All Forum Posts by: Patricia Steiner

Nuts...no pun intended.  Don't half the expense, don't explain yourself, don't refer her to anyone - just say no and that her request is not in keeping with the terms of her lease (unless you have a walnut clause in there somewhere).  

Other. There is an online post from a Discount Auto Glass that states that walnuts can damage a windshield - and there are tons of posts with it online that basically state 'don't be stupid and park under a tree that is dropping anything."  While common sense isn't very common, no need to join the stupid with her and pay anything. 

The joy of landlording...

A couple of thoughts:

1.  Using wireless entry is great - especially when the tenant can choose their own code which provides for peace of mind/added security.  BUT - you then have to install a mechanical keybox on site for each unit because 'wireless' is far from consistent.  First, it goes down.  It can also be jammed by other signals/devices.  Then there are people who just want a dang key.  I am a fan of wireless entry but only with a on-site backup in place (not disclosing the backup code until needed).  Security cameras are a must have in urban areas but I recommend hardwiring.  

2.  Wifi access.  Great for vacation rentals - not for long-term. Many remote tech workers are required to use a particular vendor.  And, others - including me - will not use a 'group' wifi for safety reasons as it is a threat to personal information.  If your router was to get hacked, are you willing to assume the liability for your tenants' data breach?  I would rethink this one. Also, if the vendor's system goes down, are you willing to take complaint calls from tenants?  That's what results when the landlord provides the service.  

3.  Sprinklers/water leaks...overkill for sure.  

Investment properties are not where we live and over-improving is the #2 reason why landlords fail (#1 - failure to manage to the lease). My recommendation would be save all these great ideas for your home and never over-improve a property for the market...there's no ROI for it.

Hope this helps.  

Don't let the inspection period laspe. Your contract specifies how long it is - and make sure you know whether it's calendar or business days. Then hire an inspector.  Determine if the bones are good (roof, foundation, electrical, plumbing, AC)...those are the BIG expenses.  If you're planning a rehab, you can use any one of a zillion rehab estimators to give you  a ballpark number to determine if it's worth moving forward.  Skip the contractor for now.  You can always provide a copy of the inspection report to one to have them gauge timelines and scopes of work.  Cosmetic changes are one thing but a foundation/electrical/plumbing issues are big expenses and time stealers.  Hope this helps.  

Don't do it...often times it's best to learn from others' hard won lessons than actually discover those for yourself.  This is one.

Once you file for eviction, you've turned the matter over to the court for relief.  You gotta leave it there.  It's painful to be held hostage - especially when you're a problem solver.  What you can do is call the police should illegal activity be occurring on your property...make sure you can prove it so it doesn't appear retalitory.  Keep the faith that they'll be on the curb soon.  

In most cases, "If the renter has a tenant, lenders will take a percentage of the income that's outlined on a lease and use that to determine projected rental income. They usually use 75% of your total reported income — 25% is subtracted to account for potential vacancies and ongoing maintenance."  (End)  One year leases are generally the requirement.  

In your case, it may be that you are renting rooms - versus a property.  Can you prove the income through bank deposits/statements?  I would gather evidence of income and approach the lender again - as well as others.

Hope this helps.

Did the prospective tenant ask you for modifications?  That question alone could be determined to be discriminatory.  You can't ask - the tenant needs to request a 'reasonable modification' defined as " • You request to bring your service animal into a building with a “no-pets” policy. You request to add a live-in aid to your lease. You request to install a bar next to your bathtub because you have a physical disability and you are afraid of slipping." (end)

You are required by law to screen each applicant based on the same criteria.  Does she meet the income, debt-to-income, credit score criteria you've set?  If you haven't established/documented this criteria, please do so.  There are people as well as organizations who 'shop' landlords in an attempt to sue for discriminatory practices.  Even when the claim is false, you'll spend a ton of money defending yourself against it.

Proceed with every applicant with caution.  It's a weird world out there...

Geez...I guess I don't have to tell you that you don't sign a contract without reading it first but here's how it works:  

1. If you don't place escrow, the contract is null and void.  You're done.  No countering on a null and void contract.  

2.  There is no such thing as a 'sneak inspection.' Know this:  YOU DO NOT HAVE THE RIGHT TO INSPECT IF IT'S NOT IN THE CONTRACT.  What that means is that you have NO RIGHT to cancel and get your escrow back if there a deficiencies not acceptable to you.  

3.  And, this is the biggie:  Fire your agent.  Now.

If it were me, I would instruct (note that word - instruct) your agent to advise the Seller that you will not be moving forward with the contract and therefore will not be placing escrow.  Instruct your agent to email you with confirmation of notice.  

Words to live by:  what starts out crazy, ends crazier.  And, this is some real crazy.

Bolt.

First things first:  In the state of Texas, once you file a claim, the insurer has 15 days to respond - and then has 30 days to deny or pay the claim.  You also need to know what exclusions apply specifically to your policy.  Do the homework; start here:

https://www.tdi.texas.gov/title/titlefaqs.html

https://lonestarlandlaw.com/title-insurance-in-texas/#:~:tex...

But know this:  if the issue is the notary seal not being clear, that's not a hard thing to fix...that's about the notary who are registered.  It's a rather common mistake/issue (see #6) in article here:  ttps://www.nationalnotary.org/notary-bulletin/blog/2015/08/avoid-co...

You may not have a big problem here - and you might be able to meet that upcoming closing.  Clarify what the issue is and the steps being taken to correct it.  Fingers crossed this will be a non-issue very shortly.  Best.

Let's start here: you're over it. And, when you reach this point, it's time to bolt. I recommend putting a 'for sale by owner' sign up and keep working to finish it as a SFH until it's either finish and/or until an investor comes along who will pay you a price that makes selling it as is worth doing.  There are so many moving parts with this property and most are out of your control.  The second you can pay back your family, payoff the debt you've got on it, and distance yourself from your Ex (rather than the other way around), the faster you can move on to another project that has more potential.  

One of the hardest lessons for an investor to accept is that walking away is not quitting - but an intelligent, wealth retention move when an investment is proven to be a drain of time, money, and energy. You can do better.

Hope this helps.