All Forum Posts by: Edward Adams

i do use a web application called dealcheck.io check it out, its free

My local bank also provide HELOC on investment.(it just need to be paid off) they provide me with the form to fill out every year. just ask them and they should be able to send you a empty form to fill out.

on every renewal i will do a Comparative Market Analysis (CMA) and make decision base on that.

you can also get HELOC on your paid off property and use the money for down payment on multiple other property.

When structuring late fees for your rental property, there are different approaches you can consider. The Texas grace period of two days after the rent is due provides a buffer before late fees can be charged, starting on the 4th of the month if rent is due on the 1st.

Based on the provided search results, here are some recommendations:

1. Flat Fee: Charging a fixed flat fee, such as $25, $50, or $100, can provide a straightforward approach. This is simpler to administer and easier for tenants to understand.
2. Percentage of Rent: Charging a percentage of the monthly rent, typically 5-10%, is a common practice. This can ensure that the late fee scales with the rental amount.
3. Daily Fee: Some landlords charge a daily late fee for each day the rent is overdue. This approach can serve as an incentive for tenants to pay promptly. However, this might require more monitoring and administration.

Ultimately, the choice between a flat fee and a daily fee depends on your preferences, the local market norms, and your willingness to manage the administrative aspect. Ensure that the chosen late fee structure is clearly outlined in your rental agreements to avoid misunderstandings. Consider seeking legal advice or consulting resources specific to Texas landlord-tenant laws to ensure your approach is compliant.

When it comes to transferring a mortgage to an LLC, there are a few things to consider:

1. Due-on-Sale Clause: Most mortgages include a "due-on-sale" clause, which means that if the property ownership changes, the lender has the right to demand immediate repayment of the loan. Transferring the property to an LLC could trigger this clause, and the lender may require you to pay off the mortgage.

2. Lender Approval: Before transferring the property to an LLC, you should review your mortgage agreement and contact your lender to inquire about their policies. Some lenders may allow the transfer as long as the LLC meets certain requirements and assumes liability for the mortgage.

3. Insurance and Liability: When transferring a property to an LLC, you may need to obtain new insurance policies that cover the LLC as the owner. Additionally, keep in mind that the LLC would assume liability for the property, which can provide some asset protection but may also have legal and tax implications.

 i am using Turbo TAX to do my taxes, do you think i can do all that in there? 

Hi

i just changed the roof on one of my rental properties. it cost 18K and insurance paid for it and i only paid 1.5K for deductible. do i just depreciate the 1.5K on my tax return or 18K?

Based on the information provided, both the realtor and the tenant may be held accountable for different aspects of the situation. Here's a breakdown of their potential responsibilities:

Realtor's Accountability:

1. Failure to provide necessary documentation: The realtor promised to obtain and provide the renters insurance certificate and utility contracts but failed to do so. This may indicate a breach of their duty to fulfill their responsibilities as agreed upon in the contract.

2. Failure to verify tenant information: If the tenant's employment and pay stub documents were forged or falsified, the realtor may be held accountable for not properly vetting the tenant's application and providing misleading information.

3. Mismanagement of rental payments: If the tenant has not paid rent or made payments through the agreed-upon AVAIL platform, and the realtor failed to ensure proper payment procedures were followed, the realtor may be accountable for this mismanagement.

Tenant's Accountability:

1. Falsification of information: If the tenant provided false information to obtain the lease, such as forging employment and pay stub documents, they may be held responsible for misrepresentation and potential fraud.

2. Non-payment of rent: If the tenant has not paid rent in full, including outstanding amounts, they are accountable for the non-payment. However, if the realtor mishandled the payment process, they may share some responsibility.

3. Failure to provide necessary documentation: The tenant's failure to provide the renters insurance certificate and utility contracts, despite promising to do so, may indicate a breach of their responsibilities as outlined in the lease agreement.

Given the complexities of the situation, it's advisable to consult with a real estate attorney who can review the specific details of your case and provide guidance on the best course of action. They can help you understand the legal remedies available to you, such as potential lease termination, eviction proceedings, or pursuing legal action against the realtor and/or tenant for any damages incurred.

i only care about $100 cash flow every month, you can wait for a deal that gives you $100 cash flow with 20% down or at this market raise your down payment and buy it. i normally look at the big picture not just the $100. you get appreciation, loan pay down and tax benefit.