All Forum Posts by: Jim Cummings

Other than Humidity College Station TX is fabulous!

Charles

What I've always been told by Appraiser in Central Texas is you give Credit for the additional Square Footage  (assuming it's looks like a quality job) and you DEDUCT a Similar amount of Value from the Appraisal because it doesn't have a Garage.  So' it's basically a wash!

Having said that, if many of the homes in area have converted garages - you might have a PLUS factor.

Randy

Unless you are planning on living in Hawaii long term and moving back into the house as Owner / Occupant - Sell now while you can still get the Owner Tax Break. ($250K Individual / $500K Couple tax Break). 

Sandra

Google for Austin Tenants Council which is very active - suggest you call them. 

Bryan

Suggest you get yourself a GOOD BUYER'S AGENT - they will educate you on all the idiosyncrasies of what you can and what you should do!   

Sherman

if your tenant is late next month and you decide to evict - DO NOT Accept any Monies or partial payments. I know we all want to get as much as we can - but court will NOT allow you to evict if you've accepted a Partial Payment.  And you'll just have to start again the next month.

In my experience in Eviction Hearings In Austin Texas, the Justice of the Peace (Judge) will NOT allow you to collect Late Fees as part of any Judgement Claim.

It's a "Social Engineering" Phenomenon - equate it with "Rent Controlled" Apartments in NYC or other areas! 

Greg

If you feel "good" about the current tenants and they pay on time - does it really matter how you get the Money? Some people are not "High Tech" (so to speak) and may not feel comfortable paying through an online portal. Suggest you ask Tenants for their thoughts on paying through an online portal - before you mandate it!

RE-SCREENING TENANTS:  Again, if you feel comfortable with them and they PAY On Time - Don't create I'll will and problems for yourself.  

Certainly, when the lease Expires you have the Option to require a New Lease (of your choosing)! 

PETS: Ask Tenant to show you their copy of Lease allowing a pet. If they can't produce the Document - tell them you'll send over a Pet Addendum authorizing the Pet On Premises. Certainly, get a Pet Deposit. I usually get $400 for 1st Pet - but the exact amount should be predicated on what is typical in area, etc.    

Don't consider myself an expert - but do have 20+ Years experience as a Property Manager and Landlord. Contact me off forum and we can arrange to review your current Lease if you would like!    

Bryan

You will be required to Sign a Statement at Closing that you plan to occupy the Home Within 60 Days to qualify as an Owner / Occupant or Sign a Statement saying you DO NOT Plan to occupy the home - thus you are getting an Investor Loan - probably 25% Down Payment Required.