All Forum Posts by: George Smith

First, you did make the mistake by filling the suite one day earlier. I am not aware of separate notice. A three day notice is enough. I see no issue posting notice on the front door if you were not let in the house. I normally personally deliver my notice and ask the tenant to sign a copy. As far as income goes, we are not running a subsided business. If the tenant does not have the ability to pay, he needs to move out and seek government help if needed or move to another affordable rental. This is just my opinion.

You should not let them delay for so long to begin with. I normally maintain very good personal relationship with my tenants but I told them up front, business is business, if you don't pay, you move. If them have an eviction on their record, they will be hard to find another place later on.

Texas in general is in favor of landlords but we as landlords have to follow the legal procedures.

Take it easy, this is the way how rental business goes. 

 I signed up to see how it works.

Dallas is dry heat, not like Houston. I prefer Dallas much more than Houston

Agree+1

give him 30 day notice to move, it should be in you contract, right? This is the easiest way.

What I heard is different that most banks will allow you to do the conversion especially for rental properties. The number one reason is the equity in the property is much higher and the banks know that they will have no problem collecting the mortgage, or recover their fund in the unlikely event.

I am not sure about houston, but DFW is a much hotter market right now and you will not be able to find a house under 100K without multiple offers on day one, and you don't want to buy most of these houses if you are not from local because of the location. Now have you heard of Syndication? It may be an option for you with the right set up. I have some investors and I am thinking about to doing a syndication. Never been involved one before so kind of hesitate, If any of you have experience, I am all ears.

Let me tell you what I did. I bought the SFH as personal rental home, then later on converted to a series LLC, with Series 1, 2,etc, each has its own taxid. But I got the approval from the bank first because the due on sale clause and most banks have no reason to see no. I did all the convertion myself BTW, lawyers wanted thousand if not 10 thousands for converting to series LLC.

My number comes in between 1.62 1.74ml

If I were to build a 100 unit, 1000 sf per unit, on a 4 acre lot worth 1M, the total cost would be 9M at least, 90K per unit, not a big saving