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All Forum Posts by: Anna Dube

Anna Dube has started 5 posts and replied 9 times.

Post: Need help finding a Real Estate Attorney in Houston

Anna DubePosted
  • Investor
  • Portland, OR
  • Posts 9
  • Votes 2
Hi BP, Does anyone know a good real estate attorney in Houston? The sewer backed up in the house I have rented and the entire first floor bathroom, bedroom, living room, and garage need remediation. I'm thinking of asking my tenants to end the lease early so that we can get in to do all the restoration. Also, technically they have failed to comply with the lease by smoking on the property. I need help understanding what are my responsibilities and how I can possibly terminate the lease early. Thank you, Anna

Post: Landlord responsibility after sewer back-up in Houston

Anna DubePosted
  • Investor
  • Portland, OR
  • Posts 9
  • Votes 2

Hi,  

I'm looking for general guidance on an issue I'm having at a rental property in Houston, TX.

Summary of the issue:

I have a three story (3 bed, 3.5 bath) SFH rented to 3 roommates in Houston, TX. The property is less than 3 years old and last night the sewer backed up into the 1st floor bathroom. Standing water seeped through the bathroom/closet walls into the garage, bedroom, and 1st floor living room (~500 sq ft of living space). The tenants called Roto Rooter to get a plumber out to the house. All drains were working properly so the plumber didn't snake the lines but then they called out Roto Rooter Restoration to begin the water cleanup/dry out/restoration. A neighbor three houses down called another plumber that did snake the line and he cleared a blockage as it tied into the city line but said that there is another obstruction going the other direction that they are putting a camera on tomorrow. All the houses were built at the same time and from what I've heard they are all tied into the same line into the city line. The same neighbor's house also flooded but the bathtub contained most of the sewage. I talked with Roto Rooter and another restoration company and am getting different advice so I'm hoping the BP community can help me sort through it. My insurance doesn't cover sewer back-up. Both restoration companies say that the insurance-level restoration would be extensive and require removal of all hardwood floors, baseboards, and drywall up to 2 ft. One restoration company is also recommending removal of all tile flooring and the tile shower. This same company says the tenants should not be in the house until all contaminated material is removed. The other company says that due to the anti-microbial spray that has been applied and the drying fans and dehumidifier that are currently running that it is safe for the tenants to be in the house. The tenants are currently staying at a hotel.

Questions I have:

1 - What are my responsibilities as a landlord to pay for hotel rooms until the contaminated material is removed?  What about providing a hotel room to the one individual that would be without a bedroom through all the extensive restoration? Does tenant / landlord law for Houston specify responsibilities for flooded home / sewer back-up?

2 - Is it safe for the tenants to occupy the house?  The stairwell is open to all three floors so this is why one restoration company says they shouldn't be in the house until all contaminated material is removed.  The other company says that it is safe to be in the house but that the individual should not sleep in the first floor bedroom while the fans/dehumidifier are working because it's noisy and warm. 

3 - Does anyone have experience with sewer back up and have a recommendation of how extensive the restoration needs to be?  Should I pay the 5k+ out of pocket to remove all flooring/drywall etc to remove all material where moisture has been present?  Should I make a call somewhere in between  removing obvious damaged materials, work to dry out walls and floors, and hope that I got enough that mold doesn't become a problem later.

4 - What liability am I opening myself up to if I don't do the insurance-level restoration?  I plan to sell the property at the end of the lease in 5 months.  If the buyer finds mold at a later time, can this come back on me?

5 - Given the extent of the damage/restoration needed, I'm considering trying to get the tenants to agree to end the lease early. Does anyone have any advice on what extent of concessions should I agree to?  For example should I agree to cover one month rent? What does tenant/landlord law require for early termination on my part?

6 - Does anyone have recommendations for real estate lawyers or anyone else I should talk with to understand my responsibilities and liabilities?

Thank you for all the help and advice,

Anna

Post: Refinance and transfer ownership

Anna DubePosted
  • Investor
  • Portland, OR
  • Posts 9
  • Votes 2

Thank you to @Chris Mason and @Cha Yang

I'm meeting with an Estate attorney next week with my parents to figure out the impact to the estate and then will go from there.

