All Forum Posts by: Ronald Rohde
Ronald Rohde has started 17 posts and replied 5108 times.
Post: Looking for a team in Houston

- Attorney
- Dallas, TX
- Posts 5,329
- Votes 2,254
A duplex should give you that with 25-30% down.
Post: Tenant in default in Texas

- Attorney
- Dallas, TX
- Posts 5,329
- Votes 2,254
Originally posted by @Jim Cummings:
@Harsh Singh. YOU CAN DO THIS YOURSELF - DO NOT NEED AN ATTORNEY!
YES - Texas has very Landlord Friendly Laws.
Your best option is to take the matter to Justice Of The Peace (JP) Court in the JP District in which the property is located. Make a Claim for whatever rent is owed, and any damages to the property. Most likely the JP will allow you the back rent and damages. Some will allow you to add Late Penalties, others won't. Total amount of Claim CAN NOT Exceed $10,000.00.
You can Sue Tenant(s) for the Monies owed. JP will most likely issue a Default Judgement in your favor. You can record the Judgement in County records and file with Credit Bureaus - Not sure how to do the filing with Credit Bureaus. Constable will serve the Notice of Suit, if you can tell Constable where to find the person(s). Constable will probably make 1-2 attempts at Service, and that's it! It's a Civil Matter, so NO real out of ordinary action will be taken to serve the civil suit. Your real difficulty will be in collecting anything from the Tenant. Don't think Texas law allows you to Garnishee Wages for payment of Back Rent.(I Could be Wrong!!) .
If you file with County Records and credit bureaus, and you're lucky, one day in future, the person(s) will attempt to buy property, auto, etc, and the judgement will show up on their file. At which time they may need to clear it up before can proceed with the purchase. And, if you're luck you may finally, receive some of the Monies owed.
Best Action is put your property on the market and get it rented again.
NOT LEGAL ADVICE!!
No need to shout here. If the amount outstanding is greater than $30-50k, I would hire an attorney because you can garnish bank accounts, file notices and liens, depending on the credit of the tenant they will eventually settle rather than declaring bankruptcy over such a small amount.
Post: book suggestions for apartment complex

- Attorney
- Dallas, TX
- Posts 5,329
- Votes 2,254
Originally posted by @David Morehead:
Thanks everyone for the awesone advice. I really appreciate it. Ill let everyone know how it goes. BTW closing soon on our first property for a flip. Looks good. First one is the most important right!!!
Good luck!
Post: analyze commercial deal please help Under Contract

- Attorney
- Dallas, TX
- Posts 5,329
- Votes 2,254
I would suggest finding a local trusted broker or attorney who can advise on specifics for a fee.
Post: Passive syndication investment vs other REI options

- Attorney
- Dallas, TX
- Posts 5,329
- Votes 2,254
Originally posted by @Scott Price:
Thank you everyone for the responses! It does help me sort out things as I weigh out my options.
I think recourse and liability are also important. If something goes wrong and you lose your principal, blame the fund. Buying physical assets is unlikely to lose principal unless you're over leveraged...
To me, the control is more valuable with direct investments, passive investments are for later in my career.
Post: S-Corp is it worth it?

- Attorney
- Dallas, TX
- Posts 5,329
- Votes 2,254
Hi Garrett,
Happy to discuss your asset protection goals. As others have mentioned, S corp is for tax purposes we can discuss the salary vs dividend analysis. LLC or trust mechanisms would probably suit your needs better.
Post: security deposit question

- Attorney
- Dallas, TX
- Posts 5,329
- Votes 2,254
As a FL attorney, be sure you comply with all the ch 83 regulations. Regarding interest, return notice, etc.
Post: Amazon eyeing another big shipping hub south of Dallas

- Attorney
- Dallas, TX
- Posts 5,329
- Votes 2,254
Originally posted by @Ryan Blake:
Now if we can just talk them into moving the new HQ building to DFW...
Without all the tax incentives?
Post: Attorney Needed For Setting Up Texas Land Trust

- Attorney
- Dallas, TX
- Posts 5,329
- Votes 2,254
Jerel can do a great job. If he's unavailable, happy to chat as well.
Post: Office building - ugly?

- Attorney
- Dallas, TX
- Posts 5,329
- Votes 2,254
I wouldn't care about the appearance. Who owns the other two? Underwrite a purchase for all 3? Thats where 1+1+1=5 with your paint and energy applied!