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All Forum Posts by: Bhaskar Upadhyayula

Bhaskar Upadhyayula has started 5 posts and replied 19 times.

@Sarah Auriemma your goal is to get started on REI path, by owning properties. I can think of couple of options in your situation.

1. As @Denis Ponder suggested, look into owning a duplex/triplex/fourplex and moving into one of the units. Downpayment comes from HELOC.

Advantage to this method: 
  a) This will become your primary residence and you'll get loan at lower interest rates (in current market).
   b) Due to economies of scale, you can generate more rental income in future, not now. You have to sit tight for couple of years.
   c) You can manage property yourself and keep the costs low.
 d) Part of the mortgage is paid for by tenants.

Disadvantages:
   a) The property you would be buying will be in higher range (>$500,000), which can add stress.

2) Since you own a ranch and if City Zoning laws allow converting your home from SFH to Duplex, you could do that and rent out the 2nd home.

Advantages:
  a) Lower cost of owning a "2nd home"
   b) Self managed, hence low cost.
   c) Overall cost of project may be MUCH less than $350,000 required to buy 2nd house.

Disadvantages:
  a) Well, there's another family on your ranch ... always.


NOTE: Whenever you take HELOC out, keep an eye out on interest rates. If you get variable rates, that can affect your calculations (and cash flow).

For more clarity, you should put your entire financials on a spreadsheet and model various choices you have.

@Michael P. haha. I would like to. Austin is super hot market now. That's totally different discussion. Any other ideas?

I own a 4-plex in Austin. Our tenants complained about noise, disturbances at night, illegal parking, parking in fire lanes and so on from tenants from neighboring 4-plex. We suspect it is one or two tenants from this 4-plex. One of my tenant did not renew lease due to noise and general trouble they make. My new tenant already complained to me twice.

I'm in touch with other landlords in the community. They heard similar complains about tenants from this 4-plex. We could not get landlord's phone number even after talking to their tenants. But we found mailing address of the landlord from Appraisal District website. That's all the info I have of the landlord.

I can ask my tenants to call police if there's disturbance/noise. But I want to make my tenants feel safe. What is right course of action here? Appreciate any advice.

Post: Tenant trouble in Austin

Bhaskar UpadhyayulaPosted
  • San Jose, CA
  • Posts 19
  • Votes 1
Originally posted by @Michael King:

Sounds like a lease violation. He's making meth, you say? You had a clause about drugs, right?

Yes, we have a clause about it in Lease. Definitely a violation.

Post: Tenant trouble in Austin

Bhaskar UpadhyayulaPosted
  • San Jose, CA
  • Posts 19
  • Votes 1

@Guifre Mora, @Brady Potts, thanks for input. We are aware of potential testing and cleanup costs. We asked for Police Report. It's unclear at this point if he manufactured or just distributed. Thanks for info about disclosing this with property. I'll look in to latest landlord laws.

Post: Tenant trouble in Austin

Bhaskar UpadhyayulaPosted
  • San Jose, CA
  • Posts 19
  • Votes 1

@Danny Webber thanks for response. To your question: "Was the lease a Texas Promulgated Form". I don't think so. Here's the situation.

1. The tenant (and his lease) is inherited from previous landlord. The lease form is from "Texas Association of Realtors, Residential Lease for Multifamily Property Unit"

2. There's a provision in lease that it'll become month-to-month after it expires and if we do not renew the contract. We agreed to do month-to-month until he gets his finances in order and/or end of March, 2020.

3. This incident happened before that. So, currently, tenant is on month-to-month lease.

4. The property is self-managed.

Thanks

Post: Tenant trouble in Austin

Bhaskar UpadhyayulaPosted
  • San Jose, CA
  • Posts 19
  • Votes 1

@Sandy Gabin, @Justin Abdilla Thanks for your response. I'll talk to an RE lawyer tomorrow and see next steps.

Post: Tenant trouble in Austin

Bhaskar UpadhyayulaPosted
  • San Jose, CA
  • Posts 19
  • Votes 1

I own a 4-plex in Austin, TX. Yesterday night, cops arrested one of our tenants. We came to know through another tenant that cops were on the property. Digging in to public records and calling police, we found that tenant was arrested for "manufacturing controlled substance between 4g to 200g".

Tenant was not trouble maker but here's the history:
1. He has been on month-to-month lease.
2. He has been on disability and collecting paycheck from government.
3. He has been late on rent multiple times, but would pay us with late fee.
4. He had personal troubles, but never bothered any tenant or us except for late payments.
 

Now, we want to evict him ASAP and make our other tenants feel safe and comfortable. He is currently locked up. We don't know what to do.

What are our options? Can someone suggest a lawyer in Austin who can help? 

Thanks.

Thank you @Nathan Gesner @Steve Rozenberg @Greg H.

These suggestions helps us become better landlords and better at managing the property/tenants. Much appreciated.

Thanks a lot @Joe Funari @Dennis M. @Jim Goebel

Very helpful tips and feedback.