All Forum Posts by: Jeff Clawson

The TREC contract doesn't specifically address pro-rated rent, only the security deposit. If you expect the pro-rated rent, it should be written into special provisions and make sure it is included on the HUD. It's going to be very difficult to collect after closing.

"If the Property is subject to a residential lease, Seller shall transfer security deposits (as defined under §92.102, Property Code), if any, to Buyer. In such an event, Buyer shall

deliver to the tenant a signed statement acknowledging that the Buyer has acquired the

Property and is responsible for the return of the security deposit, and specifying the

exact dollar amount of the security deposit."

Fire Sale in North Central Austin ~ House Has Severe Fire Damage and Will Need a Complete Remodel or Tear Down ~ Large, Corner Lot ~ Prime for Redevelopment ~ Do Not Enter House ~ Interior May Be Inspected During Option Period ~ REO ~ Sold AS-IS ~ Utilities Will NOT Be Turned on ~ Seller does not pay for Owner's Policy, transfer fees, and recording fees ~ No Disclosure ~ No Survey ~ Contract Cannot be Assigned ~ Cash Sale Only ~ Submit Highest & Best Offer Only

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For non payment of rent, the eviction process is very easy in Texas. You must serve the tenant a notice to vacate. Then file for the eviction in the justice of the peace precinct in which the property is located. The clerk is usually very helpful if you have questions. Be sure to include a copy of the lease and the tenants ledger with the suit, if you have one. The constable will then serve the tenant the notice with their hearing date. My experience is that the tenants usually vacate voluntarily after being served and  prior to the hearing date if you agree to drop the case. But you may not want to drop it if they are severely delinquent. It is a slam dunk case with non payment of rent. I would never offer cash for keys for non payment of rent. 

hi Jason, 

Call me. 512-695-2425

Portfolio of 4 Single Family Homes Available in Lubbock, TX ~ $317,000 Package Price

Current Rents Total $3,190/month ~ Some Rents Can Be Increased

4610 44th St $96,500 Single Family 4 Beds, 3 Baths, 1,581 Sqr Ft, Lubbock 79414

4 bedroom, 3 bath home in Lubbock ~ sprinkler system ~ laminate wood floors ~ circular drive ~ walking distance to Stewart elementary school ~ currently rented for $995/month until 4/30/16 ~ 6.9% cap rate ~ excellent tenants

2804 37th St $60,500 Single Family 2 Beds, 1 Baths, 1,083 Sqr Ft, Lubbock 79413

2 bedroom, 1 bath home in Lubbock ~ currently rented for $705/month until 4/30/16 ~ 7% cap rate ~ excellent tenants

5424 45th St $74,500 Single Family 3 Beds, 2 Baths, 1,188 Sqr Ft, Lubbock 79414

3 bedroom, 2 bath brick home in Lubbock ~ vaulted ceilings ~ fresh paint ~ walking distance to Wester elementary school & CW Ratliff park ~ currently rented for $795/month until 2/29/16 ~ 6.2% cap rate ~ excellent tenants

3513 22nd Pl $85,500 Single Family 2 Beds, 1 Baths, 1,053 Sqr Ft, Lubbock 79410

2 bedroom, 1 bath home in Lubbock ~ walking distance to covenant medical center ~ currently rented for $695/month to month ~ zoned commercial and surrounded my medical offices ~ potential for redevelopment to medical office space

2 bedroom, 1.5 bath bank owned home near lake lbj in kingsland ~ 1 car carport ~ metal roof ~ large lot with storage building ~ covered front porch ~ needs some tlc

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I don't think that's a big deal. The austin market is on fire. It might not be blazing in November or December but it will still be warm. 

The biggest and most important thing that you can do to avoid this in the future is to thoroughly screen your tenants before signing a lease with them. Most professional property managers do this, so yes hiring a professional property manager could help you avoid this....

I think you are better off selling and reinvesting into two $150,000 houses that will cash flow better. 

Bank Owned Home in South East Austin ~ Available For Investor Purchase ~ Needs Complete Rehab ~ 3 Bedrooms ~ 2 Bathrooms ~ 2 Car Garage ~ 1,080 sqft ~ Built in 1979

$84,900

5724 Palo Blanco Ln

Austin, TX 78744

This property will be listed in MLS with the next 24 hours ~ If you would like a jump on it before it is listed, please call Jeff @ 512-814-6374