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Updated over 7 years ago on . Most recent reply

User Stats

44
Posts
15
Votes
Greg P.
  • Dallas, TX
15
Votes |
44
Posts

Help! New lease / updates to existing lease in Texas

Greg P.
  • Dallas, TX
Posted

Hello,

New investor here.  I am in the process of purchasing my first property which has an existing tenant and lease in Texas.  I met the tenant, they seem nice enough.  However, I did notice there was a dog in the unit (current lease stated no pets), and it wasn't clear in the lease if smoking was or was not permitted.

The tenant also asked me if I planned to renew their lease ending early next year when I take over the property.

These may be very newbie questions, but here's where I am struggling:

1.  I would like to have a new lease created or addendums added.  For instance - I don't mind that there is a pet in the unit, but would want a deposit and rent for it.  

2.  The payment structure on the existing lease accepts any form of payment before the 5th of the month.  I would like to switch to an online only portal with payments being late after the first of the month.

3. Would like to analyze the current lease with an expert to ensure I'm not missing anything.

Does anyone have good recommendations of folks to speak with knowledgeable on Texas landlord/tenant law?  Specifically on updating agreements?  And does anyone have wisdom on what to do if an existing tenant is asking for a lease extension -- would you make them go through your screening process first?  Wait and see how they do and then talk about it 60 days prior to lease expiration?

Any thoughts or opinions would be appreciated.

Thanks!

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