All Forum Posts by: Trent Honea

You can try the count deed record office if the tax office does not yield a result.  Someone's name is on the title.  Try to get the full legal description of the property first to make the search easier, but you might be OK with a street address.

Did you check to see if the county tax records are available online?  I've had good luck searching those in my experience, but have not tried it in California.  Just to try it, I picked a random address near San Diego City College by street address on the county website, and got a result.  You can use the BP link to find the state website you need:

BP Real Estate Public Records Search page

Good Luck and Happy Investing!

Semper Fi!  Thank-you for your service!

Welcome to BP and congrats on making plans to take action.  The hardest purchase is the first one.  Each one gets easier after that.

I have to admit I wish I had thought of or heard about house hacking when I was looking to buy my first house 20 years ago.  I'd be far ahead of where I am now.

It sounds like you have a great plan, just stick to it and work that plan.  Personally, I'd suggest looking for a duplex to own and rent out the other half sooner rather than later if possible.  If you can find a duplex near school, you should have no trouble renting out the other half.  You would be that much ahead.  Why pay me rent for 2 semesters when you could be paying yourself that rent?

Good luck and welcome!  Let us know how it goes.

All Pro Foundation Repair 877-MEAN-GREEN has a good reputation locally, but I have not used them. They are from the DFW area and know the soils, etc.  (I have no affiliation of any kind with the company.  I've heard some good and nothing bad, but check for yourself.)

I don't know of any subs or GCs I'd recommend for what you need that I have used, but I wish you well.  Congrats on taking action!  Even if your profit ends up lower than expected, you gained a lesson in due diligence.  Always check the numbers provided by the seller whether private, wholesaler, flipper or turn-key.

If you are handy and able to do the work yourself, Home Depot has some very good flooring choices for sub $1 / sf pricing.  I've used these recently and got excellent results, but then again I grew up around construction and don't mind doing the work myself.  You might also ask around, one of your friends, fellow church/synagogue/mosque/whatever attendees, or other acquaintances might know of some good contractors, or even a good handyman who will do the work if you provide the material.  (That's probably your best bet to beat the GC quoted price.)

From what I have heard, the HD listed subs are on the very high end price range, at least in this area.  You'd do better by showing up to HD early one morning, say at 7, and look for the work trucks in the parking lot.  These are often the guys getting materials on their way to a job.  Talk to a few, and maybe ask the cashiers if they know of some regular customers to talk to.  You might find a contractor there who does the type of work you need on the side or on weekends, but buyer beware.

You mentioned carpet in bedrooms, but I'd recommend a laminate flooring instead.  They are very popular and durable both for resale and for a rental property.  When I acquire a property that needs rehab, I hire a college kid to rip out the carpet and linoleum and put ceramic tile and laminate floor back.  Ends up looking great!

HD's stock cabinets are a pretty good deal as well.  I like to spice it up with a ceramic tile or glass back splashes and granite or marble tile counter tops.  Looks high-end without the high cost. 

You will probably get a lot of opinions on this topic, or find other threads that cover it. There are many in the LLC camp and others in the hold in your name camp. There are also some who suggest against talking to a lawyer because they always seem to steer you towards the option that generates the most fees for them. I'd say you do need to talk to a lawyer, and a good CPA as well. Your situation sounds like a candidate for LLC protection, but I'm no lawyer.

There are some good books on entity structures as well, and I think there's a webinar or pod cast on the topic here at BiggerPockets.

I get a lot of mailers from B2R and their sister company (I forget the name) but have not used them. My initial research shows they are a bit steep with the interest rates. I've had good luck locally with Cendera Funding, but that's buying in my name, not a LLC or other entity. Most lenders and brokers I've dealt with don't want LLCs.

I hope you get some good responses - I'd like some first-hand reports on B2R as well!

Good luck on your project!

In addition to those, I get a contact sheet with names, addresses, email, emergency contact like next of kin, work phone number, etc. for all tenants.  I also have them sign a key receipt which includes rules for lockouts and new keys. (In short, don't make your own keys or have a locksmith change the locks or you will pay for changing all the locks back to my standard, plus basic fees for new / lost keys.)

I also get a check-in condition sheet.  This is your best defense against damages and security deposit questions later.

Just a word of warning, with the new identity theft focus, you need to have good processes in place for protecting that personal information.  If anything happens, you had better be able to show you used reasonable effort to protect that information or you could be held liable.

Screen the friend as though they walked in off the street.  Treat the new tenant as new and separate.

Don't try to make that extra fee just for the sake of the fee, though. If the friend meets your criteria, the tenant just saved you the marketing time and money. The new one might even move in as-is, which would save the cleaning and repair costs.  BUT ONLY IF they meet your screening criteria.  That's my 2-cents worth.

Depending on the state and in some cases even the city, you may have different requirements.  If the two months rent is standard for your area that's great.  If not, beware and as Jason said, check with your lawyer.

I typically have a 1 month in lieu of notice clause, or sometimes even the tenant is responsible for all rent until the unit is re-rented.

@Jason - It's nice to invest in a landlord-friendly state!  Here in Texas, it can vary by town.  Dallas is pretty renter-friendly.  Fort Worth is more landlord-friendly. I've heard Austin can be rough, but most of the state is neutral.  A common eviction hearing has the judge ask the tenant "did you pay or not" and ruling against them unless there are some very exceptional conditions.  That is, unless the landlord did something they should not have, like changing the locks or cutting the utilities, or not giving proper notice.

I would love to hear an update on how your projects are going or went.  

I am a property investor in the western area of North Central Texas.  (Fort Worth to Weatherford, Aledo to White Settlement is my general market area.)

Looking for that next Good Deal for a BRR. So far I have focused on buy, rehab and rent of SFH but I would be interested in other opportunities.

Another tip that I use is find a realtor who is experienced dealing with investors IN YOUR AREA and preferably who is an investor himself/herself.  Those agents really know how to help you find a deal that makes sense and often have contacts with other investors who may be interested in selling.  I have been working with the same agent for over 5 years now and he has found all 4 of my current properties (sometimes with some guidance from me).  He invests in the same market but cannot buy all the deals himself - in fact he owns a rental almost identical to mine and 3 houses down the street from my 3rd unit!

My most recent purchase was a 3-2-2 in the Chapel Creek area of West Fort Worth.  This was late 2015, during a time when homes in this area are getting multiple offers above list.  In this case it was not a listed property but was an investor who has relocated and wanted to get rid of the last property in this area.  I was willing to take on the existing tenant, which was the biggest pain point for the seller - not being able to provide a vacant property!

That tenant has since moved out and I have rehabbed the property.  I have a new tenant at a higher rent, the outgoing tenant was able to buy her first home, the seller got out of the area, so it was win-win-win-win for all parties!  Add another win for a realtor who was able to make a deal in an area where deals are few and far between!

Keep looking and learning - there are deals out there if you stay focused.  But make sure it's a good deal - always run the numbers before you buy.  I have seen many "great deals", even from my agent who knows how I buy, that just did not have the payoff to make it worth my time and money.