All Forum Posts by: Vincent V.

@Couryn Beleck - checkout IRA Club or Quest IRA. I used IRA Club and it works well for me. I mainly lend money from my account.

Good luck.

@Ashley Hodge - You have a month to month so all you have to do is issue a non-renewal notice. The tenant have 30 days to vacate the premise from the day you posted the non-renewal. It’s that simple. Good luck.

@Joseph Gambino - don’t deduct the repair from deposit, bill the tenant to be paid upon receipt so you don’t lose leverage if other issues come up in the future. Also, check your lease agreement and see If It has clause stating that payment will be applied to fees or repair caused by tenant or tenant’s guest first then balance apply to rent if so, you can always evict for short of rent. Good luck.

Shray Goel You might want to check and see if you got Home Warranty when you bought the duplex. Most TREC Contract includes a one year home warranty at seller’s expense unless you specifically op out or take cash instead of the insurance. If you do, put it to work. $12000 to replace 2 systems seem excessive unless you go for top of the line 16+ SEER 4+ tons system. Pick one with price vs value balance. Good luck.

A wiseman told me, “Give to charity but never become one!” Enough said, you decide what you want to do.

Beginning this year, you can take out a HELOC in Texas up to 80% of FMV subjects to first mortgage, of course. That’s it, total loan amount can’t exceed 80% of appraised value. As far as I know, you’ll have to do a draw and deposit into your checking account then write check. I setup my HELOC with RBFCU in January of this year @ 80% FMV with minimum draw amount of $1K/draw. Closing costs are kinda high with ~$300 appraisals fee plus title insurance north $2K. Good luck!

Check you local property code. If the duplex is currently plat and recorded as a duplex or a single parcel, then you’ll have to re-plat and record as 2 half-duplex or parcels with the county then you can do it as others had suggested. Good luck!

Have you try cash for keys? Offer her x amount if she moves by y time and z date. Say $500 if move out in 5 days, $250 if move out by end of month, etc. You can get her under a m-to-m lease like others suggested and then follow the terms of the lease to do what you need to do. Get up to speed & date on your state’s tenant/landlord laws. Good luck!

It’s all boiled down to your risks tolerance and setup your structures accordingly to mitigate those risks so that you can sleep like a baby at night. You’ll need to separate your risks and assets into different LLCs such as an operating and a holding LLC; the holding company holds title to your rentals only & does biz with no one (low risk) while the operating company owns nothing but manages the rentals, sign lease, collect rent, do repairs & maintenance, etc. (high risk activities). There’re so many different ways you can setup to protect yourselves but there is no such a thing as full proof. These structures helps to make you appear as a hard target and would be litigant moves down the road to the next easier target. Good luck!

Get a contract sign and find a title company to handle the closing. Don’t give earnest money to the seller give it to the title company. The seller is paid by the title company once the transaction closed and title transfer. Good luck!