All Forum Posts by: Dustin Lavender

You need an abandonment clause in your lease. Below is basically what my abandonment clause says and I more lenient than Arkansas law requires because I do give an additional 3 day notice. Something legal for your state, but along the lines of this would do great: Property Abandonment by tenant voids all terms of lease agreement. Property will be considered abandoned if rent is due AND tenant cannot be contacted for 10 consecutive days. If property is determined to be abandoned under the lease and in accordance with Texas law, notice will be posted at property of suspected property abandonment giving tenant 3 days to remedy lease violation. After 3 days, landlord will take possession of property. Any personal property abandoned by previous tenant will be disposed of at landlords discretion.

@Richard Rowe either get on your states tax site and research who owns the property or go to your local assessor office and they can tell you. 

Randy Arnold I am just a little south of you, but I have quit a bit of experience with low money Investments and kicking off into the field. Feel free to reach out to me.

I personally love the checks to the bank part, but hate the tenant is a cry baby part lol I go through a love hate relationship with my rentals every month. Around the 15th, I start hating my tenants, repairs, and books. Come the first though when the checks roll in, I love driving to the bank.

Cliff T. I have seen it done where there is a closing incentive written into the contract in which you pay a certain amount for the property and as a closing incentive the seller pays you X amount at closing. In another note, I get cash back at closing all the time but it is because I leverage equity from one property to buy the next. I use equity as closing costs, down payment, and cash out the rest in a fat check at closing.

@Richard Kutzner that is absolutely possible with commercial loans. I have 3 properties I have under 1 loan from the same seller. The paperwork was just cleaner to do the loans as a package rather than separated out. 

NaDean Bowles I am local to your area and I would be interested in discussing loan possibilities with you.

I buy houses in my LLC name all the time. We bought a house days after formulating our LLC. I sign my name on the line that has my name below it and I sign my name on the line that had my LLC name below it lol. We put all of our purchase agreements in with our LLC name. My wife and I put it in our operating agreement that she is a silent partner, her signature is not binding on any contract, and I have the authority to sign in her place. ( she no longer has to sign anything or show up to closings).

I have bought several foreclosures, none at auction. Many times the banks sell them quicker than I can get around to looking at them.

John D. Sorry I missed this reply. With local banks I have been able to get longer amortization and lower interest rates.