All Forum Posts by: Betty Cruz

Hello San Antonio BP landlords! I've got my first renter and have received her application, ran it through the TransUnion credit check service, called her current landlord and spoken to her employer. Everything checks out great. So... we have agreed on a rent amount ($1350) and my question is how much do I charge for everything else? 

Pet fee (she has two dogs). Is it deposit or just a fee. Does she get it all back after her lease is up or only part of it?

Deposit? I suppose it will be one month's rent. Is this refundable as long as the place is in good shape when she leaves?

Late fees. I hope I never have to charge this, but should I communicate $50/day late fee or what is the rate in San Antonio?

Thanks for any input.

So I finally did it. For months I have pressed everyone I could find who was doing this stuff to learn as much as possible. I longed to "just hang around" people actually doing it. So that's me now. And I want to welcome anyone who has the itch to just come forward and watch as I jump in to this adventure. I have two houses - one I'm preparing to rent and the other will be a complete rehab. I've jumped in....

Awesome post and thanks for sharing. I think it takes a lot to put yourself out there and expose your successes and failures. But I appreciate it because it provides lessons and confidence for others. I will do the same when my deal gets down!

@Seth Teel - The seller wants me to commit to paying more for the house so that he can make the repairs. Not sure about that and how to structure the wording on the contract. I'm going to PM you. I thought I did yesterday from my phone, but it doesn't look like I sent it out. Thanks!

Thank you so much @Seth Teel - those are all excellent suggestions. It is a conventional loan and my realtor says this type of demand for repairs is atypical. I did get a more official list of things needed and it could be more extensive than I originally understood, so this will take some negotiating. I'll let you know how it turns out. 

@john 

@John Teachout Google this - fheo-2013-01 - for HUD information. They are correct that you cannot charge for service or emotional support animals but they must have documentation.

Hi BP friends, I'm looking for some suggestions. I have preliminary information about the appraisal on a rental house I'm trying to buy in San Antonio. It looks like the bank is going to require some repairs before lending on the property. What usually happens in this case? We have already agreed on a price which was lowered by 10K off the list price because of repairs that needed to be done. If I can't get financing because the repairs need to be done, it seems like a catch 22. How can I fix the property before I own it? My realtor says he doesn't have experience with something like this. Is it common to go back and ask the seller to do the repairs so that we can continue with the sale? I don't think it will be more than about $2000 worth of work. Thanks for sharing your knowledge and experience.

Thank you @Daniel Gipp - that's a good point. 

@Aaron Mazzrillo. Excellent points and I appreciate it a lot. I did walk and fortunately was able to do it within my option period. You are right that I am looking for advice on this one "messy situation" because a huge number of houses in San Antonio were damaged with hail last year, so I was hoping there was someone in this area who might be able to give me advice or an idea or strategy I hadn't thought about to help negotiate this issue as I feel I am going to encounter it again. In fact, I have a contract on another property as of yesterday and I am starting out day one of option time asking the seller about possible hail damage situation. On the last house, I didn't know the issue until the last day of my option period. 

@Ted Woolley. Hi Ted, would you mind sharing your real estate agent? PM me. Thank you!