All Forum Posts by: Ash S.

Tenant is responsible for paying till the end of the lease.

Vacating by month end and take out money from security deposit is not an option.

Reach out to eviction attorney and recover your money. Most tenants don't want eviction history in their overall rental history.

I have gone thru this situation. I had a rental house in Phoenix AZ(remote management for me as I live in Dallas TX). As i cannot go there too often, I always signed up long term lease. In Sep 2019, I had a lease of 3.5 years to my new tenants at some what lower market rent($1725 for first 1.5 years and $1750 for remainder of 2 years). Market rent could be easily $1850 for that property. Fast forward, pandemic happened and price of that rental home goes up from $330K to $560K.  Buyer wanted to do 1031 exchange and willing to buy with the tenant. Buyer had few objections that rent is lower and it's another one year that tenants will be there(as he was buying it in Mar 2022). Then appraisal also came out lower, around $20K less. My side agent wanted this deal to go so pressurized that I reduce the price by at least $10K as monthly rent is at least $750 less. I didn't budged and in fact reduced the buyer and seller side's commission. Deal went thru and Buyer agreed for everything-it's a Seller's market. Security deposit was passed along with exact lease terms and conditions. Good part, I had been nice with my tenants so they cooperated in the showings to each and every Buyer(almost 8 Buyers that I was dealing with).  Checked with the tenants how much is the new owner(Buyer) has asked for renewal rent as the lease is getting over in Mar 2023? Tenants told me $2500 and they can't afford it so will be moving out.

My settlement agreement has the mention of everything like security deposit, home warranty, lawn/tree trimming etc...so that both the parties knew exactly what they are getting into.

I had overall a good experience selling a house with the tenants as I made sure that my relations with the tenants is more important than the monthly rent. There were times, when the tenant couldn't pay on time and I excused them from any late payments.

Looking at your scenario, it seems there is not very good relationship between current landlord and tenants for whatever reasons. If the lease term is ending in another 6-12 months and deal is good then go with that. Understand you cannot change the lease term till the time lease is not over. As you mentioned, it's month to month then you can terminate it immediately and you should go for it.  Evictions are stressful and not worth any landlord's time and energy so avoid it at all possible costs.

Hope this helps.

I am landlord since 2017. In fact a remote landlord for my Phoenix AZ home. I never hired Property manager. Later sold that property and owns two property in DFW area(around 50 miles away from my primary residence). I never hired any property manager. Take rent via zelle. Keep security deposit in a different account(high interest bearing). Got home warranty for repairs. Do inspection every 3-6 months. Have contacts with attorneys to do the eviction(if needed-never evicted). If something serious send written notice by certified mail(it always worked).

Within 2-3 weeks - I have got the tenants on my own. Make sure that you use right background check and thorough reference check before getting a tenant.

I am also HOA Board President for years.

My 2 cents - never hire any property manager OR HOA management company. They are not dedicated to you and providing any value add. They just increase your stress, expenses and time/efforts. Most of these property management and HOA management has some very long contract document which is prepared by smart attorneys to make them harmless from every action(they hardly do any work).

In Texas property tax is high. HOA could also be high. So there is very thin margin for rental property which is having mortgage. So do yourself a favor - never hire property management especially if the property is local and you have less than 5 units to manage.

Mark my words "Property Management and HOA Management" is a total waste of time, efforts and hard earned money. I have first hand hand experience of both of them. Adding extra layers only add to your stress and expenses and nothing else. I remotely managed my Phoenix AZ property from Dallas TX for 4.5 years(before selling it as part of 1031 exchange). Never visited even when getting one tenant leaving and another one coming. I had a person who just charged me $250 for showing to tenants(I had an agreement that it will be only 2 weeks and NOT more than 10 showing) and rest everything I did it. I had smart lock for that property.

Tenants cannot have an excuse that I am not paying rent for last month or not paying for repair and deduct it from security deposit(who knows what all other damages they have?). Security deposit is part of the agreement, it binds them. 

Evict them so that eviction stays in their rental history for at least 7 years.

They need to keep utilities till the lease end.

Texas law requires 3 days of notice. Please make sure that if you are nice landlord, tenants might take advantage of that.

Inspection is telling the tenant NOT asking them. 

I have two properties in TX, there are less properties and more tenants so make sure that tenant understand this part. If they object for inspection with excuses like "privacy invasion" - tell them clearly either follow the lease or get out.

Though lots of folks are suggesting various local banks. I would recommend Wells Fargo Business Checking which has a requirement of $500 minimum balance. They had a offer for new accounts to pay $300 as a sign on bonus. They are good in terms of ACH transfers, Zelle, Bill Pay. Checks you need to order. Wells Fargo is very good ever since they lost their reputation few years back. Local Wells Fargo branches are good in Texas. One don't have a lot of options for Business banking.

 Hire eviction attorney and evict them prior to their last day.

 Do it yourself - it's just one property.

No need to hire property manager. Property management companies and HOA management companies are mostly not good(there are only 20% chances of getting a right property manager or HOA management company). Most of them do nothing and get your money. Worst communication.

Marble is not good. One of my friend used it for getting tenants. Even after 3 months no tenant in DFW area.

The more layers you add, more money, time and efforts you will spend. Use property management when you have 10+ properties and select them wisely. 

 Better not to use any middlemen or agent. It only adds cost to get no personal attention.

I used Zillow premium listing $29.99 for 90 days. It moves your listing above others. Zillow support is very average though.