All Forum Posts by: Robert Melcher

I would rather have a vacant property than an occupied one with a non-paying resident.

I can market the vacant one.

The other is a liability.

I want to step away from the specifics of Baylor and Waco to pose a question.  I have only a feeling from several years of property Mangement in DFW and now SA.  It seems to me that the dynamiic of leasing cycles is dependent on the economic environment of the area.  Corporate entities and transitioning professionals tend to follow hiring cycles based on corporate fiscal years.  They are moving 1/1 onward.

Others depend on school years, seasonal changes, and local (oil patch, harvest, etc.)  and they may move seasonally. Depending on the price point and region.  

The question is this: would a local property manager benefit a remote investor?

I prefer to list washer/dryer/refrigerator as items the landlord will not repair.

They are working when they take possession, if my client wants to include them.  

When I have a technician ( a professional) repair something like the microwave door, I ask them to list the cause of the failure as well, so I have a professional opinion if they say it was abuse.

Making tenants pay the first $X of service calls on your property is an invitation to disaster. How long will they tolerate that leak that's rotting out your cabinet bottom to keep from spending their money?  The whole lease?

In Texas, we are not required to pay interest on deposits.

When all is done, it comes down to enforcement.

Notice to vacate delivered on the first allowable day.

Filing for eviction on the first allowable day.

Paying for all charges other than rent, first, out of payments received.

Lastly, let them know they need to pay on time to avoid this blistering response.

Agree with @Tyson Hill on this one.  If the bankruptcy is not discharged, they are on the hook and income must be accounted for.  They have the means for a clean break and I would take a double deposit on a two-year lease in a second.

If you do commit, every roommate should be on the lease and every one should have a cosigner. I would also only do a year's lease, perhaps August to August.  If they move in late or leave early, you save on wear and tear and may have more make-ready time.

Other concerns would include long-term liabilities such as single/dual metering for water, gas and power.  Do you need to install separate service for each side? Even if the use is authorized, what do codes say about utilities, entrance and access? Fire safety?  If you have to make significant additions, it may not be a good deal.

If allowed and there is only one service into the property, be sure to include it in the rent (flat rate?) because one tenant will gripe the other is leaving the lights on and jacking their bill...

call the tenant network and give them the details.  You may not regain anything but subscribers will know she's a deadbeat if they use the service for screening.

I would recommend to my client that he take advantage of the month-to-month status to give them notice to vacate.

It sounds like they would be energetically ruining your new carpet from the start.