All Forum Posts by: Marian Smith

@Morgan Granger Granite colors go out of favor. use the in stock laminates. very durable.

My daughter got a list of attorneys working for a set fee from the state bar association web site...not in Texas but I think Texas has something similar.  You could also call the hoa president with questions...not suggesting instead of an attorney if you don't understand the by laws. 

@D Beard Our local facebook investor pages are fraught with tales of contractors gone bad. Some were referred by investors on those sites who turned out to be friends of the contractor. I don't know how you'd find a few gc's to interview but the permit office lists permits and the contractor is named and I bet you could ask a plumber or electrician who does rehab type work who they'd hire for their mom's house.

@Jesus Garcia Good point.  Grandma could probably use the money but with covid it is worth quite a bit more than usual to have a stress free family transaction.  But maybe pay market value minus realtor commission, family discount  and fixup and have grandma tote part of the total price.  If you get a bank loan they will require an appraisal.  You could finance 100% if Grandma loans you 30% down and bank finances 70%. grandma gets 3.5% vs .06% and a bit more money.  You use 100% OP money and at today's rates, what a deal.  

@Luke Johnston creekview realty rebates 2% use your realtor on the sfh and creekview on the others

@Chris Bell Isnt there a book in your local library? ask the librarian. sign a sales contract with grandma. pay off her loan & have grandma sign a deed transferring ownership to you. probably notarized. record the deed. done. after you pay grandma. unless you want a survey and title insurance. then have the title company do it all.

and yes you can rent below market to your mom and take the loss off on your taxes as long as it is a reasonable family discount. the % is published somewhere. or you you can also claim her as a dependant if you provide over half her room and board or so. but dont trust me on any of this. look it up.

@Monica Pogue Listen to greg, he invests in smaller texas towns and would know. Renting property is a market. There is no truly fixed price because 1. all properties are different and 2. it is based on supply and demand. I agree that you should read your lease to see how much notice you have to give, then look for a nicer place. But if you really kind of like your place, tell your landlord that rents are going down in Abilene, x, y and z are newer and have dishwashers and now rent for x but that you are willing to sign another years lease if your rent is lowered to current market rent and certain repairs are made. In other words, don't make me move. But be prepared to move. He may not be ready to accept market reality. You should choose to live in the nicest place for the money.

@Greg Pond Both tenants and landlords want durable, low maintenance finish outs in light neutral colors and not too much solid white to keep clean. Paint is on trend tones and floors are Ideally vinyl planks in a distressed wood look with grays, browns and beige to hide dirt/damage and go with everything. I upgrade old recessed lights with LED kits. Add a second clothes rod to closets if there is only one. And a rod to the laundry room if possible. I think if I were to upgrade a rental to granite I would go with black. Avocado green, pinky beige, yellowy almond, tuscan gold, gray. or white quartz.

@Jacoby Atako Section 8 may very well be income only, but SSI is not.  I hope as a taxpayer it is also asset qualifying.  Also,  I too am worried about the owner to be tenant.  In a life estate situation you as remainderman do not receive the home until, depending on the life estate, the lifer moves out of the home for, say, 180 days or dies.  And only then can you get a home equity loan and borrow 80% of the equity and default.  You could do that the day after closing if it is a standard sale.  And little old lady gets evicted by the bank.  Plus, if the deed is recorded the property will lose property tax exemptions...but not with life estate.  Can/will you keep rent stable with rising taxes along with insurance and maintenance?   I feel like the owner is not understanding her risk and her family doesn't have the money to help but also doesn't know what to do.

@Jacoby Atako How will she qualify for section 8 if you pay her 50k or whatever she will net out of the deal? Once that is gone she can apply. Also, does she have family? Because if you don't have the deal, the sale in exchange for low rent, in a lawyer prepared contract and recorded, you might have problems with the family and/or the attorney general...elder abuse laws etc. Buying the remainderman position in a life estate is a more typical arrangement...there was even a movie about a guy who bought one for a Paris flat..