All Forum Posts by: Phillip Austin

Best advice: get multiple quotes from a variety of contractors especially if it's a larger rehab

Also, make sure you drive home the point that it's an investment property. A great GC will approach it differently and estimate only REQUIRED/NECESSARY repairs.

- Photos are not the greatest, especially the cover photo. You should lead with your best photo to generate the most clicks.

- Slightly overpriced given comps and time of year

- Professional photos never hurt! $150 for photos that last multiple years is definitely worth it. I wouldn't spend the extra money for virtual staging. It's not necessary.

Reminder, this is also the state that doesn't allow you to pump your own gas because "it's dangerous."

LOL

I may be out of my element here but isn't natural gas one of the cleanest energy sources we have?

@Anurag Pulla First thing first, review your management agreement and see what it costs to terminate the contract. Many PMs charge an arm and a leg to terminate early. You may have to wait until the contract expires.

If it doesn't cost much AND your units are filled, I would highly suggest self-managing. If you have the time, it's a great way to save money and you'll get the best hands on experience.

It doesn't sound like they have any case against you. If you're abiding by the lease, you should be fine. Even if they are disabled (one of the most common excuses in my experience), you have the right to provide them notice.

@Alex Moazeni This is VERY common regardless of the housing authority. If you've already received approval of the increase, I would call/email them OFTEN unti you get confirmation that funds have been sent.

Often times, it takes their accounting departments several days, if not weeks, to process change payments. Good news is they will always send you back pay. It just might take a while.

@Sean N. For a tenant who has lived there for 28 years, I'm not surprised they're upset after receiving a 30 day notice of non-renewal regardless of the marijuana issue. It would have been wiser to have an honest and open conversation with the tenant letting them know you plan to renovate their unit or something of the like. Now, you've pissed them off and it sounds like there's a high probability they won't leave within the 30 days. So, yes, you will need a local eviction attorney.

You could have said, "Although you're on a MTM lease and I only need to provide a 30 day notice, I want to give you ample time to find another home. I'm willing to offer you 60 days to do so. I plan on renovating your unit and increasing rent." 

Now, you're in a situation that will most likely evolve an eviction which will inevitably cost you more.

Are posture and facial expressions a protected class? lol

I think you may be overreacting. If they pass all of your minimum qualifications, move them in.

Two accounts: operating and savings

I would be surprised if TX does NOT have commingling laws. Regardless, it's best practice to keep their security deposit in a separate escrow account. Don't touch it until they move out and it's time to provide their disposition. Use a separate operating account to collect income and pay expenses.