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All Forum Posts by: Larry P.

Larry P. has started 1 posts and replied 102 times.

Post: Suggestions for lease agreements in Texas?

Larry P.Posted
  • Realtor/Investor
  • Richmond (Houston), TX
  • Posts 109
  • Votes 50

Careful! The Texas lease you are referring to is probably the Texas Association of Realtors lease, form TAR-2201 (01-01-2016).  Read section 33. "Agreement if Parties", subsection G - "Copyright"  If one of the parties that negotiates the lease is not a licensed Texas Realtor or attorney then it states the lease is "voidable at will by tenant".  You could end up with tenants in your property with no valid lease!!!

Post: Home insurance for a rental property

Larry P.Posted
  • Realtor/Investor
  • Richmond (Houston), TX
  • Posts 109
  • Votes 50

I use an insurance broker that specializes in rental properties. They shop different companies for the best rates and coverage and then reshop it every year when the policy comes due. I found that by using an agent that doesn't specialize in rental properties that not only do you not get the best rate but often the coverage ends up being substandard for a rental property. 

Post: Rehaping 100 year old hard wood floors

Larry P.Posted
  • Realtor/Investor
  • Richmond (Houston), TX
  • Posts 109
  • Votes 50

I would contract this out.  I have found that the 110 volt floor sanders that you would rent to do this yourself are nowhere near as powerful as the 220 volt floor sanders that professionals use on floors.  Money spent on professionals with good references would be money well spent for this task.

Post: Installing an HVAC System and Electrical Box

Larry P.Posted
  • Realtor/Investor
  • Richmond (Houston), TX
  • Posts 109
  • Votes 50

If you get me the particulars I can get you a quote from my "investor friendly" ac guy.  By the time you get the equipment, labor to help you on the install and coolant it will probably be about the same price as the guy I use.  For the little you may save it is not worth doing it yourself - especially since you probably need to pull a permit and need a license to get the coolant. 

Post: Drooping ceiling fan blades

Larry P.Posted
  • Realtor/Investor
  • Richmond (Houston), TX
  • Posts 109
  • Votes 50

Buy the blades especially made for outdoor use and it won't happen again. Sounds like high humidity.

Post: Temp surveillance services and devices

Larry P.Posted
  • Realtor/Investor
  • Richmond (Houston), TX
  • Posts 109
  • Votes 50

I use either cell signal based alarm system or wifi cameras with internet service - depending on how long I anticipate it to be vacant. I much prefer the wifi cameras (but you do have to get internet service) as they have motion detection that will send me an alert whenever the motion is broken and I can then pull up video and audio on my cell phone. I use cameras I get off of Amazon - Ouvis VZ1 wifi camera. Camera has pan/tilt/audio etc and they are only $50 each.  I have a couple watching a property right now with tools etc there for a remodel. Even has two way audio where if someone is there I can ask what they are doing through the camera. Has worked well for me. 

Post: Locks - what do you use?

Larry P.Posted
  • Realtor/Investor
  • Richmond (Houston), TX
  • Posts 109
  • Votes 50

Kwikset Smartly. Inexpensive and can rekey them yourself - takes about 20 seconds per lock to rekey. Check on YouTube and you can see a demo. This is the absolute best way I've found for my properties. 

Post: Tenant screening/background checks

Larry P.Posted
  • Realtor/Investor
  • Richmond (Houston), TX
  • Posts 109
  • Votes 50

Mysmartmove.com.  I do a preliminary review of the application and if they meet my written Tenant Selection Criteria then I log on to mysmartmove.com and have them sent the instructions to pay and complete the process through them.  I have so far had excellent results with them.

Post: Current tenants want a pet

Larry P.Posted
  • Realtor/Investor
  • Richmond (Houston), TX
  • Posts 109
  • Votes 50

Be sure it is not a breed specifically prohibited by your insurance policy on the home as now the policies are starting to prohibit certain breeds. 

Post: What are all the materials you use to save money???

Larry P.Posted
  • Realtor/Investor
  • Richmond (Houston), TX
  • Posts 109
  • Votes 50

Flooring - Home Depot vinyl plank flooring called Allure. About $1.88 a sq ft, looks good, wears fantastic.