All Forum Posts by: Chris OToole

Thanks. I went by today and they have a tailor out front! Hopefully they get out even before our court date. I am going to chock this one up to a lesson.

Chris

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Well I had to file my first eviction yesterday. Went really well the lady at the JP office pointed a few things I missed on the form out. I have given this tenent lots of chances and he is just a lier. Should I seek anything for the remaining 5 months that are left of the lease or just get him out and cut my losses?

Chris

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Welcome. I am down in the Texas City area but have some place up in town also. Alway looking to talk about our local area.

Chris

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I found a move in ready condo in Houston for 19K. It is a 3/2.5 that is empty but the seller has several leads for a renter at $750 (it will rent quick... I am not worried about that). All of my deals to date have been SFR so I am looking for some advice on things to look for unique to condos. The monthly fee is $130 and covers exterior M+R as well as insurance.

Chris

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Originally posted by B R:

Our For Rent sign drew a city inspector like a beacon. He charged us $100 and said he would be inspecting the outside of the property. He had been watching the house for over a year while it was foreclosed and abandoned by the bank. (it's in a suburb of Cleveland)

After spending mass quantities to update the HVAC and electrical, paint, throw in some used kitchen appliances, replace 3 windows and remove a 70ft oak tree, this idiot comes along to add thousands more. He says we need to repair the sidewalks, driveway, paint the aluminum siding, reseed the lawn and do something about the patch of mulch from the tree. I called and told him there was no way we could afford to do all that and he said to call back in August. Like I will have more money in August? Looking around at the neighborhood, which we also live in, there is cracked cement, messed up grass, and many ground out tree stumps that are no different from this rental.

I made the mulch into a landscape feature by digging up plants from around the yard and installing them there. My husband put down some grass seed in the bare spots. I'm sure we spent way too much time and effort, but I wanted to mollify the guy so he will show mercy.

What could we have done differently? The for rent sign, beacon though it was, has brought a lot of interest, so I would hate to have to rely only on the internet for our next property.

Becky

Where does the goverment get the right to just tell you they are going to inspect? If there is no probable cause for them to think that you have done any repairs? Is this home in a HOA area? If not why do they care if the lawn is dead??? Things like this realy get me....

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I have some properties down near Galveston and am looking for more all the time. If anyone has any deals in the TX City / La Marque area let me know. I have cash ready for any deal.

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I have bid on this place twice now. It is not a hud but is owned by Chase. The first was a finance offer 4K over the asking price. They took some other offer, fine. Now it pops up again a month later so I offer a few hundred OVER asking price with cash. They decline my offer do not counter and to top it off accept NO offers. This to me screams that there is somthing going on here not on the level what is your opinion on what to do.

Chris

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Take a look around for a "double close" or rehab to perm type loan. They are not cheap (compairable to a hard money) but they allow you to purchase and finance the repairs and then roll it all into a 30 year fixed. I have done several of these and they allow you to get a rental with no money out of your pocket....75% arv is the norm right now.

E-mail me if you want to know more.

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Also here in Texas you have to use their title insurance company which is Goverment at it's best. Star Title in Houston is who they use, they are rude never on time and don't care about you either way,,,,, and on top of that if you want title insurance with HUD you pay for it, so when you are getting harassed and not helped by the title people, just think .... im paying for this :)

There are some good deals that pop up, just do all your homework.

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I guess teaching my 3 year old how to run a screw gun isn't that bad of me after all :)

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All Forum Posts by: Chris OToole

Chris OToole has started 8 posts and replied 55 times.

Post: Seek payment for remainder of Lease after evicting

Post: Seek payment for remainder of Lease after evicting

Post: A Shout-Out from Houston, TX!

Post: Condo Deal???

Post: First City Inspection

Post: Looking to network with Texas Investors

Post: Bidselect.com frustration

Post: Rehab/Refi/Rent/Cash out

Post: HUD Pros? Cons?

Post: Do your kids get bored? Recipe for an ER visit