All Forum Posts by: Steve S.
Steve S. has started 294 posts and replied 637 times.
Post: Hot water heater went out Sunday afternoon. Landlord obligation?
- Dallas, TX
- Posts 649
- Votes 52
Is it reasonable to get a plumber out to fix this Monday?
what would you do?
Post: How to inform tenant I will not be renewing their lease and sell
- Dallas, TX
- Posts 649
- Votes 52
I have a tenant whose lease ends may 31st. I plan to sell the property as soon after 5/31 as possible.
I’ve never done this before so are there legal obligations I have to inform them by a certain date?main issue is with taxes going up, they can’t accept the rent increase necessary to cover it so I plan to sell the property.
Post: Tenant died of covid. Cannot reach ICE contact
- Dallas, TX
- Posts 649
- Votes 52
Originally posted by @Nathan Gesner:
I had six tenants die from November - January. Worst year ever.
You have to try and contact family and find someone willing to empty the unit and take responsibility for unpaid charges. If you can't find anyone, then you'll eventually declare the property abandoned and deal with it according to state law. It's always best to contact an attorney for guidance. Be sure to take notes on everything so you'll remember how to handle this if it happens again.
Wow thats sad. Thanks for the suggestions and I am taking notes etc. Actually looking to sell my portfolio this year so hopefully wont be something i'll be dealing with much in the future.
Post: Tenant died of covid. Cannot reach ICE contact
- Dallas, TX
- Posts 649
- Votes 52
I'm also digging into what happens with things like deposits, etc
Post: Tenant died of covid. Cannot reach ICE contact
- Dallas, TX
- Posts 649
- Votes 52
Well i experience something new every month in being a landlord, even after several years.
My tenant was mid 60s and apparently died sadly from covid. he was divorced and the only one on the lease. his ICE contact i believe is his ex wife.
I will try to reach out to her again later next week since this all happened apparently last week.
I'm researching my obligations, etc to make sure I handle everything appropriately. I will likely need to contact a lawyer as well.
If anyone has gone through this, please share any thoughts or things to watch out for. Also, we're in the middle of an ice story and with no one there, there's the concern for the upkeep of the house, pipes bursting, etc.
Post: Looking to owner finance one of my rentals to a tenant
- Dallas, TX
- Posts 649
- Votes 52
Anyone have experience there? I’m a total noob to considering it so beginning my research.
Post: Rolling 4 rentals into one loan?
- Dallas, TX
- Posts 649
- Votes 52
Originally posted by @David Robinson:
@Dave Spooner Whats the goal for combining the 4 rentals into one? If your looking for easier mortgage management with 1 payment or getting cash out for the next investment, I work with multiple commercial lenders that can help. Your existing rates are good, but if you have another goal in mind the rates may be higher but still worth it.
Primarily exploring if I can reduce my costs
Post: Rolling 4 rentals into one loan?
- Dallas, TX
- Posts 649
- Votes 52
Anyone have experience or a lender you recommend to do this?
I currently have 4 rentals I’d like to roll into 1. The rates currently vary between 4.24 and 3.75 on 30 year notes.
what rates would be possible? Should I just call credit unions or smaller regional banks?
Post: Selling your rental by FSBO?
- Dallas, TX
- Posts 649
- Votes 52
Originally posted by @Tracy Streich:
If you are looking to sell them occupied put them in the local FB groups and other investors and realtors hang out. If you want full retail get them vacant make repairs and list with a realtor.
Thx for the thoughts
Post: Selling your rental by FSBO?
- Dallas, TX
- Posts 649
- Votes 52
Anyone done this? Pros / cons?
risks?
I’m looking to unload my portfolio in 2021