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All Forum Posts by: Samantha M.

Samantha M. has started 128 posts and replied 498 times.

Post: 2% Rule on SFR

Samantha M.Posted
  • Landlord
  • Dallas, TX
  • Posts 505
  • Votes 34

Basic question about the 2% rule on SFR, which states rent must be 2% of the properties purchase price.

Is the 2% based solely on the purchase price or does it include repairs as well. For instance.

1) Purchase Price (50k x .02) = 1,000 minimum rent required
or
2) Purchase Price + Repairs (50k + 20k = 70k x .02) = 1,400 minimum rent required

Thanks for clarification

Post: Finding Cash Buyers (HUD Closing List/ County Clerks)

Samantha M.Posted
  • Landlord
  • Dallas, TX
  • Posts 505
  • Votes 34

For those of us without MLS access, I was told there are two additional ways to find cash buyers in your area.

One is through a HUD closing list, shown in the image below. You can see if the person has a mortgage/promissory note, and if they don't that person is likely an investor. Does anyone have any additional information on this, or where I can go to find such a list?

The last one is the county clerks/tax assessors office apparently. I tried the Central Appraisal Districts here in Dallas/Denton & Tarrant and have not been able to produce a cash buyers list if its even possible. Additional information on this would be welcome as well.

Thanks in advance.

Post: Clearing Title With Quick Claim Deed

Samantha M.Posted
  • Landlord
  • Dallas, TX
  • Posts 505
  • Votes 34

When there is cloud on title (lien, encumbrance etc.) and money owed, how exactly does a quick claim deed clear title and remove these defects? I have read around a bit but I am unclear how the quick claim deed precisely allows you to circumnavigate cloud on title to transfer the deed. I am also fairly certain a quick claim deed contains no warranties

Thanks

Post: Interviewing Title Company for Wholesaling Transactions

Samantha M.Posted
  • Landlord
  • Dallas, TX
  • Posts 505
  • Votes 34

I will be beginning my wholesaling business here shortly, as well as purchasing some of my own rentals, and will be interviewing a couple of title companies this week.

For those of you who are more experienced wholesalers & or investors, what sort of questions would you recommend asking them?

Thanks

Post: Locating Property Management Companies

Samantha M.Posted
  • Landlord
  • Dallas, TX
  • Posts 505
  • Votes 34
Originally posted by Dennis Tierney:
You could check the IREM website. Most of the PM's there will have their CPM or working on it and they will be involved enough in the business to be part of that professional organization.

Wow this place looks like its going to be a gold mine. Do I need to become a member to see a list of property managers there.

Where do I find more like this?

Post: Locating Property Management Companies

Samantha M.Posted
  • Landlord
  • Dallas, TX
  • Posts 505
  • Votes 34

Hey everyone I am wanting to transition my rentals over to a Property Management company. The problem is I am having difficult locating them.

The way I have been searching is opening up google maps, entering in my zip code 75040 + Property management companies. In other words my search in google maps reads "75040 Property Management Companies"

I found a few pages worth of hits, but not nearly as many as I expected. How can I locate more?

Post: Buying Next Home All Cash: How do Agents Perceive this?

Samantha M.Posted
  • Landlord
  • Dallas, TX
  • Posts 505
  • Votes 34

Excellent advice thanks Joel Owens!

Originally posted by Carlos F.:
Reminds me of those two acquisition companies here in DFW that prey on new investors.

I think I know which ones you may be referring to I really hope more seasoned investors would know better and would never get taken advantage of after a few flips under their belt.

Are these two names well known that more experience investors know to steer clear of in the DFW area?

Post: Buying Next Home All Cash: How do Agents Perceive this?

Samantha M.Posted
  • Landlord
  • Dallas, TX
  • Posts 505
  • Votes 34

J Scott Sorry to clarify in this case the house is new construction.

Post: Buying Next Home All Cash: How do Agents Perceive this?

Samantha M.Posted
  • Landlord
  • Dallas, TX
  • Posts 505
  • Votes 34

Hey Everyone,

We are looking to buy a new home right now, as in a home to live in not investment property, in Cash. My question is do you listing agents perceive this in a positive or negative light, and since its all cash, are you more willing to go below the listing price than in a traditional deal with financing?

Pro: You guys get cash all in one day, quick close, no financing contingencies

Con: No financing, banks don't earn money because no interest since no financing

Being able to offer cash up front, and close quicker than most people (as long as inspection looks ok!) be a benefit in your book? Would you be willing to accept offers lower than listing price with an all cash offer?

Thanks!