All Forum Posts by: Robert Melcher

I can't speak for Illinois, so its best to consult and attorney on this matter. However, in order to initiate a "rent strike" and not pay rent, at least in Texas, there are specific notification and response windows that have to be met (by the tenant) and failed (by the landlord) before the tenant can take any of this action.

If you have your requests and invoices for the efforts to remedy the situations, if the issues named were never reported, and If the report appears retaliatory in intent, you're probably in good shape.

If you can find a market with $130K SFR and a commercial lender who will loan 75% LTV, figure roughly $40K per property for 25 properties. With debt service, maintenance, PM, and taxes, you'd still be double that if you average $1200 rents.

And that's retail with no rehab.  If you go wholesale and rehab with a reasonable equity capture, you could do more.

We do. Our focus is SFH, but we manage 5700 right now. PM me if you want to talk.

Phil and Gail got it right, i think.  rent abate during repairs, if they want to stay. if they don't, tell them to get their stuff out ASAP so you can do repairs. If they abandon their things, get them to say so in writing, let them know they are responsible for removing them, and then use the deposit for the haul-off if they don't.

@Spenser Murphy I'm in the same boat. San Antonio is appreciating still at 10-11% so its a strong seller's market.

You have to find a mongrel that's a greyhound underneath.

Be very through and very conservative (think high) on rehab and startup costs, and get to know a good local inspector.  I know one if you're interested.

@Wesley W. Spot on. Always separate the lease from from any work.  Next thing you know, you've got all sorts of "repairs for credits" and no rent.

@Jason Lee several questions come to mind:

I'm trying to get my head around "why?"

If you want to be sure you're covered, whay not have the lease on your house so that they pay you, and you handle the apartment payment.

lastly, is that really your name, or are you pulling Jack's leg?

That person is trespassing if the property has been surrendered.  I'd call the police.

I recommend starting at the NARPM web site to find one.  I like to think I'm the champ, but there are other good ones out there.

Machele, ONEprop does have an office in Atlanta. I have asked our branch manager/broker there (Travis Hughes) to contact you. Good luck!