All Forum Posts by: Clint E.

You look young.  Do you think they might be trying to take advantage of you?  Do you think they see inexperience and an opportunity to squeeze you?  

She lied about her marital status on her lease, complained during walk-through, and lied about staying there.  

So you have at least: a complainer & a liar, and a felon, and their whole family moving in.  You  may want some different tenants.  

Not comfortable yet.  I am on year # 2.  Things I've had to do in the first year:  replace roof, replace AC, a lot of handyman work (none of these were expected).  

I've learned a lot and I think this is what makes me more comfortable, knowing that I know how to deal with (some, not all) problems and fix them the right way.  Also, knowing I'm in it for the long run, that I'm on my way, that I have more to learn.  

It sounds like your problems are more like roadblocks.  

Do you have any women look at your houses when remodeling?  1.  They often have an eye for things men miss out on.  2.  They will likely be involved in the purchase process (including vetoing buying your property).  

Remember to double check the actual property tax rates in TX (due diligence).  They are high as there is no state income tax in Texas so the revenue has to come from somewhere.  And boy do they love their big schools, big football stadiums, big everything.  

@Jay Hinrichs

I'm definitely interested!  If the person who replied before me falls through, I would like to rehab it.  How much cash/work does it need to be rehabbed?  

Charity-wise I would pick the local VA Food Pantry, that recently was shutting its doors due to lack of donations.

http://www.ksdk.com/news/local/local-food-pantry-t...

I have a commercial loan through my LLC. I never had that response, but I went through a smaller local bank and they knew what I was going to do.

It might depend on your state, but you could do the loan in your name and mitigate the risk by putting getting an umbrella policy.  See an insurance agent for info, rates, coverage, etc.  

Other BP members, feel free to chime in on this strategy.  

When you says "have 3 lots underneath them" - do you mean 3 lots of land that go with the house?

Check out Home Depot Allure flooring.  It is vinyl and floating - it allows for use in kitchens/baths and looks very nice.  The floating feature is nice because if it ever needs replaced it is not stuck to the subfloor ( = easy to remove). Not expensive either.  

Have you considered a commercial loan? There are banks that will go as low as 15% down, some 20%, a lot 25% down. I am paying 5.675% on my commercial loan that is tied to my LLC. Interest is higher than if I'd have done it in my name, but that's business.

I personally like this line I heard once:  "Interest is paid by the tenant and deducted by me."  

That is a seriously bad idea.  The deposits are insurance to protect you in case things are damaged by the tenant.  They get refunded upon perfect inspection of the property after the tenant moves out.  

Her wanting you to use them is a red flag in my head.  I'd go walk the property immediately.