All Forum Posts by: Mike M.

Michele Fischer I don't want to hijack this thread but I'd like to hear about your next steps in vetting a tenant where the SS# is flagged. If the number is older than he is it may be an open & shut evaluation, but I'd still be interested in your resolution.

Where's it at again?

Consult Chapter 24 (99%sure) of Texas Property code. I believe your notice will be effective 8/8. If you attempt to evict on 9/8 and tenant has had two weeks of "notice" his lease is up, he may get some sympathy from the JP. Could be a tough sell. If it has to be vacant on 9/8, time is of the essence. A couple things: 1). No phone number for the tenant? Can you review the lease and contact references or someone who may know him? 2). When you get ahold of him, offer cash to be out by 9/8. Amount TBD based on yours and his needs. If you don't need it by 9/8, give him 4 weeks as soon as you get ahold of him. Hindsight is 20/20, but next time if give the tenant a call first. They'll likely be mad either way but this approach (phone followed by certified letter) worked well for me.

Subject 2 or seller financing. Auctions and short sales are generally all cash. Hard money is not a long-term solution. Private money is unlikely to be but with the right lender could be possible.

My opinion, for what it's worth: The existing gross rents to purchase price spread is what I would consider low for a duplex - expect cash flow after credits for maintenance to be thin. The 3/3/2 arrangement seems to be overkill for a duplex, especially the third bathroom. I don't know your market price points but I would be concerned with demand when the tenant base will be a family and your property will compete with SFRs. Nine years old means you are 40-50% of expected life on roof and HVAC. If you could turn the 3/3 into a per-room rental (ex., college roommates), I believe you could squeeze more rent out of it. Likely more management headache as well. It's easier to recover from a small mistake than a large one, as you've somewhat already insinuated with your concerns about price and money down. Good luck!

I've got a form for tenant-funded property upgrades but I've yet to use it and see now it needs some work. I wouldn't allow my tenants to do the work but I'll let them pay for my handyman to do the work. Can you go that route or at least split the cost of the upgrade with him?

I've never heard of a coon or squirrel making wire disappear. You'd see some chewed wires and perhaps a dead animal but of complete runs are missing, your tenants are copper thieves.

I've got a few dollars knocked off assessed value on my personal residence by putting together some $sqft comps based on recent sales and talking it out on the phone. The last two rentals I've bought we're roughed up and all the county required was the HUD-1 for an adjustment - for 2015, of course :). So we'll see how true to their word they are next year.

I'm no expert, but have used $500 cash for keys on the last two purchases with tenants-at-will. When the writing is on the wall anyway, that $500 helps them with moving costs, deposits, rent, etc. Both got me the property two or so weeks earlier and I think (impossible to prove) it helped mitigate damages to the property as they were on their way out.

You cannot find a buyer (more correctly, represent the seller) in a transaction you have no legal interest in unless you are licensed. You'll have to put it under contract and assign it to another buyer. There's plenty of info if you search "wholesaling". Good luck!