All Forum Posts by: Jonathan Taylor Smith

@Andreas W. - No, I do not think your reading of the law and sending the 10-day notice on the 2nd is wrong, as rent IS due on the 1st and therefore late on the 2nd. However, I personally think that handling sends a confusing message to send/post a 10-day pay or quit notice on the 2nd, when the tenant knows (and the law is) they have a payment grace period until the 5th, and you cannot charge a late fee until the grace period is over. I want my 10-day notice to instill a sense of urgency and dread, and I want them to know that they are now in violation of the lease and at risk of eviction, non-lease renewal, or a higher rent increase if still renewed. I feel that impact would be lost if the 10-day notice is just a regular occurrence that comes every month on the 2nd just so that you can get a 4-day jump start on the process.

@Derrick Quals - In 2019 I bought a lake house, which was proceeded by a few years of watching both Lake Front Bargain Hunt and Lake Front Bargain Hunt Rehab. Both of which are among the many FAKE property rehab shows; however, it was none the less inspiring. Now I'm watching Beach Front Bargain Hunt - so that's a coming purchase for me!

Hello @Jasmond McArthur - Many online resources like Zillow can give you wide-ranging idea of what the property might be worth if rehabbed. However, the best method would be to get with a local Realtor to have them pull comps of nearby similar properties that have sold within the last 6 to 12 months. Then if the comps suggest you'll have good equity post rehab, that might be the way to go.

No problem @Ismail Sogbaike - as you get into this, just make sure you always do what you say you're going to do. That will aid you in all sorts of ways, including eventually getting private lender funding for your deals. But to your original question, if you get an owner-occupant loan and actually plan to live in the home, and then some time into that, something happens to require a change of plans (legitimately) - then that is another matter that you can discuss with the lender at that point.

Are you asking if it is ok to commit mortgage fraud?

@Ram Maharjan, first - research TX landlord / tenant law so that you know how to properly handle notice requirements to proceed on to eviction. I'm in NC, and here we must provide a 10-day notice (demand to pay or vacate) as early as the 6th, which is the day we can post a 5% late fee, as the 1st through 5th is the payment grace period. I ALWAYS post a late fee and send the demand notice on the 6th, so that I can file for eviction by the 17th. Knowing this, it is exceedingly rare that my tenants have not all paid by the 5th, and for the few that are late each month, they always pay by the 16th. If they know you are professional and serious, you magically avoid most problems.

Second - what does your lease say on such matters as late rent? For example, my lease says that repeated late rent payments will likely result in lease non-renewal. But that if renewal is offered, it will be at an additional 5% rent increase beyond whatever would have been the increase amount anyway. I figure if they're okay paying a 5% late fee each month, then I should make that the new base rent + the normal annual renewal increase. I cover this in detail with the tenant going in, explaining that I do not want their late fee - I just want on-time rent payment.

Lastly, might your former co-work have any influence on their daughter here? If not, follow the TX process to get to an eviction ASAP.

Good Moring @Romel Mayorga - I've been to Salisbury many times visiting a family friend who lives there and attending some events; however, I'm not sure of the housing, schools and medical job opportunities there, as I've not researched the city lately. Salisbury is in the direction of Greensboro from Durham and is about a 1.5 hour drive if I recall correctly.

I'm a Realtor, and I cover both the Triangle and Triad markets. DM me with details of how I can be of assistance.

@Jordi Valado - I would say first and foremost, get to know the people and processes of your local housing authority that you'll be working with to accept the rental vouchers. I work with 3 different agencies, of which 2 are relatively easy to work with, but 1 is a nightmare. For example, two of them can process a Request for Tenancy Approval (RFTA) in a few days (sometimes in as little as a day), and the other takes multiple weeks - during which time the property sits needlessly vacant. Also, learn everything and all about the HQS inspection process.

@Romel Mayorga - I moved from the Tampa Bay area of Florida to Durham North Carolina back in 1996 (for a new better paying job) - and Durham is WAY better now than it was back then! I would HIGHLY recommend ANY of the Triangle area cities and smaller communities. I'm also fond of the Triad, such as Greensboro and Winston-Salem. Both the Triangle and Triad are heavy in tech and medical. My son went to a great charter school in Durham (of which there are many) named Central Park School for Children from K to 8.

I'm an investor, agent and property manager with several Section 8 properties in Durham, NC. I have a waiting list of prospective tenants who have vouchers that have been referred to me directly by Durham Housing Authority - as they know I have several properties for which I'm willing to accept vouchers. So, now I need MORE properties to rent under Section 8, for the following max first year rents...

Efficiency <= $1,128
1-Bedroom <= $1,134
2-Bedroom <= $1,315
3-Bedroom <= $1,669
4-Bedroom <= $2,031