Відео

Wut?

That's the million dollar question... Flipping isn't a bad way to generate extra income but it takes experience and you can lose a lot of money if you don't know what you're doing. I wouldn't go the flipping route unless you have some previous experience or partner with an experienced investor

Hey man, typically when you renew your lease, the new lease terms start after the end of your current lease. As far as roommates are concerned that should be laid out on your renewal if that included your roommate or not. Sorry it's hard to be 100% sure without the lease. Hope that helps!

Love the boomers but the truth hurts!

Simply tell them you're interested in renewing but you would like the paint touched up before you resign

Exactly! Accountants love to sell you on it but it's not a silver bullet!

Thanks for watching!

#180 - Do I have to use the TREC contract to wholesale? ua-cam.com/video/rd7E5XqMV0E/v-deo.html

The monthly fee goes directly to Obligo. After tenant move out, and we complete the charges against the security deposit, Obligo sends us the money for those charges up to the SD amount

Happy to! Shoot me an email cam@emersonpropertymanagement.com

I agree, I definitely wouldn't utilize the service if I was going to rent a place for more than a year, but it's always nice to have options if you're tight on cash.

Acres Homes is a rough area but that area is gentrifying

@@emersonpm thanks. Would you recommend any other zip codes good for cash flow that have duplex-4plex?

Unfortunately Houston wasn't built with a lot of multifamily properties. If you want cash flow look in Texas City, Baytown, or Pasadena. If you want overall wealth, then look at Katy, Spring, or Heights. There are a lot of solid areas in Houston - it just depends on what price you buy the property. Remember, it's better to have a great property at a decent price than a crappy property at a great price. Best of luck!

@@emersonpm thanks but I didn’t really find anything in Texas City, Baytown or Pasadena. I’ve been looking at multi family new construction in the 400-600k range. I see a few in 77088, 77021, 77028. Most seem to be in 77088.

​​⁠those are the transitioning areas so not proven track record of cash flow or appreciation...

Sorry about that! cam@emersonpropertymanagement.com

It was cosmetic - paint, carpet, appliances, hardware, etc

Sorry about that! ua-cam.com/video/9IONlGOOSlM/v-deo.htmlsi=u7t3C3Z5GZtjI4Ok

How about now?

@@emersonpm I see it now, thank you!

@@MagicMane-dn5hp Great! Sorry about that!

Floor & Décor Windsong Ridge 100193135 NuCore Waterproof That number is the product number. Hope that helps!

@@emersonpm Both FD LVPs have been discontinued :(

Happy to help!

I'm not sure I follow your logic here. You have the right to enforce the contract that was signed. Do you regularly sign agreements then don't follow through?

@@emersonpm The house means something to the seller, but it's just a place to live for the buyer. The buyer can fine another one. Agreements are entered into because of emotion. Emotions change and that is what is important.

@@steveklemetti8035 I'm sorry but that makes absolutely no sense. Emotions can change but that's why contracts are written, reviewed, signed and in some cases notarized.

@@emersonpm So you are saying that people should end up unhappy with the results?

@@steveklemetti8035I'm saying that people should take entering an agreement seriously and if they're unhappy with the agreement, then they shouldn't have entered the agreement in the first place, or take the steps to terminate as outlined in the contract

Great question - this warrants an entire video. Stay tuned!

Interested in that too! Awesome to see you interviewed Grant!!!

Really appreciate that! Nothing to sell but our services!

Good questions but it totally depends. Here's another video where I break down the most common repair and maintenance costs ua-cam.com/video/UC0JGg3T6po/v-deo.html. Hope that helps!

Good question! I haven't had to add the verbiage to my addendum because the contract stated want would happen at the end of the term. I think if you review the contract, you'll see you'll be covered for most situations. Best of luck!

Appreciate the kind words and glad to help!

Shoot me an email and we can discuss further. Cam@emersonpropertymanagement.com

@@emersonpm Just emailed you!

Great question! I don't like using a percentage to calculate capex because an AC system is the same price in a 50k property as a 500k property. As far as vacancy, I lump that in with my PM expense of 16%. Normally a PM company is going to charge you ~10% plus the lease fee. As long as you have tenants that renew at least one time (we have an 85% renewal rate) then your vacancy should be just 1-3% percent - thus the 16% for PM and vacancy should be conservative. One big caveat, if your property is in a C or D class area then vacancies can be extended so you might want to add 5-8%. However I strongly advise you stay away from anything lower than a C+ area. Hope that helps!

@@emersonpm That was very helpful and makes sense! Thank you for the insight!

@@ignent2 happy to help!

Thanks for being a solid deposit free option for our residents!

Happy to help!

Happy to help!

I would send your deals to Senna House Buyers. They're a local wholesaler that I trust. What do you think you need help with?

Thank you sir!

Happy to help!

What are you trying to accomplish?

When I was doing it almost a decade ago, 2-3 months. Now there seems to be 6-12 month seasoning periods where the bank won't let you refi.

It could but in our experience having the property on the market for more than 2 months makes the owner look much more desperate

There are several companies that specialize in emergency calls for property management companies, but they're expensive for just a few properties. If you only have a couple doors I would pay a friend or contractor per call to handle the emergencies.

I think a lot of folks just sign a renewal addendum but we sign a completely new lease with the dates the new lease and terms apply. I'm sorry but what do you mean by your second question?

Happy to help!

In Texas there's a separate HOA addendum

Yes, Obligo provided us with the disclosures to include in the lease. What company are you thinking of using?

@@emersonpm We use AppFolio PM and they offered Obligo to us an option. We are going to give it a try.

I personally went with Buildium with about a dozen homes and we still use them today with over 250

Thanks Darren! Hope you're doing well!

I've never rented places by the room so I'm not much help. Sorry!

True! Are you looking for cash flow day 1?

Thanks man!

Exactly!

What other SOPs would you like to see?

@emersonpm I bet you could make it a series if you wanted to, but it would be great to see the process going from - just got a property purchased. Step A) what you like to add or update on your rentals (tenant proofing) all the way to signing the lease and move in day (Step Z). Examples: A) update and get rent ready, B) advertising the rental, C) tenant screening process, D) showings, E) Selecting the right tenant. F) walk through (like you did here), G) What you include in your lease agreement, H) move in process... like a comprehensive A - Z starting from once you purchased the new property to the move in day.

Love this! I'll add it in. You probably won't see it for a few weeks because I'll be creating the content. Stay tuned!@@AberrantArt

@emersonpm That's awesome!! Looking forward to it. 🙌

Lol thanks man!

Couldn't tell ya. We don't manage section 8

Agreed! Just make sure you can cover any unexpected expenses like a roof or AC. I think that's where people get in trouble

True but I got a house with no money out of pocket. And how much do you think it's worth today?

Good question! If you have a property manager they should be paying for the software and provide you access. If your PM isn't using a PM software then fire them immediately!