All Forum Posts by: Calvin Matthews

Hi everyone. My wife and I bought a single family house in Texas a few years ago. Since then my wife and I have been getting calls from people about wanting to buy this house. They've even called my mom who we don't live with anymore (but lived with at the time we applied for the loan). I asked AI and suggestions were to check government records and public records so I'll do that, but wanted to see if anyone here has other suggestions. Thank you.

Hello, thanks for your reply. Correct we bought our vacation home in October 2021 so our interest rate is under 3% and therefore "I don't think" (because I'm still new to this and am up for any smart option) a cash out refinance would be smart in our situation. I've heard of DSCR loans on the Bigger Pockets podcast so I need to re-listen to this option. Thanks again.

 Hello and thank you for your insight! I appreciate your opinion and I'm crossing my fingers that we can get something done.

 Hello and thank you for the quick reply. We're looking to raise money for a down payment which is why I considered the line of credit option. We use it for rental as well when we're not there so there's income coming in. 

Hello. My wife and I own a vacation home in Texas and are renting in our primary residence. We'd like to move out of this primary residence and initially were looking for a new place to rent, but then I remembered about line of credit and then had the idea to inquire about this for our vacation home. We've never applied for a line of credit but I'm wondering if it's feasible to do, especially for a place that we want to reside in rather than a place that we want to rent out. I tried searching in the forums for a similar post but came up empty handed so I welcome facts and opinions from everyone. Thanks in advance.

 Thanks for the reply. This is a big help on guiding me where to start. I'll just stick with going after the tenants for back rent and will consult with both small claims court and a collection agency to see which is the better route to take. Thanks again!

Hello.

The previous property management company that we used did a crappy job managing our house and because of that, my wife and I didn't receive 3 months of rent payments (from September through November 2023). These tenants have already moved out, thankfully. I can go into more specifics if interested/needed but basically we're out $6,375 of rent payments.

My questions are:

-Should I pursue collections with the tenant?

-Is there any kind of restitution that I should look into with the previous property management company?

-Our house is in New Braunfels. Does anyone have a recommendation as to what company to use for collections?

Thank you in advance.

 Thanks so much for your quick reply. Any ideas on how I would go about doing that?

 Hi there, sorry I should have posted the reason for termination. We haven't received 3 months of rent even though we've been told that they have the money. They keep saying "I'll look into it" and yet we didn't receive anything, and I was even told recently that the money was sent and was supposed to arrive earlier this week. Of course that didn't come in. So basically I'm really stuck and confused as to what we're legally allowed to do. In my previous post I copy/pasted the termination clause a.k.a. term of agreement if you'd like to read that.

 Hello, thanks for your reply. Here's what I found:

Term of Agreement. This Agreement shall be effective as of ______________ (it was a few years ago) and shall
renew on a monthly basis. This agreement shall automatically be renewed monthly unless terminated in
writing by either party by providing written notice 30 days prior to the date for such renewal. This
Agreement may also be terminated by mutual agreement of the parties at any time. Upon termination
Owner shall pay to Consultant any fees, commissions and expenses due Consultant under terms of this
Agreement, which are owing to Consultant. In the event of the premises not renting within a 90-day
period of entering into this agreement, or of a vacancy continuing for a period of longer than 90 days,
Owner reserves the right to declare this agreement void.

Thank you.