All Forum Posts by: Account Closed

Thank you all for the valuable inputs.

So now my first preference will be they get their own mortgage

If not I have two choices, lease option and / or wraparound mortgage. What is the best way to choose?

@Ronald Rohde - Yes there is an existing mortgage. How does it work, if I continue to hold my mortgage and still get payments from them? I have read that in Rich Dad book, but there were no specifics on how to execute it. 

Planning to sell a home in Leander, TX to our long standing tenant. They’ve always paid rent on time. Not sure of their credit but I think they can pull of a small down payment and regular payments.

Looking for advice on how to structure the best possible win win deal. Any attorneys experienced in this area please feel free to PM me. Might need help down the road for foreclosure as well. Lol.

Just closed on a 16 unit C- complex in Belmead area near WACO Looking for : Handyman to repair exterior siding, minor plumbing work, replacing faucets/shower heads, trim replacement etc. Also need to repair rotten eSteroid wood beams and posts holding up the building structure. Open to contractor referrals for that. Most importantly looking for a property management company experienced in C/C- class of tenants to take over and slowly help me elevate the clientele. PM me - looking to make changes in the new year. Thank you in advance.

@Marshall Hooper - 76705, yes north of the river unfortunately. Woodbine street.

@Brian Burke 4-15 units.

I am a 12 SFR investor from Austin area. I follow the BRRR strategy. Tired of investing in SFRs and the slow growth, looking to invest in multi family. Here’s a deal in WACO that i want to place an offer: CLASS - C/C+ Units - 14 + duplex = 16 Mix - 2 BED 1 Bath Rents = 575 average Cap rate 9.2 % actual (Or So they say) Previous owners bought it for $545k List price = $680K All bills paid community Total operating expenses -$55k NOI = $62K Cash flow is around $2.4K / month 100% occupied with rent roll 6mins from a a good university Numbers check out on paper, value add opportunity is also there. In thIs market where most deas go under contract in few data, Does this seem too good to be true? Waco area experts, looking for your guidance. What should I offer?

@Landon Rasmussen I have tried the googe voice on ads and then my personal cell on lease. But over time google voice has been buggy with iPhone and the number dies if not used. Moreover, after 12 SFRs and several sewage and AC issues I hate tenants who call or text me directly anytime for small issues. I have an assistant Now but the guideline is to raise a maintenance request online or send an email with issues, photos, description and video of the problem. We respond WITHIN 24 HrS. Problem with texting is that is is non stop and goes on all the time.

$35K-$50K/unit in some C areas. $80-$100K/unit in B area. 

Thanks @Brian Burke and @Jeff Kehl. The market that I am, is so overpriced, usually the seller and I are not even in the same universe, touring is just a giant waste of time. At least of what comes on market, every listing is negative cash flow and competition is simply betting on appreciation. That is why I am looking in other cities in Texas now. 

I am up for all cash offers and also covering closing costs, just looking for a template which covers all aspects of an MFR offer. Can either of you share the due diligence verbiage or an offer template?