need to take as a professional when you wholesale/do "subject to" transactions, etc.

My father was from Porter and Canby on the west side, and I have family in St. Paul!

This is a great forum for exchange of ideas and especially, experiences.

Welcome to BP!

As a rule, I try to keep 8 months mortgages in reserve.  I pull from that for repairs.

In 2015 I only "missed" by $60k.....ouch!  Foundations in Texas....

Good luck and welcome to BP!

Good luck and welcome to BP!

Helen, We manage 6100 properties in 14 cities.  Over 2000 in DFW.

Please look up ONEprop on the web.

The same is happening in some Texas communities.

"Registering" rental properties (even SFH) for a fee and charging a fee for inspecting (somebody from the code compliance office) so they can walk the property and charge $150 for 10 minutes.

I would call this a tax.

As a property manager, once I get through the crap of the registration it actually makes my job easier, because I can tell a landlord who is reluctant to spend on repairs that the city insists.....