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All Forum Posts by: John Truong

John Truong has started 7 posts and replied 108 times.

Post: Question about the Quit option in "Notice to Pay Rent or Quit"

John TruongPosted
  • Real Estate Investor
  • Houston, TX
  • Posts 110
  • Votes 23

Thank you @Account Closed. Hopefully Houston/Harris County/Texas laws are similar.

I could not find anything in the Taxas' PROPERTY CODE CHAPTER 92. RESIDENTIAL TENANCIES; or maybe I missed it (the document is almost 100 pages long).

Post: Question about the Quit option in "Notice to Pay Rent or Quit"

John TruongPosted
  • Real Estate Investor
  • Houston, TX
  • Posts 110
  • Votes 23

Thank you @Rick Pozos and @Aly W. .

I am definitely planning to file eviction on Monday if they don't leave. But if they do leave, does that action constitute the end of the lease? Do we need to sign some paper work?

Thank you.

Post: Question about the Quit option in "Notice to Pay Rent or Quit"

John TruongPosted
  • Real Estate Investor
  • Houston, TX
  • Posts 110
  • Votes 23

Hello,

After the tenants decide to "Quit", how do I make the lease termination official?

Background: I gave a 3-day notice to my tenants last night. Tenants can no longer afford the rent and is one month behind. They verbally told me they would move out by this weekend. The contract ends Jan 31st. The property is in Houston, TX.

Thank you in advance.

Post: Is this true? MLS list $95K, sold $50K in Houston, TX

John TruongPosted
  • Real Estate Investor
  • Houston, TX
  • Posts 110
  • Votes 23
Originally posted by @Joel Owens:

Tons of properties out there.

I could not find any good deals since September, or they were gone before I noticed them.

Maybe I am not working with the right agent... or I am not looking hard enough... or it's just me who cannot distinguish a good deal when it's in front of me until it's gone.

Post: Is this true? MLS list $95K, sold $50K in Houston, TX

John TruongPosted
  • Real Estate Investor
  • Houston, TX
  • Posts 110
  • Votes 23
Originally posted by @Joel Owens:

John the key on short sales is to NOT have your earnest money tied up into the deal until ALL lienholders have agreed in writing to the short sale.

Also a clause that you have the right BUT NOT the obligation to go through with the sale if it is finally approved. You want to walk if the price changes or if they took to much time and you no longer want do the deal.

A common stall tactic by banks is to wait  a few months if the market is rising and get  a higher approval price.

I do not focus on residential but saw this on a friends listing recently where the bank originally agreed to 110,000 but moved to 112,000 for final approval. 

Thank you Joel! Hopefully I can find an agent who knows how to write this up when I put my next offer on a short sale.

Post: Is this true? MLS list $95K, sold $50K in Houston, TX

John TruongPosted
  • Real Estate Investor
  • Houston, TX
  • Posts 110
  • Votes 23

@Nate PaoinchantaraYou are right. The bank has the last word on approving, or not, the "ridiculous" offer.

Post: Is this true? MLS list $95K, sold $50K in Houston, TX

John TruongPosted
  • Real Estate Investor
  • Houston, TX
  • Posts 110
  • Votes 23

@Sam CravenThank you for your reply.

Wow!!! I did not know short sales could go this low. I don't mind waiting 6-9 months if I can get a house at that price.

Post: Is this true? MLS list $95K, sold $50K in Houston, TX

John TruongPosted
  • Real Estate Investor
  • Houston, TX
  • Posts 110
  • Votes 23

I just saw this Redfin report this morning, 9919 Sage August Ln.

The house was listed in MLS for $95,000 and Redfin reported that it was sold for $50,000; it is probably worth $150K. Is it possible in the current Houston market? Somebody must have type the sale number wrong.

Post: The diary of a 2nd flip

John TruongPosted
  • Real Estate Investor
  • Houston, TX
  • Posts 110
  • Votes 23

@Quoc Nguyen

Have you called these guys? Hope I am not violating BP rules...

Post: Recently bought a property near Pearland. Here are the numbers. Tell me what you think?

John TruongPosted
  • Real Estate Investor
  • Houston, TX
  • Posts 110
  • Votes 23

@Account ClosedI am curious on how a 19K house looks like. Do you have some pictures please?