All Forum Posts by: Shawn Thom

What does your lease say about repairs and emergencies? Texas trec lease spells it out which helps.

@Michael Quarles

What are the car wash, greeting card and Walmart parking lot cost for?

PS, good list by the way.

Check out SimpliSafe alarms. Self install and has ton of remote capabilities. I love it!

I like the following wording better, take it for what its worth.

We buy your house "AS-IS"

No need to pay for COSTLY repairs

We pay ALL closing costs

You pay no realtor fees

Fast Closing

All Cash Offer!

Calculate your buying side closing cost and selling side costs + realtor fees. Also what if buyer inspection finds something wrong that you need to fix. You will also have hoa fees and taxes and utilities. Calculate all of that then decide if you are comfortable locking up a good chunk of cash for that amount of return.

Refi's are a little different in Texas especially for rentals. If you are planning on just doing a straight refinance from a hard money loan you should be okay. Some banks will require some seasoning, others will not. The wrench in your plan will be if want to pull cash out when you refinance, especially on a lower amount loan. That being said I do not think I would pay retail right now. I would want to buy at a discount for a fixer upper.

I know several investors that won't touch haltom city. Code enforcement is over the top. Once they find that you are doing a rehab they are all over you to bring everything up to code. Even stuff you aren't touching. My mentor had a home rehabbed at night to avoid them. Fort Worth I know several that do well on rentals but you have to know the area. I didn't and I almost bought one in the wrong part of town but a good friend told me where to stay out of.

I'm interested in how this develops. Keep me posted.

@Tony Hernandez I have been to the dallas REIG one, I have been to 1 of the dfwreiclub.com meetings, and 1 of the ntarei.com meetings.  They were all beneficial as I came out with a few nuggets from all.  None of them I remember as being as too sales pitchy. 

The burn out class (click here for the class)  was some mentoring I did around marketing and rehabbing houses that have been burned (house fires).  I did it before they raised the prices to the crazy amounts they are charging now.

Monitored alarm. I use SimpliSafe and love it. When I sell a house I go over to it day of closing or night before and pick it up so I can use it at the next house. If you do that just exclude it on the sell agreement. Or complete systems r cheap enough you can leave it there and not feel too badly. With Simplisafe you can set it remotely. You can also configure it to txt u when a door opens or have it alert monitoring company if alarm goes off.