All Forum Posts by: Andy B.

No, it cannot be enforced mid-lease. You cannot change the terms of a lease (or in this case end a lease) after it is signed.

Based on the article in the link, it appears that the experts are saying that this cannot even be applied at the end of the lease to determine renewal. It can only be applied to brand new tenants. I'm not certain of that - local law would handle it - but I am certain that you cannot evict a tenant based on a change in credit score or net worth in the middle of a lease term (unless, of course, the lease sets out a credit score or net worth that must be maintained).

Just as an FYI -- I currently live in a townhome and it does not have an HOA. There are many in the area that do not. Townhome simply refers to a style of building where walls are shared - it does not require an HOA.

I don't see this as a problem for the taxing authority or the investor.

Think about it this way -- how many people would refuse to pay a $6 debt when faced with foreclosure? Had this woman paid the $6, this would not be an issue. Had she even mentioned that she was going to pay, this would not be an issue.

She was notified of the bill, she was given all the same notices that people who cannot afford the tax are given -- why should she be given anything extra simply because she owed less?

Are you under contract or still "looking" -- many contracts I see state that Owner is not allowed to enter into any leases or other contracts (laundry leases, management contracts, etc.) for the property without Buyer's consent.

If you are just looking, you have no control except to pass on the deal. You could always make your offer contingent on the Owner either raising the rent on that lease or terminating the lease. Not sure how that would go over, but it is an option.

if this is going to be a foreclosure auction "at the courthouse steps" in Dallas, you will not be able to get funding after the bid is accepted. Those sales are cash immediately.

When I do auctions for my bank clients I give 1 hour to return with the money or the property goes to the next highest bidder. This is fairly standard unless you have a relationship with the bank. Most people have the money in hand.

If it is a different sort of auction - there should be terms of the auction spelling out when payment is required.

Why is the property being deeded to you? Are you buying the property from him? Have you asked the bank if they will allow you to assume the loan?

One thing to be aware of, most banks and title companies do not like quit claim deeds, so I would imagine a bank would always say no to a request for a quit claim deed.

How does the rent amount vary when compared between and house and an apartment? As in, which rents for more?

I'm looking at a SFH in a neighborhood that is made up of mostly apartment buildings, so all of my rent research is for the apartments and I'm not sure how to value what I am finding.

The apartments are mostly 1 bedroom or studio and are around 750 - 900 square feet. The house I am looking at is 2 bed 1 bath at 986 square feet, so they are pretty similar. The major difference is that the apartments have on-site amenities like pools and fitness rooms which are not available for the house, but the house has washer/dryer hook-ups that are not available at the apartments.

Trying to figure out a price point for an offer on the house for buy and hold.

Thanks.

As to your specific question -- as @Mark Borgioli says, the additional layer of an LLC management company will provide no protection. A tenant is not forced to sue a management company if there is an issue - they can sue the property owner directly. Adding an LLC management company will do nothing more than give the tenant another entity to sue in case of issue. This would result in you getting sued as the owner and you getting sued as an LLC. This would probably be even worse because in most jurisdictions, an LLC cannot be represented in court by a non-lawyer. So, you would not be able to personally respond to a suit against the LLC, you would have to hire an attorney.

In regards to what others are saying, I believe the point being raised is that you state that you cannot buy a house as an LLC because the bank will not give a loan to an LLC without a personal guaranty from you. If you want the LLC protection as an owner, buy it as an LLC and give a personal guaranty to the bank to get the loan. The personal guaranty is not a "liability" issue it is a statement to the bank that you personally will pay the loan even if the LLC has no money. In other words, giving a personal guaranty is the same as getting a loan in your name. There may be other reasons to buy as a person rather than an LLC (interest rate, loan options, whatever) but if the only reason is a desire to avoid a personal guaranty, you are worrying for no reason.

{I am an attorney, but I am not your attorney and I am not offering legal advice. This information is not provided in the course of and does not create or constitute an attorney-client relationship, and is not intended to convey or constitute legal advice or a substitute for obtaining legal advice from a qualified attorney. You should not act upon any such information without first seeking qualified professional counsel on your specific matter}

@Charlie Hampton

I thought you had said that he was claiming rights to the property in your original post.

The reason why the cops are not "doing their job" is because it is not their job to deal with civil matters.

I haven't read the other thread, but these situations usually come up when the squatter is claiming ownership of the property. So when Party A says they own the property and Party B says they own the property - who are the cops supposed to remove? The cops rightfully say "you guys fight it out"

Once the court determines ownership, then the eviction can process legally.

Sucks, but how would you feel if someone occupied your house while you were on vacation or whatever and the cops removed you from the property because the squatter called them and said you were trespassing?