All Forum Posts by: Gerard Charles

{Excerpted from Forbes}

"In Texas, the rules for HELOCs are a little different. Texans can establish lines of credit using up to 50 percent of the value of their homes as collateral (as opposed to the 80 percent allowed on standard loans)."

So, we can go further than 50%. How long do you have go wait before you can qualified for HELOC after ownership? so that I can use it as a down payment for another property to live in.

I hear everyone's comments. I already spoke with the niece and came to good terms. Thank you everyone for you inputs. It gave me an insight of how to manage as a landlord without being ugly or naive. 

This is what bigger pockets forum is for, educating the community.   Until then  Happy Holidays! :)

I guess I should have written it into more business without sounding to personal or selfish. I accept it. I wish Bigger pocket would allow to revise my comment.

I guess the right thing and fair thing to do would be 30 days and refund the security deposit after inspecting in acceptable condition.  By the way,  I did offer my condolences.  

Of course it an unpleasant and beyond once control but thats business and have to pay the mortgage.

Hello!  Yesterday,  I received an email from a deceased tenant's niece saying he passed away.  He was an elderly man. His extension contracts ends on Jan. 31st 2017.  His niece stated they will vacate the premises by the end of the month. That had me speed up to start the ad, and drive 5 hours to inspect, and show prospective tenants the property. 

My concern is there's less than 2 weeks notice and worst around the holidays.  Should I have them to extend it to 30 days notice as per contract. 

The tenant didn't leave any contact heirs on his contracts. The niece stated she is handling his affairs.

I see on the contract : EARLY TERMINATION: Tenant is not entitled to early termination due to voluntary or involuntary jobs or school transfer, .......loss of employment, ...... or death. So doesn't that means till the contract ends which is in 6 weeks.

Thanks in advance for any guidance or suggestions.

After 2 years , I have had the sign of my lot for sale and nothing has happened. I already pay if off Earlier this year. The last payment was 16 K in which I borrow it from my Credit Card with zero interest. My current balance is 5K .

Now, I have seen several four-plex continue to being built. I am contemplating in pursuing it once I pay off the 5K by the end of the year.

The set back right now are I want to save at least 13 K to add 3 additional water meters. That's my definitely decision. I learn from Larry B. Loftis. (he dislike paying for the water).

After I am done saving, I want to borrow money from my credit card (16K) to put it in my savings for RESERVE. 

Then go to the bank to see If I qualify for a construction loan of about 200 K.

I am currently self employee and earning about the same I was as a teacher . 

I am still living in Austin.  I want to finish the project and be able to afford a duplex in Austin with the rent from my fourplex and duplex that I am currently managing in Brownsville. 

If there is another better way to do it with suggestions ?

Thank you!  

1. Get pre-qualified as a borrower for refinancing to see how much you qualify for and what the terms will be. (This must happen first)

When you get a pre- qualified as a borrower for refinancing, you have a certain FICO score and get the interest based on your current Credit status. Once you start getting money from credit cards , you FICO score drops and I don't believe the terms will remain the same. It affects you the (DTHI or DHTI) don't recall the abbreviation. But that what I understands.