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All Forum Posts by: Steve S.

Steve S. has started 294 posts and replied 637 times.

Living in a major city with numerous and growing numbers of fortune 100 companies and beyond, is there a way I could call each and get on some corporate list of housing for people Moving to the area or temporarily living here?

I’ve randomly had tenants that were here on a project for 12-24 months and it worked out wel as the company subsidized their rent and they could stay in one of my nice places. 

This happened by accident so I’m trying to make it more intentional by building a relationship with these companies like Toyota, Exxon, USAA etc (generally household name type companies) 

Originally posted by @Theresa Harris:

Do the background check and if they pass, add them to the lease.  When you amend the lease make sure you state that the deposit was paid by person A, so if they break up and move out, the deposit is not returned to the new person.

What if they fail the background check?

One of my tenants is getting married. 

Do you do a background check?

simply amend the lease and have them sign (they are over 18)

Thoughts?  

Had a crack that’s starting to widen. 

Would calling a standard foundation company be best? Someone else?

What would fixing something like this cost?

Post: Cash out Refi question - need your input!

Steve S.Posted
  • Dallas, TX
  • Posts 649
  • Votes 52
Originally posted by @Joe Villeneuve:

Incomplete numbers;

What are the following numbers for both properties both now and if you do the new 20/80 loan to get the 2nd property.

1 - Down payment on both

2 - Cash flow on both

I don't care about the percentages since percentages lie.  Just the answers to the 2 questions above in $$$.

The new investment is an MLP yielding 10% and I believe undervalued so also some stock appreciation potential. I’d put the full $90k into this investment which would also help diversify me away from real estate 

The current property rents for $1,595 for the next 2 years 

Post: Cash out Refi question - need your input!

Steve S.Posted
  • Dallas, TX
  • Posts 649
  • Votes 52

One of My rentals I acquired for $100,000. I put $25,000 down and have been laying on a 30 year noTe For several years

Interest rate - 3.75%

Remaining balance $70,000

Property value is $200,000

Assuming I could get an 80/20 loan, that should be a mortgage of about &160,000 putting roughly $90,000 in my pocket

I have anothe investment I believe will generate 10% returns. 

1) what interest rate do you think I could donthis at?

2) is my general Math above correct?

3) why would this be a bad idea?

What if I just quit paying rent and move out?  Abandon them like they’ve abandoned me. 


They will sue me and take me to court I suppose but I only have 3 months left. Would they win?

Thank you for the thoughts and suggestions this far

I've been living in an apartment the last couple of years while accumulating more money for my rental investments. 

In May of this year I started to have some a/c issues.  The weather was getting warmer (gets REALLY hot here in the summer) and the a/c would run but wasn't putting out really cold air.  As a result, I'd come home from work and the apartment would be about 79 degrees and no amount of running the a/c would cool off the apartment below 79 degrees until after midnight at the earliest.

My elderly parents had to stop visiting and staying the night because it was too hot as everyone would sit here and sweat.

To make a long story short, the apartment management would come check the a/c and tell me everything was fine.  they did this about 10 times with no relief only to have it get hotter and hotter into august and even through october. 

They never did anything to improvce the situation.  I took pictures and videos of the a/c unit documenting that it is 25 years old (from 1995) and they have squeezed every bit of profit out of it that they can.  They didn't care and said all is working just fine.

Then in November we had a cold snap and it got down to 20 degrees.  I could feel arctic chilled air coming through the door and window and the heater couldn't heat the apartment (only 750 square feet) to a liveable temperature.  We stayed the night with friends for a few nights until the cold went away.

I again opened a service request to the apartment management company and they came by and said all was fine.  I asked them to put some weather stripping on the doors which they did about 2 weeks later.

I begged them to not "run out the clock" on the heat, which they did by doing nothing to resolve the situation.


THEN, they were doing some work on our building and when i left in the evening i noticed it was pitch black in our stairwell.  They forgot to turn back on the electricity for the external lights.  Someone could have easily been hiding in the stairwell or could trip and fall and hurt them selves navigating the antiquated stairwell in the pitch black.

When returning from the grocery store in the pitch black, i tripped on the stairs and broke about $20 worth of glass bottles and was lucky to not hurt myself.  I sent the apartment pictures and video of what happened and how dark it was and asked for compensation for my broken groceries now dripping all over the floor in the shattered glass outside. i told them they were lucky there wasn't a hospital bill coming with it from the fall or cutting oneself in the shattered glass.


That was on top of the fact that my neighbor upstairs has had toilet issues the last 3 weeks.  When he flushes the toilet, often his toilet is overflowing and urine and feces liquid is coming through the ceiling through the bathroom fan and dripping all over the toilet and the floor.

This has happened and been documented 4 times, that I'm aware of as certainly it happens when i don't happen to be here.  I've raised this issue as well to the apartment complex and they have done nothing about it. 


My mom was sitting on the toilet this morning when this happened and it came through the ceiling on her.

Lastly, the smoke detector didn't go off once when i was cooking.  I tested it by blowing out some matches against it to pour smoke over it and nothing happened.  I went and bought my own smoke detector just in case to ensure i would be alerted in a fire if they never came and tested or fixed my smoke detector which they haven't and i don't expect they ever will.

I have kindly asked to get out of my lease which has over 4 months left on it.  No amount of fixing any of this will change what they've already done, cost me and inconvenienced me.

What can i do?  At this point they have flatly said there is nothign they will do to let me out of my lease unless i pay all the fees, etc.

I don't feel safe here.  They are putting my family at risk. 

Would getting a lawyer help?  WOuld blasting this all over social media and apartment complex rating websites help and sending them the links?


I've never had a complaint at an apartment before and have been patient in this situation but enough is enough!

Can i get the city / county inspectors involved?  At this point, we just want out and to part ways, which i would be happy to do quietly, but they refuse to let me out without paying thousands of $$$.

What obligation does the complex have to test my smoke detector and ensure it is in working order?

It's time to take action and I need your help.  They are essentially stealing my rent each month and not holding up their end of the bargain.

They said i signed something in my lease to not write about them on social media but 1) i couldn't find it and 2) what is wrong with stating the documented truth?  I have the emails from them and the pictures and videos to prove everything i have said in this post.

I’ve had an issue with some toilets backing uo And showers not draining. I had the septic tanks (there are 2) drained. 

Last week we had another clog. I shoved a hose into the pipe coming from house to the tank and was able to alleviate the issue. 

However, while I have everything duh up and exposed, i figured it may be good to more thoroughly clean the pipes out for any crud stuck to the sides of the pvc 

Any suggestions?  I’ve seen a machine you can rent for like $450 plus $150 per hour. That sounds crazy expensive.