All Forum Posts by: Devin Stratton

• I've had the pleasure of stumbling on this company and using their flooring for a rental property I have. They gave me a great deal and have a well known presence in MA. They are just starting to expand to texas in the houston area and I can get it for 1.99 per sf. If you'd like a good deal on some commercial rated material for a great price, hit me up. Feel free to ask me any questions about the product.
• While the stock is based in houston texas, I believe it can be shipped but am not sure of the price for shipping. 
• I can send samples to anyone who is interested. I also have the PDF catalog but don't know how to post it here.
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• Simple DIY Project
• Installation Locations: (Any level in your home)
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• Plank Dimensions: 48" x 7.16" (Approximate)
• Carton Contents: 11 planks (26.25 sqft)
• WARRANTY: Limited Lifetime Residential and Limited 15-Year Commercial
• https://www.loftyusa.com/

Hello BP community,

I am a new landlord seeking advice on a breach of lease situation on my first rental.

Back story: I am from Houston, Texas and my tenants just moved from Denham Springs, LA for new employment . These tenants were carefully screened and they met all of my very selective tenant criteria. They signed a 12 months lease on 8/29 and on 9/30 I received a call from a landlord in LA asking for references on my current tenant. This was a complete shock as my tenant have not mention anything about wanting to break the lease. I waited until after I received rent payment for October to confront the tenants. When I confronted them, they denied applying for a new rental but admit that they are wishing to move out in 2-3 weeks due to family health problems in LA. There is no clause in the lease agreement for early termination. Due to lack of notice, I'm not sure if I can get new tenants in the property right after my current tenant move out. What are some steps I can take to mitigate my loss while allowing my tenants to move out?

Some options I'm contemplating:

A) Have them sign a early termination contract and allow them to break lease with a penalty of 2 month's rent. I don't want to put a strain on their finances since they're going through so much already, but I need mitigate my losses. Winter is coming...

B) Allow them to move out and withhold the deposit of $2000 and $300 pet deposit. Once the property is occupied by new tenants, refund the prorated amount of security deposit based on how long it takes to rent the property out. 

Subletting the property is not an option. Please share your experiences on how you deal with breach of lease situations and which of the option above will mitigate my losses. Thanks in advance. 

@alex tahnat No, I meant that I have 20k to get the rehab done on the home if needed. 

I'm not sure if I understood you correctly. Are you saying that I should spend 20k on trying to find deals? 

I'm interested. Message me. I'd like to get a showing asap.

Thanks,

Devin.

Hi guys.

My name is Devin, I'm 24, and from Houston, Texas. Real Estate has always been on my mind. I've always wanted to invest into property, but never knew where to start. BP has been an amazing resource in helping my get one step closer to starting. With that said, I'd like to get your help on my first move. Let me give you some numbers:

Cash on hand(in bank) 25,000.

Potential cash from a business partner(100k cash, 200k cash out refi) 300k

Options:

1.) Buy my first home, take advantage of the low rates and low required down payments, fix it up, and in a year turn it into an investment property

2.) Use mine and my investors money and buy a few properties, manage them, and just rent for now

3.) Try and do both?

I'm not limiting my options here, just listing some of the things I've been tossing around. The homes I'm looking to invest in are around 130,000, and need usually between 10-30k worth of work. I make sure that the ARV is always much higher. The cash flow seems to be pretty good, its just a matter of where to start.

P.S. I don't know how to split the profits with my investor, since i'd be doing all the work and he'd front most of the money.

P.P.S. The investor is looking at multiple options on what to do with his money, or actually how to get it into real estate. HELOC, HELOAN, ReFi, or just use the cash. My concern with the ReFi(the one I've been looking at hardest as it makes the most sense to me) is after the ReFi, we will need to use the money for a down payment, finance it, and rent it out. The cash flow then has to be used to pay down the ReFi correct?

Thanks guys for all that you do!

Devin.