All Forum Posts by: Maurice D.

the first wont do a short if there is equity, and as others have stated to do a short they want the property listed on the open market with a broker.

they days of negotiating a short payoff directly with the lender are long over.

my thoughts here is the HOA has multiple fines and might be dealing with a nutcase here. it would be strange for someone to forego HOA and keep making mortgage payments if they are in the deep..

but hey, that being said approach the homeowner and tell him you want to buy his home.. nothing wrong with asking!

how old is the home?

long thread! but I will chime in.

Learn to say NO.   

I will preface this with an equally difficult issue for many.  Public speaking.  Have you ever given a talk? it is nerve wrecking!  when I see some people talk, it seems like every other word is Eh, Uh, Eh..  STOP.  if you are nervous and short for the next word, PAUSE and shut up.  no filler needed.

with NO it is similar, we feel are afraid of uttering it and follwing with a long explanation why.

You don't need to explain your decision or the math behind it!  

Tenant wants you to fix something cosmetic? minor?  you can say No, I am not going to fix that at this time. (and shut up about the why).

The other thing worth mentioning with NO is training needy tenants.  some are broken and used to appeasement. you can break that routine with one powerful word followed by silence.  NO.

Didn't happen to me, but I toured a home rehabbed by a colleague, who went to the same class I went to back in the day.

He was 100% determined to save every single dime and did all the work himself (which is ok, if you know how to do it, and you pay yourself..)  problem was he didn't know jack and probably never got paid..

1) his idea of leveling Kitchen cabinets was to mount them flush to the ceiling.   Cabinets were unreachable for anyone under 6'5"

2) Instead of a Fridge he put in a College dorm sized tiny unit, spacing the lower cabinets according to that width.  No dishwasher.

3) he messed up the clear coat on the sanded flooring, and after a week it was all blotchy with dry spots.

House sat on the market for like a year.

small claims for the unpaid rent (up until you find a new tenant), so do this after you find a tenant.  in the same suit you should collect for the damages from their filter neglect.  your property manager should continue attempting to collect the rent until they find a tenant, and building the paper trail for court.

Follow your state and local laws on the deposit.  for example here in Texas I believe a landlord needs to provide an itemized list of charges no later than 30 days after move out.   so even if you are "keeping" the deposit (which your should), you need to follow the law as far as notifications. etc

What Nathan said about getting a Judgement.  Even if you never collect, you have a tax write off (bad debt) from that shinny piece of paper..  it also hits their credit report and well, since they purchased a home, with the Judgement you can attach to the house (lien) and when they sell you will get paid w/interest..

Good luck!

what part of Dallas is it in? if it is Class A or B being new shouldn't make much of a difference if other surrounding properties are recent.   If you have the washer/dryer you can provide it or let the tenants bring one in.  Just be aware that moving them in can scratch expensive flooring if they are not careful etc so that is the benefit of providing them.  Alternatively you could charge them for it, i.e  1050 rent with washer/dryer or 1000 if you bring your own. 

renters insurance for sure.

Being a new home, you will want to screen your tenants very, very well.  This means possibly passing on a few before you land the right tenant.  you will need to have a set of criteria you apply to all applicanants, for example (and just a number here) credit score above xyx, job held for over 2 years, 3 references, employment verification etc, income at least 3xrent  what is your criteria for your area and the value of the house you are trying to protect.

Let them mow the grass, but if this is a nice home in a nice class B or class A you might want to service the lawn and put down weed preventer, etc when appropriate.  if all you have the tenant do is mow the grass eventually the yard will be overun with weed.

Have you run the numbers, and does the property cash flow?

call a few up, ask for pricing and what they would do.   

hire a pro or do it yourself.  The advange of the Pro is that they know what to do.  you will need to plug any cracks or holes around the property and attic to make sure animals can't enter the building and you will need to deal (trap, kill etc) any rodents currently inside.

within each unit you also need to seal any holes in the drywall they might be using to get in.

If your're comfortable, walk up to the door and I can interpret over the phone.  (I was a police intepreter).  provided this doesn't turn into daily conversations with them :)  Assuming Spanish here.