All Forum Posts by: David Hines

I know it may not be your preferred route but you should sue them. Use the court system, this is what it is here for. In Texas, withholding the last month's rent thinking the security deposit will cover it is automatically seen as bad faith on the tenant's part and you can charge them 3x the rent amount in damages. I think that filing with the court is always the best way for you to establish your side of the story and get it on record that this money is owed to you. I would also reach out to the tenants first and tell them your plan. You never know, they may want to pay what is owed so they don't have a judgment on their record.

She'll need it for the state where you invest. However, the biggest reason for investors to get a license (besides not paying someone a commission) is to have access to the MLS. This can be quite costly, so if you don't plan on joining the local, state and national associations of realtors, it may not be worth the effort. That being said, I used Allied schools for online courses and I highly recommend them.

I am also an investor in the Houston area. Increasing rates every year is pretty typical. I've found that most insurance companies offer relatively low rates when you are new to them because they know you are shopping around and they want to attract your business. Then they steadily raise your rates every year in the hopes that the increase isn't big enough to make you take the time to shop around. Over time though, you can end up with very high rates. For this reason, I change insurance carrier every 2-3 years and continually shop around for the best rate. Even having an independent agent isn't the best solution. I had one recently tell me that they hadn't really been looking for the best rate every year, but just processing the renewals. They all say they shop around for you every year, but I wouldn't be surprised if most of them fail to follow through on that promise. All that being said, PM me if you're interested in some companies to stay away from and who I'm with now.

@Joe Henry I use Buildium and have been very happy with it. It integrates the rent collection with accounting software and other property management tasks.

I highly recommend Buildium. Integrates electronic rent collection with accounting software and maintenance request management.

Buildium

When you're just starting out it may not be worth it, but you'll want to transition to electronic payments as soon as possible. No more tenants saying the check is on the way and I especially like the automation of late fees. No one gets an exception, meet the deadline or pay the fee.

I can't recommend anyone specific in that area, but the biggest advice I always give to investors is to interview property managers and make sure you hire one who actively invests in real estate as well. I believe this is essential in finding a manager who will understand the needs and goals of an investor.

Hello and welcome to BP!

Welcome to BP!