All Forum Posts by: Tsipora Smith

My first question would be what does the lease say? This will dictate how long you have to wait before making next moves. After the you have waited the amount of time stated in the lease you can provide the tenant with notice to evict. The form for Texas can be found online depending on your county. Then just follow your county guidelines. 

I'm a huge proponent of leverage especially given the low interest rates right now. You could even refinance the ones you have and do a blanket mortgage over all of your properties. However, I think the best advice is for you to game plan it out on paper. Given the amount of money you have to apply right now, how much cash flow would that garner you? Then continue that logic on paper for 8-10 years and see what your total cash flow number is. After that, follow the leverage pathway calculating how much cash flow you would have in 8-10 years. Don't forget mortgage buy down by the renter as well, this will increase your cash flow over time!

Hey Sam, it will certainly increase the value and make your property more desirable as most folks are looking for a minimum of a 3/2. As far as costs, it really will determine on where your property is, cost of permits, the subs you use, size of the bathroom and materials. The best case scenario is when you can locate the new bathroom by existing plumbing such as the other bathroom, kitchen sink or laundry. It makes it easier and thus cheaper for your plumber. In North Texas the minimum would be around 6k depending on the factors mentioned above but the return is at least 10-15k for us not to mention a much faster sell/rent. 

If you're looking to house hack you would be living in some part of the property. This typically means you're looking to use a traditional mortgage. Traditional mortgages do require that the property is in livable condition. It can definitely still need updating and repairs but it can't be "rough." Also, consider the types of tenants you would be living with given the neighborhood. If you have any questions about house hacking mortgages, shoot me a message.

Hey Courtney! I saw you are looking to buy your first property. Did you mean investment, personal or are you planning to house hack? I personally started off with a home for myself that I then flipped. This pulled me into the world of flipping. I now flip as well as use the BRRR strategy for buy and hold properties to build wealth.

Have you considered investing long distance? With all the technology available now there's no need to move to a location that cash flows better, just invest from afar.

Another option that's out there that I know my company offers is a construction loan that automatically converts into a traditional mortgage. It allows you to have the low interest rate one would normally only get after refinancing from the very beginning when the loan is interest only until the construction has been completed. It also cuts out additional closing costs.

Be careful playing the deed game. As a mortgage broker I can tell you, lots of loans have the due on sale clause embedded in them. When you switch the name on the deed, you have technically sold this property and it is subject to be called by the lender.

Absolutely, it's all about the velocity of your money. Using cash removes the seasoning period. Also note, hard money is treated like cash so its a great way to leverage the benefits of cash + financing!

I think this is a fantastic question. Personally, I'm biased but I think what is missing are the dual employment flippers. What I mean is my business consists of teachers who also flip. We have a designer, real estate agent, general contractor, stager, mortgage broker, grandma and grand kids! We are a family that flips. What is unique is not only that we're teachers during the day, but we're also Black and looking to inform and uplift our community. The other unique vantage point is that the majority of us are members of the LGBT community in the hot real estate market of Dallas Texas. Did I also mention we're hilarious? Seriously, our students have begged us to record ourselves because of how funny we are but we can never find the time.