Thanks again!

Post: Refinance and transfer ownership

Anna DubePosted
  • Investor
  • Portland, OR
  • Posts 9
  • Votes 2

Thank you @Chris Mason.  The seller in my case is my parents.  Good news - they just want to set out of the loan and out of the property.  Bad news - I'm currently unemployed and without W-2 income, I'm told I am not able to qualify to refi the loan.  I can however pay cash to pay off the loan.  It's worth $400k and they owe $175k.  Should we try to refi the property with both my parents and me on the loan and then quit claim it solely in my name?  Or can it be quit claimed once the loan is paid off?

Thanks,

Anna

Post: Gifting Property / Transferring Ownership

Anna DubePosted
  • Investor
  • Portland, OR
  • Posts 9
  • Votes 2

Hi!

I'm interesting in learning how a property can be gifted or transferred.  I'm assuming I'll need to speak with an estate attorney so I also welcome any recommendations for one in Washington state or Texas. My parents own a secondary residence in Bellevue, WA.  They no longer have a need for the property but I am interested in adding it to my portfolio of rental properties.  The property is worth $400k and they currently owe $175k.  I've checked that there are no penalties for paying off the loan early.  I'm thinking about paying off the loan and then working to get it transferred into my name.  Any suggestions on how I can do this?  My sister and I will eventually inherit all of their property so I'm wondering if there is a way to gift the current equity.

Thank you in advance for any advice or recommendations.

Anna

Post: Refinance and transfer ownership

Anna DubePosted
  • Investor
  • Portland, OR
  • Posts 9
  • Votes 2

Hi Davit - I have the same question.  Did you an answer or some advice?

Thank you,

Anna

Post: Moving into rental property as residence after capital upgrades

Anna DubePosted
  • Investor
  • Portland, OR
  • Posts 9
  • Votes 2

Hi BP Community!

I'll try to be concise in my question while providing enough detail.

I just completed upgrades (new vinyl plank flooring, purchased washer/dryer) for my rental property while I'm between tenants.  Any as luck would have it, I now find myself between jobs (between careers really) and I can't qualify for a personal residence until I'm employed again.  So I'm thinking about moving back into my rental property instead of renting another place so that I can move back to Portland and hopefully start a new career.

My question: How long do I need to rent out my property after these upgrades and other maintenance work to be able to take them as a deduction on my taxes before I can move in for 6-12 months?  The long term plan would be to move out again after I'm employed and purchase a home and return this property to a rental.  I don't plan on selling it any time soon.

Thank you,

Anna

Post: New Member invested in Portland, OR starting books on properties

Anna DubePosted
  • Investor
  • Portland, OR
  • Posts 9
  • Votes 2

Thank you to @Daniel Hyman and @Matt Garboden for the responses regarding QuickBooks. Do you have a recommendation on how to get started with QuickBooks? Should I find someone to set up the accounts and then teach me how to do the entries? Do you know anyone that does this work? I'd like to learn it myself so that I understand it better but am concerned about the learning curve and getting everything correct.  The more I look into it, I'm not sure which version of QuickBooks would be best, online vs desktop, Self Employed vs Simple Start, etc. 

@Wade Sikkink - I'll have to look into www.alcalo.com

Post: New Member invested in Portland, OR starting books on properties

Anna DubePosted
  • Investor
  • Portland, OR
  • Posts 9
  • Votes 2

Hello!

I'm new to the Bigger Pockets community and look forward to learning a great deal from all of you! I've owned a rental property outside of Portland, OR for 10+ years but I was more focused on my career than on making it a profitable rental. Now that I'm between jobs, I'm becoming more involved in my properties.  

I would like to start keeping books on my properties vs having their financial information buried in my personal finances.

My questions for the community:

1) If my goal is to eventually seek financing from others and therefore I will need P&L Statements and other reports on my properties, what software should I use - Quickbooks, Buildium, etc?

2) For a complete view, should I attempt to recreate the last 10 years in my books or start from this point forward?

Thank you for the advice!

Anna