All Forum Posts by: Maurice D.

That number seems ready high.  I'd get a couple more quotes?

Photos?  are you talking about an exterior wood deck? or flooring inside the house? post a photo of the "black thing", which sounds like mold.

@Richard Helppie-Schmieder can you post the time and address for that one? I'm not on facebook :(

Statute of limitations for written contracts is 4 years in Texas.  the paperwork is super simple, you don't need a lawyer.  Chances are she won't show up and you win.  If anything do it the learn the process.  I believe the 4 years might count from when she last made payment, but to be on the safe side file soon.

Sue her for the entire amount plus costs (serving her, skip trace etc).  once she gets served is when you text her and offer her, say "hey, I will take 2500, in non-stop payments.  any failure and I sue again for 5000 judgement." for example.

Once you get her to agree to that in writing you ask the judge to "dismiss without Prejudice" and if she stops paying again you can sue again.

Maybe Partner with the next couple of SFR until you save more? or flip a few homes and capitalize before buying the next? I like the hybrid flipping strategy where you flip say about 3-4 properties and have for your next down payment. I am assuming you are a W-2 investor like many of us.

Check out local credit unions and others like Penfed.  I got a Heloc on my investment condo, no problem from Penfed.

FYI, many military/gov credit unions seem out of reach but you can join with side memberships. read their fine print.

Things that can go wrong with unidentifiable tenants (real story): a friend rented her house.  a little while later came to find out the tenant was running a pet mill/factory.   hundreds of lizards, snakes, furry animals,cages and poop in every crevice in the house.  it Stank! 

yaah, pass. 

I just finished rehabbing an SFR into an energy efficient home for airbnb with gas tankless water heater to lower costs.. now I wish I'd left the electric tank in place..

Bring it to market value.  offer them the option to stay, but like @Taylor L.said, you shouldn't be subsidizing.

"Dear tenant, for the past couple of years we have been charging below market rent for your unit.  Unfortunately, due to increasing costs we need to increase the rent a substantial amount.  we appreciate your tenancy with us, and understand if you do not wish to renew, but we do hope you renew your lease with us.  The new rent will be 1,100."

If search doesn't work that way here, you can always use google and filter it to just the forums,  that way you get the power of google search across the site.  

add the    "Site:<BP Forums URL>"   to your search string

EXAMPLE GOOGLE SEARCH STRING:

house and multifamily -stove site:https://www.biggerpockets.com/forums