All Forum Posts by: Jessica K.

I'm seeking advice from other investors and attorneys. I am an investor in Texas, and I've been presented with an evergreen contract from an attorney I was planning to work with for ongoing projects and advice. It requires a modest retainer (which is fine) but the terms state that there will be a monthly depletion of $100 if we don't use his services, to cover the loss of potential business. We would still pay by the minute for any services provided. He cited this link to justify it: https://www.legalethicstexas.c...

I've worked with other attorneys in the past and have never seen a contract like this. I tried to negotiate the terms, but he said this section is non-negotiable. Is this common practice, or should I walk away?

I'm based in the DFW area. We have 10 rental properties, just formed our own property management LLC, and we're going to be starting a rehab business. I'm looking for a new insurance provider who has the flexibility to work through the different types of businesses we're operating. Does anybody have a good recommendation?

@Timmi Ryerson I appreciate the response! They do have a dog, they're worried people will be able to peek in and see the dog since they had issues in the past with the dog being stolen. I'll be sure to get it in writing that no reimbursement is expected, I want to be sure that doesn't come back to haunt me.

HI Yaldho,

Are you going to manage the properties yourself, or hire a property manager at 10% the rent each month? DFW is a great market, and there are good deals all over the place. Yes, Texas has higher property taxes, but the prices are great and people are moving here. Every state has its pros and cons.

For me personally, I have a couple rentals in Mesquite that have great cash flow. The house next door to one of those properties is owned by an investor who has over 40 properties in Mesquite, and he swears that he'll never try another city because it's working so well for him. I know some folks that will only invest in Plano or Frisco because of the appreciation and there's more demand there.

I saw one of your other posts, and it looks like you're new to this concept and really excited about financial independence. The best advice I can give you is to not worry about finding "THE BEST DEAL!" and just do a deal. The first one is the hardest, I promise. Go sit down with a realtor (I know a couple great ones in DFW if you want to send me a message) and ask them to run through numbers with you on some available properties. I think you'll be surprised how easy it is to buy a house and rent it out once you get started.

Good luck!

One of my tenants has inquired about getting a new fence, and offered to pay for it themselves. The existing fence works, but a new fence would definitely be an improvement to the property and increase the value. The policy in the lease is that tenants should not make any changes to the property, but I would like the opportunity to make exceptions when it makes sense.

I will require this to be done by a bonded and insured contractor, and require them to sign a physical document that outlines the terms and costs involved. I don't want there to be any gray area, so I want to tell them either:

A. I will do research, and get 3 bids. I will review those bids with you and get your feedback, but ultimately I will choose which bid to move forward with. If they agree to it, we can sign off and move forward.

B. Tenant will do research and get 3 bids. I will review those bids with you and get your feedback, but ultimately I will choose which bid to move forward with. If they agree to it, we can sign off and move forward.

Once we get past the actual scope of work involved, then there is the management of the contractor. I feel like I should be the one in charge of that. I also want to be very clear with the contractors that we need full project costs upfront, not an hourly rate or estimate.

Does anybody have experience with this? Are there any concerns I should have that I'm not considering?