All Forum Posts by: Frank Adams

The TX "correction" has been ongoing for the last 30 years. As others wrote TX never had the big run-up in prices (please don't believe or quote the Business Week article from 2 years ago), they average about 2-3% per year. So there is no coming correction, TX hasn't kept up with inflation.

It's tough to make a go of rentals in TX due to the crazy high property taxes and homeowner's insurance-the state does not regulate the insurance industry.

I can take you to some nice, upper middle class neighborhoods in the Houston metro area, where houses are selling for the same price per square foot today that they were selling for in 2000-2001. In fact it may take a few thousand $ in "freshening" to get the same price.

Unless you know you're buying at less than 50 cents on the dollar, and have a very quick exit plan, I'd stay away from it. It's not a good market for out of towners.

Frank

You might want to check state/local law regarding the mark-up on out of pocket expenses. I know in some states that's not legal.

I never used a per-hour charge for my time, instead I realized that I was UNDERCHARGING on a lot of things that needed doing on move-outs. I haven't had rentals since '98 or so, but here were some rates that I was charging back then:

Mowing lawn-$50. I had people complain that "the guy that cuts the neighbors only charged $35". I'd tell them that's because the guy was coming every week, since I couldn't guarantee him a weekly job I had to haul my mower over, which costs $50.

Changing a burnt out light bulb-$10. It's not the cost of the bulb, but the fact that I had to get the ladder, take down the globe, clean the globe, wait for it to dry and put it back up.

Picking up piles of dog poop out of the yard-$5 per pile. Twice I had people bring this up, my reply was, "let's go see Judge Yeoman, and see how much he thinks is fair". End of discussion.

Hole knocked in sheetrock by doorknob-$75! BTW, a door stop on each door was an "initialed" item on my move in check list! I know it's only a 4" X 4" piece of sheetrock, but it's cutting out the old piece, gluing in the braces, attaching the new piece, taping, floating, painting. If that's the only thing the house needs you could spend a lot of time waiting, or making 3 trips!

Cleaning oven-$50. OK, then if it's so easy why didn't YOU do it?

You get the idea. Don't shortchange yourself, but don't break the law either.

Frank

Sure, here it is

Agreement to purchase and sell real estate

1: PARTIES: Frank R. Adams, (Seller), agrees to sell and convey to _______________,
_____________________________ (Buyer) and Buyer agrees to buy from Seller the property described below:

2: PROPERTY: That particular real property comprising; _________________, Lot ____ otherwise known __________________, ____________________, ______ County, Texas. Together with all of the following items; curtains and rods, window coverings, wall-to-wall carpeting, mirrors, lighting and plumbing fixtures, ceiling and attic fans, satellite dish, antenna, installed heating and air conditioning units with controls, shrubbery and all other property owned by the Seller and attached to the above described real property.

3: SALES PRICE:

A. Cash portion of Sales Price payable by buyer $ ___________

B. Sum of notes described below $ ___________

C. Sales price (Sum of A and B) $___________

4: FINANCING: The portion of the Sales Price not payable in cash shall be paid as follows: A loan from Buyer to Seller in the amount of ___________, bearing interest at ___________, for a period of _____________ years.

5: EARNEST MONEY: Buyer has deposited $_____________ as Earnest Money with seller.

6. PROPERTY CONDITIONS: Buyer accepts the Property in its present condition.

7: Buyer is liable for all taxes, insurance and Homeowners Association fees from the date of closing of this contract. Buyer will pay the first $400 of document preparation fees.

8. Seller is responsible for all taxes, insurance and Homeowner’s Association fees up to the date of closing.

9: CLOSING: Closing shall be no later than ____________________________.

This contract signed on: ______________________

Seller: ____________________________________

Buyer: ____________________________________

Buyer: ____________________________________

Move "some" furniture in. I used to have a daybed, radio, portable TV, card table and chairs and a "go kit" of kitchen junk. That way my places looked occupied and I could spend the night if I wanted to.

Downspouts and siding sounds like just an excuse to me.

Frank

Most agents that I have run into only took the minimum required classes on cnotracts, law and similar subjects. Also, by definition they are "average" (which to me means not real bright)!

Most states RE Commissions label their forms as "Promulgated", which means "put forth by", thereby REQUIRING licensed agents to use them, not forbidding others from doing so. The form probably is copyrighted, but it's pretty doubtful that the Commission is going to sue for infringement.

I quit using "agent's" forms years ago. My sales contract goes ALL ON ONE 8 1/2" X 11" sheet of bond paper. Never had a problem with an attorney, title company or anyone else not liking it.

Frank

Re-reading your post I agree with Jon. It doesn't sound to me as though you have any DAMAGES, and you if you're planning on suing the INDIVIDUAL it is likely a WASTE OF TIME and MONEY.

Over 95% of all judgements against individuals in the US are WORTHLESS. Mainly because the person being sued is JUDGEMENT PROOF. So, even if you win, easy to do in small claims, how are you going to collect?

Save your $50 filing fee, get on with your life and enjoy the holidays. Oh, and NEVER pay a last month's rent again.

Frank

Winter is always such a dead time anyway that I can't see any disadvantage to waiting. I'd wait until right after the SUPER BOWL since you're already in late January.

Frank

I think the first place to start whould be a meeting with a good attorney who knows the SEC rules.

Frank

I thought he got married back in the summer so McCain would pick him as VP? I guess that didn't work out so well for anyone.

Frank

I never thought of doing that when I was landlording. I probably wouldn't have done it anyway.

Two things I used to always do was show them a sample of which size nail or staple (preferred) they were allowed to use if they hung Christmas lights on the exterior. And that any larger size would result in an AUTOMATIC DEDUCTION from their security deposit of $10.00 per hole. I also pointed out that one nail/staple every 3-4 feet was sufficient, not every one foot.

Another thing I would do was give them a second letter reminding them that THEY were responsible for SECURING THE WATER SYSTEM AGAINST FREEZING, during cold weather. This was in TX where the houses are not built for freezing weather, many people return to their homes in the north, or south over the holidays, and freezes are not uncommon.

I always considered it a business relationship. I also didn't give presents to the checkout lady at the grocery, the mailman or the guy who throws my paper on my driveway.

Now, my customers always got a nice HOMEMADE reminder from me.

Frank