All Forum Posts by: Peter M.

How many do you have? Was this PM company neglectful or are you just trying to save the money? If it is the latter, the PM company should be professional about it. Tell them a month before the contract is done that you will not renew and to turn over all leases, security deposits, and maintenance records. Send a letter to the tenants explaining you are the new manager and how to make rent payments. Ask the PM company (before you fire them) if they have already contacted the tenants about renewing and if so, what has been agreed to. 

I'd do it after the 2nd time if its the same month. If they are repeat offenders a couple days late, late fees suffice for me. 15 days late twice, move out. 

I had this happen recently (Ill pay by the 5th...Ill pay by the 12th...) I felt something was up so rather than go to court I told her is she was out by the end of the month and left the place immaculate I wouldn't file for eviction. Any damage or I didn't get the keys back by 11:59 on the 31st and I would file. Better than "cash for keys." I call it, "Get the hell out and I won't ruin your credit" lol

Have them pay the water bill and put it in your lease that pools are not allowed without permission for next time. Make them sign the liability waiver but that will mean practically nothing if someone drowns so just make them pay any increase in your insurance bill because of the pool. 

As long as all of your rentals are cashflowing they should be able to weather the storm as long as rents don't drop too dramatically. Anyone who is holding houses that are negative cashflowing but being supported by other cashflow streams would be wise to get rid of those while the market is still high. 

Doesn't seem like that great a deal for 6 units that rent in the 500s. You will have high expenses on something that old and that low of rent. 1-2 miles makes a big difference most of the time. I wouldn't be too concerned but why are you calling it C-class? If you don't have the DP, it really going to be a tight deal. 

You probably aren't doing anything wrong, Texas is just expensive right now and everyone knows it-sellers, agents, banks, buyers. If it is on the MLS (which means it's on realtor.com) people are listing for top dollar or higher and hoping to get bites from out of state investors. Most deals are off market. If you find one you like just figure out what price would make it worthwhile and make that lowball offer.

If you are trying to cut costs just don't to it unless it is necessary. Crown molding-No, garbage disposal-probably yes unless there is some major re-plumbing you have to do, exposing/pointing brick-keep it covered with drywall,  if this is exterior brick veneer then ya you probably need to clean it up for better curb appeal. 

Some banks will allow you to sign a personal guarantee to finance with the LLC. Otherwise after the sale is complete you deed the property into your LLC. The note and deed of trust or mortgage stay in your name but the LLC has ownership and makes the payments. Banks generally will not exercise the due on sale clause as long as the note is performing and you own the LLC.

Usually the MLS will give you the option to populate onto those other sites (depending on your area) so people searching those sites will see both and go for the cheaper one. Most renters will look at zillow/trulia and others before the MLS. So although I don't see any issue with it, I don't really see that much benefit.

Yes it would normally be considered cash. That question is usually used to determine if there will be a financing contingency in the contract. If you want the contingency in there you could write the contract dependent on getting the HML but if you already know the lender and know that he can close the deal you can make it a cash offer with a quick close.