All Forum Posts by: Rocky V.

@James Park 

It's current Market Value is $360K.  I purchased it in '08 for $200K and put another $35K in rehab.  This is one of my larger homes and far larger than my own residence.  I would definitely consider buying more but the price has to be right and this is extremely hard to find in the current DFW market.  I would encourage any investor to be well diversified within their rental portfolio.

@Jay Hinrichs 

If I went by the 2% rule I would still be looking for my 1st rental.  Thankfully I jumped in with both feet early on and only looked at cashflow/door.  The only properties I own that meet the 2% rule are MHs on land.  This particular one cashflows $850/month not including capex or management (wife handles all management).

@Jay Hinrichs 

@David Roberts 

Yup, I was shocked when my PM told me the situation and we do verify income.  He is renting a $2900/month property in Grapevine, TX.  He has children and wanted to be in a particular school district.

@Account Closed 

Fear of the unknown.  I have a tenant making $50K/month that continues to rent from me because he rather not deal with repairs and he also has the ability to move as he pleases (he has been with me for 3 yrs).  Americans are going to continue to rent because of fear and you need to be able to capitalize on this.

I never give the seller a definite date but do state that it will be paid on the 3rd of the month like clockwork.  I would only attempt to take the seller's name off of note if I could get a much better rate with refi'ing or possibly selling all together. 

Once you pay off the mortgage the lien will be released and you (deed holder) not the note holder will own the property free & clear.

@Tuan Le and @John Steele 

Do you use their services?  If so is the Free service adequate?

Congrats!  Do you mind sharing the numbers?

I've done 15 since 2010.  Sold one outright this year and hold the others as long term rentals.   Keep in mind you are only a number to the majority of banks out there and all they care about is receiving their payment.  In my experience they do not care where it comes from.  Conversations are extremely easy after you send all appropriate docs.  None have ever mentioned due on sale clause but I have only dealt with large banks and no credit unions. 

@Matt Fish Recommend you search this site on sub2.

I am always upfront with lenders and send them a 3rd party authorization as well as a POA. I also change ins policies and include them as additional insured. When dealing with the lenders I change address for all communications which allows me to receive any escrow overages. Checks received are still issued to previous owners but using the POA allows me to deposit into my bank.

Hope this helps.

Like many BPers I have multiple social media pages including facebook for business, linkedin, twitter, etc.  I have been looking for companies that integrate all social media from one page.  Basically looking at posting one single post and it being sent out to all social media pages.  Anyone have any luck with this?