All Forum Posts by: Tyrel Templar

@Jonathan Watt

Makes sense. How soon after an eviction will it be reported by background checks?

@Tyrel Templar Then hank you all for taking the time to respond to my post. The property is a 1984 mobile home. I have $20k in it and own it outright. It is in good condition(albeit original 80’s style) on the inside. I am currently waiting on roofers and siding/skirting guys to come fix cosmetic issues on the exterior. We’ve had crazy weather in the panhandle this spring and my guys are 6-8 weeks behind and prioritizing leaking roofs which mine is not. These cosmetic issues and the age of the home are making it hard to find qualified tenants.

I will definitely call her previous landlord and find out about damages. I appreciate Steve Rosenberg advice about discrimination and setting a precedent for future tenants. I’ll have to think about that. As for the fee vs deposit, I hoped the large deposit and possibility of getting it returned would incentivize good behavior more than a non refundable fee.

She and her co-signer will have to pass all my criteria. Thus this eviction will be the only strike against her. Also for what it is worth. She was honest about her situation. Told me she had been to court the day before her showing and been evicted. I don’t know if it would have been caught by RentPrep being that recent?

I have a potential tenant who was evicted from her last home. I offered to rent to her on a month by month basis. Increased rent $50/mo from my regular rate, 2xrent security deposit and a co-signer. I also let her know that late payments will not be tolerated and partial payments will not be accepted. So if rent is not in my mailbox in full by the 3rd. A three day notice will follow and then the eviction process will start. No exceptions, no excuses. Am I missing anything that I can do to make this deal better/safer for myself. Texas btw. Thanks guys!

Yessir, that makes complete sense. I cant believe the response to this house. I expected to have a little trouble finding tenants for a 2/2. Super excited! Bumping the price on the ad now! Thank you for your advice!

Hey BP,

I advertised a property that will be available in two weeks. I think i may have under priced the house. I have had over 50 interested parties. I expect at least half of them will come to showings. If i have several qualified applicants, can I ask which one will pay more rent. I am thinking of asking at the showing "What is the maximum amount of rent you would be willing to pay in the event you are one of two equally qualified applicants?" Or should I increase the rent in the ad and let the potential tenants know when i start to schedule showings?

I bought a 2/2 mobile home last night. It’s old but in great shape. Need to move it about two miles. I own land outside of Amarillo, Texas that I’ll install it on. I’ve got electricity and septic ready. I’m looking for step-by-step checklist of things to do to make the move go smoothly. Also any additional advice much appreciated. Super excited about this first “on purpose” deal!

Investment Info:

Single-family residence buy & hold investment in Canyon.

Purchase price: $155,000
Cash invested: $40,000

5 acre tract with 1 4/2 single family, 1 3/2 mobile home and 1 2/2 mobile home. Specializing in rural college student rentals with horses/pets.

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

I see a need for rural rentals for agriculture and rural students who like to live outside of town and have their horses and pets come to school with them.

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

I bought the land with the house and larger mobile home as my first home FSBO. I immediately rented the mobile home. The property needed a ton of work I had a friend invest his money into my property and refinaned once the repairs were made.

How did you finance this deal?

Initially private money and refinanced FHA after repairs

How did you add value to the deal?

The rental income from day one was what made this all work.

What was the outcome?

Moved out of the 4/2 about 5 years ago and have since kept the property as a rental investment. Currently in the process of adding the 2/2 mobile home to the land and increasing my door count.

Lessons learned? Challenges?

Proper tennant screening and ongoing tennant "training" is vital especially the training with college students who are often first time tennants. Clear expectations and the gumption to move on a deal are vital!