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All Forum Posts by: Chris Sweeney

Chris Sweeney has started 3 posts and replied 261 times.

Post: Tenant wants to break lease....advice on next step

Chris SweeneyPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 271
  • Votes 106
I'd wait till the company calls but get the wheels turning to fill vacancy. I doubt they will offer to standby until you re-lease and will probably offer you a lump some/ lease termination fee. Given the season might work to your advantage. Trying to hold his feet to the fire could be an expensive and frustrating proposition.

Post: Hello from Kingwood/Austin/Wherever I am this week!

Chris SweeneyPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 271
  • Votes 106
Welcome Phil. There's a wealth of info here.

Post: Considering My First Rental Property

Chris SweeneyPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 271
  • Votes 106
I don't think it adds up. Only $180 for expenses outside PITI seems light. When in doubt account for property manager even if you don't need it. HOA?

Post: Want to get a proof of fund from a hard money lender

Chris SweeneyPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 271
  • Votes 106
There's a directory of such here on BP. Not sure if you need to be Pro or not.

Post: New to The Austin Market, Looking for Off Market Properties

Chris SweeneyPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 271
  • Votes 106

Hi Carter. I'd recommend attending local REIA meetings, networking with agents, driving for dollars, direct mail, combing expired listings. I'd also drill down to what your exit strategy is in terms of flip, wholesale, buy & hold as that will dictate location and marketing methods too.

Post: Do I need a foundation inspection for a new built property?

Chris SweeneyPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 271
  • Votes 106
I'm a little suspect of your inspector if all they found were mostly cosmetic items. Your eyeballs can find those. Nice tax rate (yes ain't bad for TX) unless you are on septic, no gas and lousy schools. I'd be surprised if the builder turns over their inspections. Even if they do not a guarantee that it's going to be issue free as it won't be.

Post: Late fees without a lease

Chris SweeneyPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 271
  • Votes 106
From nolo.com. Not legal advice. Nebraska Rules on Late Fees Rent is legally due on the date specified in your lease or rental agreement (usually the first of the month). If you don’t pay rent when it is due, the landlord may begin charging you a late fee. Nebraska state law does not cover late rent fees. If your lease or rental agreement does not say anything about late fees, your landlord may not impose one, no matter how reasonable it is.

Post: Prospective tenants with low credit history

Chris SweeneyPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 271
  • Votes 106
Score alone isn't much help but unpaid collection accounts would be a big red flag. Unless the unpaid accounts are from a long time ago when maybe they were "young and stupid" I'd likely pass on them.

Post: Do I need a foundation inspection for a new built property?

Chris SweeneyPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 271
  • Votes 106
Here's some info on the process. https://www.concretenetwork.com/post-tension/basics.html

Post: Do I need a foundation inspection for a new built property?

Chris SweeneyPosted
  • Real Estate Investor
  • Austin, TX
  • Posts 271
  • Votes 106
I've sold tons of new homes. Yes the builder has numerous city and other 3rd party inspections but things get missed. The builder is much more motivated to fix issues before closing than under your warranty period. If flooring isn't in you could do a PSI test on the slab. It depends what type of slab it is as post tension cable is common in Austin. Frame inspection is too late as sounds like you are sheetrocked. At least it's good you are getting the 1-2-10 builder warranty. Some builders are going away from this to save money. Builder is usually on he hook for first two years with 3rd party structural for years 3-10 on a 3rd party who usually has an engineering firm "pull the cables" in the foundation after pouring to test it.