All Forum Posts by: Stephen J Davis

I prefer to invest in my area due to the fact that I am a bit of a control freak. If anything goes wrong with my management team, I know I can fix it myself. Luckily this has never happened but just in case. I keep all of my property within 30 minutes. I am in the greater Houston area and have had as many as 4000 units. If you invest out of state ensure that your management team is competent and trustworthy.

Wow. Great stuff. Thanks.

I use hard money for both rentals and flips. The flips I don't refinance into conventional since they usually sell in less than 90 days. I buy the rentals with hard money, complete the rehab and then refinance into permanent loans. I have an average of $18,000 total out of pocket but have done deals with as little as zero down. These are $150,000 to $220,000 houses in Houston, TX. Does this help?

@Account Closed

FNMA is set up to give you 10 loans. One for your home and then nine rental properties. 11 forward will be local bank portfolio loans as a rule. I use hard money loans to purchase every one of my houses to keep my down payment as low as possible. I then refinance to conventional the second month.

In TX we call the Judges office to get instructions on how to evict a tenant like this. Try that as well as getting some legal help. For the future, don't close a flip deal with the tenant still in place. Get the seller to get rid of them. Good luck.

Love your idea and good luck. The only tip that I have is that I have been able to sell all of mine with just a sign in the front yard. I use a very high quality, branded sign not one you buy at Home Depot. I am in greater Houston, TX. 

Sorry, no leads. However, next time don't close the deal until you have your other property under contact. This has worked for me over and over again. I know you can't always do that but most of the time you can in my experience. Good luck!!!

I like @Ronnie Hutchinson's comment. I would not rent to someone without a checking account as a rule. 

That is a hell of a deal (you rock) but you should not be using your own money to do it as a rule. A hard money lender would have given you the money to purchase it, rehab it and all of the closing costs. This would have been a zero down deal and you would have had the $40,000 to complete the rehab without using any of your money. In your case now I would look for private money from an investor to close out the deal. You can find them at local real estate investor groups. Good luck!

Yes, I would lease to them after checking with the last two landlords.