All Forum Posts by: John Thi

Hey Houstonians,

My max budget is $200k but i am trying to keep it within $150K . I am looking to buy in the innerloop but I am not sure. I am currently looking in the 77021, and 77033, I would like 77054 (near Medical Center) but that is outside my budget. What I am hoping for is gentrification as the young professional start moving close to the cities. I am really focused on cash flow, I will gross around $1300 to $1500 on these homes in the inner city.

I currently have rentals in Katy (south of the 10) and 290/610 interchange. I can always buy a SFH is Sugarland and Katy, good school districts, good cash flow and I never had problems with tenants.

Anybody have any thoughts?

Link on what I am looking for in the city: Similar to this

https://www.redfin.com/TX/Houston/5951-South-Loop-...

https://www.redfin.com/TX/Katy/22327-Smokey-Hill-Dr-77450/home/30355437

welcome

@Micki M. 

We own three homes already together. We both hold titles for all three properties. Where do I designate ownership? Is is automatically 50/50. One home I own 60/40. I just want legal backup for myself and my family.

Dear Bigger Pockets.

I currently own three homes with a partner. Two homes are in Houston and one in Los Angeles. I hold the deeds as tenants in common in Los Angeles and Single Person in Houston. One house I own 60% and he owns 40%? How would I proceed with this?

Do I need a partner agreement and get it notarized? Do I need to go to a lawyer to create an agreement? How would this work?

Does anybody have this issue? or have a sample partners agreement, I can review.

Thanks.

John Thi

@Ned Carey 

@Helen Kolton 

 @Account Closed 

Thanks everybody, I was listening to a podcast and I started researching this ratio when they kept talking about it. This is not my idea: I got it from the link below.

http://www.jasonhartman.com/resources/glossary-of-terms/

FOR your NOI do you guys include property taxes and PMI?

1.) Texas Texas has a reputation for being very pro-landlord and not as kind to its tenants. Texas landlords can evict a tenant for not paying rent, and they wield other powerful advantages over the tenant that they can take advantage of with little or no notice.

2.) Indiana
Indiana’s rental laws definitely favor landlords rather than tenants. For example, before 2002 it was completely legal for landlords to withhold tenants’ security deposits past the standard 45 days. Now, landlords can only be sued for the deposit amount and certain legal fees if they exceed the 45-day due date.

3.) Colorado
The rental laws here are strict and have little tolerance for delinquent tenants. In addition, a landlord can enter the property at any time without providing notice to the tenant.

4.) Arizona
Arizona has strict laws regarding noncompliance with rental agreement and nonpayment of rent. For example, if a tenant provides false information on the rental application, Arizona landlords have the right to deliver a written notice to the tenant and terminate the rental agreement within 10 days.

5.) Florida
One primary reason Florida seems to favor landlords is the lack of rent control laws in Florida. Florida also does not require a written lease, which can sometimes create problems when disputes arise. While recent legislation has been proposed to help better protect tenants, tenants should still be careful before renting in Florida.

6.) Kentucky
Kentucky handles security deposits a little differently than other states. According to Kentucky rental laws, landlords are allowed to withhold security deposits anywhere from 30 to 60 days, depending on tenant disputes regarding deductions. Other than the states that have no statutory deadline, Kentucky has the longest waiting period for tenants to get their security deposits back.

7.) Georgia
Georgia courts are the primary reason why the landlord is favored. Regardless of the reason, tenants who do not pay rent typically lose their eviction cases in Georgia courts. That means, if you feel that your rights have been violated in Georgia, chances are you will lose if you take the matter to court.

8.) Mississippi
Mississippi’s favoritism for landlords dates back to the days of segregation, when landlords had much more power. While today legislation has reigned in the landlord’s power of their tenants, Mississippi landlords still enjoy a number of benefits, including a requirement that tenants keep the rental premises clean and remove all garbage.

Does anybody know the correct way to calculate this ratio? I have seen two ways on the internet.

House Value $200K and monthly Rent is $900 - This is an example

1. Monthly rent 900/ 200,000 = 0.005

Ideal valuation measure for investment property is 0.7% or more while 0.5% is acceptable and below 0.5% is unacceptable (monthly gross rental income divided by the current fair market value of the property should ideally be 0.7% or higher)

2. Annual gross rent 10,800 / 200,000 = .054 What is the Ideal valuation measure for this calculation?

@Waylon the

@Waylon Themer do you know anything about North Katy?

@waylonthemer do you know anything about North Katy?

welcome to bigger pockets