All Forum Posts by: Brian J.

@Brian J. once you closed you send either a notice to terminate or notice of rent increase. Both notices are 30 day notices from the next rent payment. If you close on the 15th of the month and rent is due on the first. The termination of lease will end on the 31st of the month and the new lease will be effective the following 1st. When you send notice of rent increase give them a timeline to sign the new lease agreement. If they don't sign then the language should include a notice of nonrenewal.

She's not my wife or girlfriend, we've been talking like that for a couple/few weeks and been out twice. I'm not paying a $1k ridiculous, previously undisclosed fee that I wouldn't pay to someone otherwise. As it is now (after me kicking in the 0.5%), she's making money on the deal that equates to a decent hourly wage, which is the only reason I'm paying the 0.5% in to begin with - I wouldn't have done so if it was an easy deal with minimal work on her part. Her broker cut her a 50% break on the fee so she has to pay a couple hundred back in exchange for discounting me. To say again, she doesn't even support the fee and didn't really put up any resistance to me negotiating it down.

Hold up here.  Is this admin fee like getting the pizza with "extra anchovies."  If you are going out to dinner and taking this girl out dude pay her her fee.  Are you buying a 50k house?  We don't have admin fees because we have such high prices.  But I think you should be a gentleman and pay the girl her money.  If you guys are hanging-out have her take you out for a night on the town when she makes her fees.  Next time you will be licensed anyway.

Tell them you are going to the real estate board. This is unacceptable. All of this should have been disclosed upfront. All fees and commissions are negotiable. If they were a good agent they would be paying for it themselves because they know the long term value of working with you.

...that... and my concern that there would be fewer people that would opt to rent a house for $1800 instead of getting a mortgage for $1100.

Hello All,

I was just trying to get some other opinions to see if anyone else is dealing with what I'm dealing with.  

I bought one of the Duplexes in Lubbock.  I was able to travel down and see the property just before closing.  Basically completed just needed some clean up from construction, so to be expected.  Closing was pushed off until January as they said they were backed up.  

I was originally told I would have tenants in place before closing and I missed my commercial loan was partially based on this.  So when I was getting closing to signing on the loan it cost me %.5 extra in interest because the property wasn't occupied.  This was back in about August.  So basically there was no way that it could have been occupied as it didn't finish until late December(closed Jan22).

Moving on from there I closed in early January.  I keep getting the run around and saying oh it's just the slow months and things will be picking up soon.  It is now May 6th as I post today.  No tenants, I check up about every week, they say maybe a showing or so, but no tenants.  City Wide property mgt is who I deal with and honestly when I ask for real numbers and updates I get a lot of BS run around sales talk speech.  In my opinion the way they sell these I should have had tenants by December, so I'm going on about 6 months depending on how you start with no tenants in either side.  

I can't remember the exact amount of Duplexes on the street when I drove down but they say there about 8 to 9 units unoccupied.  Supposedly I'm on top of the priority list.  We'll see...

Is anyone else dealing with these same issues and or hearing other things?

My other concern is they are supposed to be building another round of these and they can't fill the ones on my street.  This is my first property so of course it's harder to keep my head in the game with %100 vacancy.  I planned for it financially, but it's a headache for sure.