All Forum Posts by: Dustin Lavender

As Michael Plante suggested check the county website. It may not have the correct tax amount either though. Often times, here, when an individual pays all of their taxes together the county uploads the receipt to all of the properties and the $$$ shown makes it look like taxes where high. If it is really a good deal, I'd go to the assessor office and they can tell you for certain what it is. Good luck!

Tom Valichka I have had similar events occur where a plumber couldn't recreate the issue. Here are my thoughts: 1. Kids spilled water in the floor 2. Sink leaks around the drain when the stopper is in and sink is filled with water. 3. Dishwasher hose is leaking at the drain. Often it is a rubber hose just clamped on. The plumber moving stuff around could have moved the hose to where it isn't currently leaking. If you live close I would go check it out myself. Stopper the sink and then fill it and check for leaks. Fill both sides and then run the dishwasher. When it starts to drain unstopper both sinks and see if it leaks. Good luck!

@chan 

@Chan K. it is just a conventional commercial mortgage. Just go to a local lender and tell them you want to leverage the equity in A to cover down and closing on B, and you want to cash out the rest. Classic leverage. 

I work for an energy efficiency company. Many times your utility company will offer incentives for insulation. In Arkansas you can actually get it done by the utility completely free. The company I work for also handles programs like this in Texas. Check with your utility company!

Are you wanting the cash to reinvest or spend? If you are looking to reinvest you can leverage the equity in that property towards your next property and use the equity for down payment, closing costs, and cash out the extra. In this method, it is like a second mrtg, except the new property loan goes up by the amount of equity you use from the first property. You have to make sure the second property can carry the increase loan payment, but the first property loan stays the same.

Dude I want in!!! Lol I do not think 750k is outrageous at all. That's 23k per unit. Great price! At current rent 11160 by your number if you get the other 9 rented out my estimates are mortgage of 4003.5 per month after 15% down, your estimated expenses of 1971. Home run brother cashflow on this deal is Rediculous! 5k! Use BP calculators, double check seller's #s Quote insurance again on your own those expenses seem low to me, but if your market is like mine it may not be low. That's not outrageous unless the place is trashed. Definitely following this, keep me posted lol

I've used prosper but that is a personal loan. Quick easy and relatively painless though.

I am not a lawyer But, Oh lawd! Quiet enjoyment means I won't bug you if you do what you are supposed to do. It sounds like you are doing everything right imo. I have had testy tenants claim to be lawyers before lol I agree dig into the tenant code but stick to your offer.

Greg H. I have acknowledged that we are in different state MULTIPLE times now. I am not a lawyer so seek one out. I did dig into your code a bit including your references. Texas code 93.002 is in chapter 93 entitled commercial tenancies and clearly applies to commercial leases. Section 72.101 deals with abandonment of property, but is also not in regards to residential leases. What I did find relevant was: Texas code 92.014 allows you to dispose of a deceased persons property as you see fit within 30 days of unclaimed. And section D of that chapter allows you to write your lease differently to SUPERSEDE the entire chapter. Allowing disposal as agreed upon in the lease. 92.332 defines reasons a lease might be terminated. Particularly interesting are sections 3 breach by misconduct and section 6 subsection B (bedbugs could pose a health hazard to other tenants in the OP) 92.0081 does say you can't remove property you provide to a tenant but is not in regards to abandonment. Section 3 of this chapter allows you to change the locks anytime a tenant is late with rent. It requires you to post notice and allow the tenant to get the key at anytime, 24/7 wether they pay the rent or not, but this section is cut-throat. I can find nothing in the residential code that requires the landlord to do anything with the property once a lease is terminated. There are also no clear instances that say a lease cannot be terminated for abandonment. Once a lease is LEGALLY terminated, the tenant would have no recourse under the lease. I'd love to see Texas code reference that force you to store the property for 60 days under a residential lease. I highly doubt in an abandonment situation that Texas would require you to store the property at your expense for 60 days. That is excessively unreasonable.

Reply @Greg H. what ifs do not matter in law. As I stated that is arkansas code, which is why I said whatever the OP uses would need to be legal for his state. My lease states what is considered abandonment and restates arkansas code in terms of abandoned property. I can reference arkansas code if you would like. I am not worried about supporting cases. 

As you can see below, I give an additional 3 days notice to the tenant that arkansas law does not require of me. If your rent is past due and I have been unable to contact you for 10 days, by phone, email, at your residence, neighbors haven't seen you there, I post a nice 3 day assumption of abandonment notice stating that I will take possession of the property in 3 days under our lease agreement. Then, I can under our lease and arkansas law consider it abandoned and burn their crap in the back yard if I want to.

Bottom line it's legal here AND it is in my lease.

A.C.A. § 18-16-108 (2017)

18-16-108. Property left on premises after termination of lease.

(a) Upon the voluntary or involuntary termination of any lease agreement, all property left in and about the premises by the lessee shall be considered abandoned and may be disposed of by the lessor as the lessor shall see fit without recourse by the lessee.

(b) All property placed on the premises by the tenant or lessee is subject to a lien in favor of the lessor for the payment of all sums agreed to be paid by the lessee.