All Forum Posts by: Stephen Nava

I have a unit that will be vacant next month. I want to know what I should to to make the rental better. My budget is $1000.

I have many goals that I will achieve in the near future. I currently manage a few properties and on track to buying a duplex very soon. Partnering up with people is something that I am not interested in doing, which means I leverage a lot of money in order to expand my portfolio. I am always afraid things might turn south in the real estate market and all the hard work of developing a real estate enterprise will fall. If I need to sell, I will sell quickly and measure the profitability. If I can't sell because the value would not be appealing, I will hold on to the property and have my other streams of income to support it. I will move into a smaller home and raise more capital to improve the properties and either sell or increase rent. There are so many creative ways to get through challenges on any type of venture. I keep my ear to the ground and prepare for the worst.

1. Check your final closing disclosure to see if last month's rent will be itemized on the form. If it isn't, you need to request for the tenant's contact information and inform them where the rent needs to be submitted.

2. You need to check the law and mail out a "notice to vacate" using certified mail. Have all your contingencies in place. 

The other questions, you should talk to a real estate attorney.

I only work with realtors on the seller's side. 

Curb appeal, more advertising, touch up the property, incentives, double check market rent.

I like that each year I can tax deduct a bunch of business expenses and bring down my liability bracket. 

@Adam Crocker

Ask you dad to partner with you. Have him refinance his home for the down payment on the multi-unit and repay the loan back to him, with interest. Be creative! 

How do lenders calculate debt to income ratio using the schedule e on tax returns?

There is not a need to respond back. Get the tenant out as quickly as possible. Forget feeling bad and move forward by finding a good quality tenant that will pay market rent.

I have a sf-3 with .21 acre lot at Austin, Texas. I am interested in building a unit, but I do not know where to look or what I want. This particular lot is in a desirable area and once I take out a construction loan, I need to make sure that the property will cash-flow. What are the steps I need to take and what do I need to look out for? Are there any books or forums you can suggest I read. I am very excited to do this project in the future and I need to know what I am getting myself into.