All Forum Posts by: Geode Pratt

@JoJo Diego

Welcome, fellow IT pro! Soak up everything you can here and ask lots of questions. This is an awesome site.

@Matthew McKannaI sent you a message.

@Shawn ThomThanks for the info. I'm glad you said that. I've been paying 12 and 3, so I'm very interested in those numbers you're getting. Would you be willing to share your source?

OK, checked with attorney. There is no legal limit in Texas on security deposits. Based on the email, her stuff is mine. I have to provide an itemized list of deductions within 30 days if I do not return her full deposit, but I am obviously allowed to retain some of it for debris removal, certain cleaning, repairs, etc. The other part of the equation that I didn't mention is that my lease says that I am not obligated to return the deposit if she doesn't give notice. She also has to pay 50% of one months rent if she terminates early and does not find a replacement tenant. Not sure if those are legal or valid, but I would hope so, considering it's the lease published to members at Lifestyles Unlimited. I suppose this is a good time to look into some of these details. Either way, I intend to contact her about it. I'm not trying to take advantage or be unscrupulous. 

So, as for the abandonment issue, here is an exerpt from the email she sent me today.

"I have vacated the property listed above yesterday. There has been an emergency back home... I have left the key to the front door ... We did our best to clean up, there Are some items still left in the house. They are in working order feel free to dispose of them as you see fit. Thank you so much for the opportunity you have us. I know the deposit will cover any repairs that need to be done."

Seems like that's abandonment, to me, but I may put it in storage anyway. That's an excellent idea. I hadn't thought of that.

Well, after seeing the house, I have an update...

It's still in perfect condition and I have just acquired 2 beds, 2 couches, a fridge, washer/dryer, 2 desks, a kitchen table, pots and pans, etc. Anyone need furniture?

Thanks for the input and feel free to stop by the yard sale this weekend. :)

I had a tenant sign a 2 year lease with me last month. She actually requested the 2 year term and paid double deposit. I received an email from her this morning stating there was an emergency back home (she moved from out of state) and she vacated the property. I am headed over to the property shortly to check everything out. 

Assuming no required repairs, does anyone actually go after these people or is it just easier to keep the deposit and move on to the next tenant?

This is my 3rd rental property and my first "problem". So any advice is appreciated.

Thanks.

Hello and Welcome @Rashad Carrizales. Good move coming to this site. It is unbelievable, the answers you'll find here. Would love to connect and pick your brain about the REO side of things some time. Until then, good luck!

Great Question Michael! I think if it were easy to determine who were the good "gurus" from the scammers, there would be very few making money and we would all see each other in the classes. I have seen a few posts on BP about this comapny. Seems like a RE MLM of sorts. 

Check out these threads:

http://beta.biggerpockets.com/forums/79/topics/103...

http://beta.biggerpockets.com/forums/12/topics/761...

http://beta.biggerpockets.com/forums/79/topics/990...

That's just a few. Hope this helps.

I think you can find all the training and answers you want right here on this site if you keep digging. At least that's what I'm going.

Good luck!

Welcome @Dustin Lapacka ! I am also a member at LU, but will probably stick with SF for now, so I opted for their FFP as well. Good info for $500. Not sure I would invest more with them.

WOW! What at great list. Thanks @Joe Butcher