All Forum Posts by: Rebecca Clark

My father passed away in May and my sister and I inherited his home in Cleburne.  We would like to sell it to an investor.  I haven't crunched the numbers and don't know a lot about the house or the area because I've never lived there.  Is this something I can post on the Marketplace?

I'm pretty handy and can figure out most things if I have the time. But with my rentals I don't feel I have the luxury of time and/or trial and error. So I hire that work out. My husband suggested I start doing repairs and small upgrades around our house to learn more. I think it's a great way to learn. Now I just need to pick my first project... Good luck!

Please keep me posted. I'd love to hear how this shakes out.

Erik Drentlaw this is a very unique situation and it sounds like they need professional help to figure it out. Or that they shouldn't tell the bank she is in a nursing home permanently. There has to be a solution to this (for them) as I am sure this is not the first time this has happened. As far as submitting your offer to the bank when they notify, sounds like a good plan to me. Good luck!

My father is on Medicaid in Texas and I handle all of his affairs. It is my understanding that the house can not be sold while she is on Medicaid. If it is sold it is then considered an asset and she will not be eligible for Medicaid for a certain amount of time. Not sure if this is your problem to deal with or not. But just be aware that this deal may not go the way you want when the children figure it out. Hopefully they are working with someone (an attorney, social worker at the home) that will advise them against this. Otherwise she will have to be private pay and the burden falls on the kids.

Check attic and other areas for cut electrical wiring. We just bought a short sale that was vacant for two years. Vandals had gotten in at some point and cut all wires in the attic and stole the copper out of the a/c. We had to completely rewire the house. Not cheap. If you move forward with the purchase you will want to turn on utilities for inspections.

Hello, I am a new buy and hold investor and this is my first time to post so please forgive me if I don't do something right.

We currently have a house available for rent that we have marketed locally on FB, Craigslist, etc.  for about a week now.  Do not have it listed with a realtor yet.  I have had several parties contact with interest but only one family has come out to see the property.  They love it and want to sign a lease ASAP.  Now here is where it gets sticky.

1.  They are selling a home and building a new one.  So they would live in the rental while their new house is being built (builder says 7 months from foundation being poured).  They have asked to sign an 8 month lease at full rent price and then go month to month with a 30-day notice at which time they will pay an additional $50 month.  

2.  They wouldn't move in until March 20.

3.  All of this is contingent on the current contract on their house closing as planned.

I am unsure how to best handle this.  On the one hand, they are the only applicants so far.  On the other, if I keep my house off market and then something doesn't work for them and they pass I am SOL and have to start all over.

They have already filled out an application (which looks GREAT and I am confident they would be great tenants).  I told them we wouldn't move forward until their option period is over.  

Solutions I am considering:

1.  Upon execution of the lease (after option expires on their home), they provide deposit, half of which will be nonrefundable if they have to cancel the lease before moving in.

2.  Hold tight, accept other applications and decide which applicant is most advantageous.

3.  Move on completely and tell them their timeline just doesn't work.

Appreciate any and ALL advice including options I am not thinking of.  I HATE the idea of letting them go only to not find another great tenant.  But would also like to start collecting rent ASAP.  Thanks!!!