All Forum Posts by: Vincent V.

Sounds like you're willing to catch up the first and pay off the 2nd to take over payment of the property so offer the 2nd start @ 5% of their outstanding balance to release the lien and not go after your seller for the deficiency then go up from there.

This is just an idea, create a trust naming you as beneficiary and deed the condo to the trust. Your grandparents are initial trustees, resign and name you trustee as soon as the trust is funded. Talk to your legal and tax advisor.

Are you qualify to diagnose your tenant health being? If you're not, don't make it harder on yourself than it needs to be. If she's on a month to month, send her a none renewal notice ASAP. If she violates the terms of the lease, send her a notice to cure the violations or vacate the premise by xyz date. Evict her for the right reasons not because she drives you nut. Your words might be used against you. Good luck!

@Destiny Bowen - Sorry to hear what happen.

1. See if you can get the PM to give you a written itemized deductions from deposit of tenant moving out at the end of July. Fire the PM anyway. If s/he refuse, tell everyone you know what kind of service you got from that PM including your fellow investors on this forum.

2. Fire your realtor also - s/he didn't serve your interest very well in this transaction. s/he should have known and guide you to ensure all those problems you're facing now  are taken care of as well as settle deposit and prorated rent at the closing table.

3. if the other tenant want to move, she needs to give you a 30 days written notice per the term of the lease agreement. You can make it as difficult or easy as you want. I would simply let her go then advertise and get new tenant in who meet your criteria and charge market rent. Deduct any cost of repair for damages from her deposit, use a 3rd party repair person so you get an invoice as written proof.

4. The tenant already left, you still can deduct any cost of repair for damages from his/her unit. Make sure it's itemized and in writing hence 3rd party repairman's invoice.

Instead of stress out and upset about this, cut your losses and start with a clean slate. Consider the costs of cleaning the slate as your tuition. Good luck and happy investing!  

You can register your LLC in Texas but you'll also have to register your Texas LLC as a foreign company in the state where you do business or to hold rentals.

In Texas, it's a Quit Claim Deed.

It's better to do that with a title company and get title insurance to ensure you get clear title.

@Shal Patel, I agreed with @Greg H. that you should enforce the terms of your lease agreement. In Texas, HVAC repair doesn't constitute an emergency and if I recall correctly, you have 5-7 to repair per Texas Property Code. Here's a link to a TAMU's Texas Landlords & Tenants Guide @ https://assets.recenter.tamu.edu/Documents/Article...

Good luck

Start the paper trail and send your tenant a Pay or Quit Notice demanding payment for short rent. Outline how you applied his/her last payment and how you calculate the short rent amount. Look at the Lease Agreement and includes a reference to the section outlining how the money received are applied (Section 8 - APPLICATION OF FUNDS if using Lease Agreement, TAR-2011 FORM). Give the tenant a deadline to pay or quit then start the eviction process when the deadline is up.

@Mushtaq G., it's probably too late for you to get home warranty now since your system is already breaking down. it's best for you to get in touch with @Joe Funari for his referrals and talk to his guy too see what your options are and decide what's best for you. Fixing a leak for $2500 is more than half the cost of a new system. You might want to ask his guy about what you need to cool the house below 78 Deg. F on a summer afternoon. I recently replaced my old 2.5 ton & 30+ years old system with a 3 ton 14 SEER for ~$3.2K. My tenant continuously complained that the AC is running continuously, can't cool the house below 80 Deg. F and his/her utility is more than double so in their mind, the AC is not working and to me it's on its last leg any way and I budgeted for it. With the new system, the house is easily cooled to 74 Deg. F 

Don't let this discourages you, once this done, it should last at least 10 years and tenant stops complaining is priceless.

Good luck!