All Forum Posts by: Wendell De Guzman

A few months ago, all my tenants and my employees have nicer cars than me...but I have to upgrade because my car was too old it became a safety hazard (LOL). The muffler even fell off...the thing made noise like a sports car (hahaha). We, landlords are cheap and we would rather receive monthly payments than make any monthly payments on anything ...

As Robert said, use a credit partner.

 I agree with you Michael on your assessment of LOSING money with this building.

I will offer even lower.

If the property is worth $140K - when it's fixed up and performing and it will take $50K to get there, my offer will be $70K and the max I will go is $90K. If the seller does not take it, I will just walk away. It's not worth all the time and trouble.

We average $10,000 non refundable option consideration with our rent to owns.

@Chris Bingham,

Awesome list of systems. One thing I can ADD is have a Property Maintenance system. You can get a Home Owners Warranty to cover the appliances. If they break down, the tenant calls the Warranty company's vendors not you. Also, with our contractors - the major systems like HVAC, we have our contractors guarantee their work for 12 months. Any time something breaks down, the tenant calls the contractors not us. The contractors don't charge them anything since they guarantee the work.

Also another thing you can add is your Tenant Eviction system. If our tenants are late on their rent, they get a nasty email from us and our attorney is copied. Once we implemented this system, our tenants are very fearful now of being late since our attorney is copied as soon as we don't receive their rent.

1. Google

2. You can also use Yelp

Here's a search I did for Irving Texas:

http://www.yelp.com/search?cflt=mortgagebrokers&find_loc=Irving%2C+TX

Jorge,

1. More or less title is clean. However, always get title insurance and have a good title company or an attorney review the title.

2. Preforeclosures generally are "messy" from a title standpoint. It's very fluid and dynamic and things can change month to month. The seller or owner of these properties undergo financial turmoil and new creditors hound them daily. Some of them can put liens on the property.

I suggest that you put the property under contract and have a contingency about the title being conveyable and any expense to clear the title will be on the seller or will come off the purchase price.

Arianne,

Congratulations! You took action and not fell into analysis paralysis.

@Jerry Padilla is awesome. I referred a ton of people to him :-)

@Brandon Turner's BRRRR is an awesome strategy. We use it in our rent to own properties to buy virtually an unlimited number of properties because you can always pull the investment out and buy another one.

Depending on the location, Rent to Own can actually be a better strategy specially for newbie landlords. There's no maintenance and repairs and you get better tenants who have skin in the game.

You can also try listability.com

Yes - rather than going to the gurus for contracts, just talk to an attorney. Or go to legal services websites, pay a small fee to make a contract and then have an attorney review the contract.