All Forum Posts by: Rocky V.

@Joseph Weisenbloom 

I have several rentals in rural areas on 1-2 acres about 15-20 miles from a large city.  I find tenants do not bother you as much with little items and will go the extra mile in handling issues themselves. They choose to live in that area for a reason and prefer to be left alone.  I have never had issues finding tenants but would consider doing a market rental analysis in the area you choose before proceeding.

@Curtis H. 

I always ask the homeowner for a declaration page.  It will not be on mortgage statement.  In my experience and with several sub2 deals under my belt the mortgage company does not care where the check comes from as long as they receive it.  Make sure to reference loan number on check.

You will need to cancel their ins policy and add your own with them being listed as an additional insured (you may also consider just adding your name to existing policy).  I always change to my insurance company due to umbrella  policy.  If you plan on occupying residence I would not recommend getting a landlord policy.  Make sure to change address where statements/mail gets sent so if there is an escrow refund it will go to your address.   CONGRATS!  

@Keith Gray It may be overpriced.  Are you getting showings?  Have you considered being a landlord? 

Not worth it.  Just this week we did a plumbing call in McKinney, TX in which warranty company would not cover and original plumber quoted $1400 to repair.  We go it done for less than half that amount.  Save your money and build a reserve account for unexpected costs.

@Daren H. I am local in Arlington and do pay significantly less than $200/pier but I have developed a strong relationship with my foundation contractor and give him multiple jobs a year.  Don't just base your acceptance on price.  Company needs to have been in business under the same name for at least 10 years and contact previous customers as well or visit current jobs that they are working on.  I will be glad to share my contractor with you just not on a public forum, pm me.  My recommendation is also to do a plumbing test while piers are dug up.  Pic is of home that required 60+ piers.

I do agree with @Larry Turowski .  To many people are dreamers and not enough action takers.  I guess that is good for us Go Getters. 

I'd pay off some rental properties to bring my monthly cash flow to about $17K.  I would also continue to buy on the courthouse steps and offer owner financing on many of the deals.

Welcome aboard, @Alan B. !   Best of Luck!

A few days later?  Don't put off meeting with "hot" leads.  Stop what your doing and get it under contract. 

I would also recommend Mike Killough