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All Forum Posts by: Luke H.

Luke H. has started 87 posts and replied 379 times.

Post: Selling: Rent to Own vs Owner Finance in Texas

Luke H.Posted
  • Real Estate Investor
  • Dallas, TX
  • Posts 388
  • Votes 174
Quote from @Greg H.:

Rent to own is legal in Texas.  However the requirements of the seller/owner are onerous and the penalties for non compliance can be severe.  Additionally, if the buyer fails to pay, the seller's remedy for non payment can be having to foreclose or a timeline equal to foreclosure so there is really no benefit.  Here are some of the guidelines

 https://texaslawhelp.org/article/executory-contracts-and-lea...


Excellent response, this is what I was looking for!

Post: Selling: Rent to Own vs Owner Finance in Texas

Luke H.Posted
  • Real Estate Investor
  • Dallas, TX
  • Posts 388
  • Votes 174
Quote from @Michael Carbonare:
Quote from @Luke H.:
Quote from @Michael Carbonare:

That old wive's tale of lease options being illegal in Texas still persists, I see.
Fact check:  lease options are, in fact, legal in the great state of Texas,

 Says the Pizza man from Florida! Lol, thanks for the reply.


thanks for the invite, I'm planning a trip to Flordia soon!

Post: Selling: Rent to Own vs Owner Finance in Texas

Luke H.Posted
  • Real Estate Investor
  • Dallas, TX
  • Posts 388
  • Votes 174
Quote from @Michael Carbonare:

That old wive's tale of lease options being illegal in Texas still persists, I see.
Fact check:  lease options are, in fact, legal in the great state of Texas,

 Says the Pizza man from Florida! Lol, thanks for the reply.

Post: Selling: Rent to Own vs Owner Finance in Texas

Luke H.Posted
  • Real Estate Investor
  • Dallas, TX
  • Posts 388
  • Votes 174

Hi all, hope all is well.
1- I've heard that Lease with Option to Purchase is not legal or no supported in Texas. Any resources?
2- If I owner fiance a property are there any RMLO's you recommend and why?

Thanks!

Post: Tenants tells me Texas law!

Luke H.Posted
  • Real Estate Investor
  • Dallas, TX
  • Posts 388
  • Votes 174
Quote from @Ryan Kelly:

@Luke H. In Texas, refrigerators, washing machines, and clothes dryers are considered personal property. It is at a landlord’s discretion if they want to provide them in a rental. The landlord can also state in the lease if they will maintain them or not maintain them. I provide them as it helps me secure top market rents and get them leased faster, but they aren’t required.

 Well said, thank you!

Post: Tenants tells me Texas law!

Luke H.Posted
  • Real Estate Investor
  • Dallas, TX
  • Posts 388
  • Votes 174
All,
They texted a few more times on Sunday and I haven't (not going to) respond.  If you like this thread please consider a VOTE on my post.  It makes me smile :)

Post: Tenants tells me Texas law!

Luke H.Posted
  • Real Estate Investor
  • Dallas, TX
  • Posts 388
  • Votes 174

@Theresa Harris, I appreciate this response.  Some people just keep asking and why and what...

I was raised to be polite and answer questions. I need to just hang up after nicely saying "I am not interested in renting to you.  I am in discussions with others. Thank you, bye NOW."

Post: Tenants tells me Texas law!

Luke H.Posted
  • Real Estate Investor
  • Dallas, TX
  • Posts 388
  • Votes 174

@Nathan Gesner, thanks! I've had people call from another number or they have a family friend call, then they ask why I haven't returned their calls. 

Post: Tenants tells me Texas law!

Luke H.Posted
  • Real Estate Investor
  • Dallas, TX
  • Posts 388
  • Votes 174

@Nathan Gesner, what do you do or say if they call from another phone number or ask someone else to call about the rental? Thanks!

Post: Tenants tells me Texas law!

Luke H.Posted
  • Real Estate Investor
  • Dallas, TX
  • Posts 388
  • Votes 174

@Theresa Harris, I see your point, thanks.
@Cristin Andrews, Yes, I do the same, thanks.
@Adam Martin, I provide used ones in lower end rentals and new ones in high end rentals.  I promptly repair as well. I just use a disclaimer, because sometimes tenants damage them and even complain about them (yes, even a new appliance has gotten complaints!)
@JD Martin, yes, I smiled and thanked them for coming. Thanks for the tips and awesome percentages on your appliances.  I offered them appliance care if they were willing to pay $30.00 more a month. They said NO!
@John Morgan, so glad it isn't mandatory in TEXAS. 

All, they called me back and texted me to call them. They aren't even tenants yet and already calling me on Saturday!  UH, NO!. LOL
Thanks for replying :)