All Forum Posts by: Michael Campione

Hi all.

Forgive me if this is a bit convoluted. There's more.

My girlfriend just purchased a duplex in the Dallas area. When we originally looked at it the one tenant told us his roommate had recently moved out and he would like to eventually get out of the lease. (His lease is up in four months).

After she purchased it we discussed with the remaining tenant that this was possible but only after we found a suitable tenant and that he and his roommate were still bound by the original terms of the lease (the rent they were paying is a bit low anyway). Also apparently the roommate is covering the rent.

I just got a call and an email from the roommate that moved out giving me 30 day notice. Also he asked for a copy of the lease. (Trying to get the originals from the previous owner) we have crappy faxes.

How would the security deposit be handled in this case?
Also if the security deposit was not included in the HUD1 at sale is the previous owner responsible?

Thanks tackleberry. AHS was one of the one's that was recomended but after doing some research, they also had complaints as well. Is one any better (or worse) than the other? And from a landlord standpoint, is it really worth it? Or is it just better to have a reserve that will cover a new A/C-Heater?
Any landlords have any bad experiences?

Thanks again.

Are home warranties really worth it?
Are there any extra loopholes regarding repairs on rental property
and/or are they pretty much like any other
"we cover everything except what's broke " insurance company.

Any suggestions on good ones?

Thanks Michael

But what of the case of say the oven stops working because of a clogged jet. It was't misuse or really wear and tear. (maybe not a good example)
In a Texas lease lease I got a hold of, it alows for a minimum charge to the tenant for the first X amount of repair costs to charge to the tenant and the rest to the landlord except under the conditions landlord/tenant fault. Is there any in between? Its kind of worded like a deductable.

But I do have a line that allows for Appliances that will not be repaired.

Any thoughts?

I would suggest getting a good accountant if you don't have one already. When you get into itemizing deductions, it's not quite cut and dry like a 1040 short form.
That said, yes depreciation is a deduction but only on the building not on the value of the land, this you can find out from the county tax assessor.

Hope this helps.

Ahhh. Found it. Nevermind.
Twice the amount in CA. No limit in Texas.

This criteria brings up a question hopfully without changing the spirit of the thread.
Is there any general limits on the amount of extra security deposit one can charge in the event a tenant cannot produce a sutable cosigner? I'm looking for any texas laws as I speak.

Thanks again

I've already started to write up the criteria last night, but this is beautiful takleberry. Thank you.
This is a big help!

The on the fence screening I agree with. Seems like nowadays it's easy to make a discriminating case out of anything. Basically what she does is tell the prospect that all decisions are made by the owner and she has no control over decisions. She just takes care of the property and shows it when needed.

But I do think there should be some kind of pre-screening before even showing the property. Agreed?

Yeah, heaven help us the day tatoos are covered under the ACLU. :roll:

Thank you all. Very helpful.

I'm thinking the same.

Regarding a criminal check, can a conviction be a reason to decline an applicant when responding. (of course depending on the conviction)
Sorry if that sounds like a dumb question.