All Forum Posts by: Thomas Weir

Texas has been a hot market for a while now. You may want to network at local REIA's and also contact brokers who deal in multifamily and ask them if they can let you know when they get a new listing

You pretty much nailed it! Not sure of the average water bills there, but it would have been nice if it were negotiated to have seller connect separate meter to back house. Another alternative could be to raise the rent to offset expenses if you choose not to get a separate meter.

I remember when I first got in the business and got on craigslist to see what properties were available. The first thing I noticed was seeing the same property with a different person representing themselves as having control of the property. Of course they all had a different price to account for their assignment fee

looks like  you're going after it in a big way by targeting the whole county. a 3% response rate is considered great for direct mail. My campaigns target a 3 mile radius of a specific address I chose in a good working class neighborhood. I got about a 12% response and didn't close any deals due to  purchasing in 2008 and were way underwater. I could have done a Lease Purchase on a couple, but wasn't comfortable with the price. The Sarasota investors I know did the same type campaign, not sure of their results but they have decent portfolios. Don't give up, it will work for you if you keep pressing on!

You can add a substantial non refundable deposit to your contract, so if they back out they will lose their deposit.

When doing private lending you want to make sure it's secured with real property. You should receive a Promissary Note and Mortgage or Deed of Trust depending on what state your in. Once all terms are agreed upon and closing date set with title company or attorney, then I would wire funds direct to escrow. I have heard of a few people get burned when they gave a check to an individual and lost it.

Hi Neal,

Not sure if you reached out to the tenant prior to the term of the lease, but I would try to contact them to find out their intentions. That way you would know if and when you could advertise for a new tenant.

Hi Forrest,

Did you get your questions answered?  I'm also working on a deal on duplexes in S Tampa and my main concern is if rents are $600 for the area, then I may be better off purchasing duplexes in a different part of town. I can get the same rents or more and get the property cheaper. Then on the other hand, S Tampa is a desirable area and the appreciation will be better

Are you selling the property? Sounds like they're buying time to shop the deal around

It is good to attend REIA meetings to network and get a pulse on what's working in your local area, but I do agree that it shouldn't be a pitch fest either. you may want to check for other groups in your area.