All Forum Posts by: Tony George

 I'm reading so many success stories about only having 15%-20% rent delinquencies, but where are the horror stories about possible forecloses due to non-payment of rent? How were you able to hold on to your property for an entire year without receiving little to zero payments from your tenants?

I'm reading so many success stories about only having 15%-20% rent delinquencies, but where are the horror stories about possible forecloses due to non-payment of rent? How were you able to hold on to your property for an entire year without receiving little to zero payments from your tenants?

Can someone recommend members to build my team in the Houston, TX area?

Loan officer, title company, contractor and handyman.

Investment Info:

Single-family residence buy & hold investment in Arlington.

Purchase price: $192,000
Cash invested: $300,000
Sale price: $300,000

4bdr, 3.5 baths, 3640 sqft.

What made you interested in investing in this type of deal?

Initially looking for our forever home turned into an investment.

How did you find this deal and how did you negotiate it?

Forecloser. Not trashed...move-in ready

How did you finance this deal?

VA

How did you add value to the deal?

NA

What was the outcome?

cashed out with six figures

Lessons learned? Challenges?

Do not become emotionally attached to any properties

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Absolutely! Mike Mannion (Keller Williams) Arlington, TX

Are there any investor groups in the Houston area holding virtual events during the COVID lockdown until they can meet face to face again? If so, I would like to attend and possibly become part of the group. Thank you in advance. 

@Charles Carillo the suggestion of a small project is a good idea. Thank you.

I haven’t pulled the trigger on a property yet, but I’m trying to get knowledge of situations prior to going in so I will know what to do when the issues arises.

If I have a contractor working on my property, and his work is subpar and/or the quality is not what he promised. Am I legally obligated to pay him for his work?

Do I run the risk of him putting lean on my property if I don’t pay, or we can’t come to an agreement on a dollar amount?

@Todd Powell taking the 10 scary guys was going to be my first suggestion, but I wanted to try and offer the legal approach.

But since you mentioned it, take the 10 cats over there and inform them “you have 2 hours to get your $#!+ out of my house!!!”

@Russell Gronsky

I’m still new to this, but it sounds like if the mom didn’t go through the proper steps to move out then she’s still in the hook for the rent.

Although I like the idea of showing up with scary guys, you might have to offer cash for keys in order to preserve what they haven’t screwed up already by squatting there.

Good luck, please keep us updated on the outcome.

@Todd Powell

12 hours is a lot of time for them to destroy the property.