All Forum Posts by: Rod Hanks

Kelton Johnson HUD homes usually have an inspection report with known deficiencies listed. It would be hard to guess without at least knowing what needs repaired. Generally cosmetics like paint, carpet and changing faucets would be 5k. But roof, HVAC, electrical, and foundation could really drive up the costs.

Konrad R. Thanks for the post. I always thought estoppel was for commercial or multi family properties. But it seems that I should always get them for the properties I buy with existing tenants.

Rhondalette W. As everyone has stated $3500 in earnest money will be applied to the sales price at closing and it shows you are a serious buyer. There is no standard amount for earnest money, I've put $10 up numerous times over the years. The earnest money could be non refundable or refundable based on the property not meeting lender requirements, clear title, etc. it all depends on what your contract says. The option money however gives you the unrestricted right to cancel the contract for a period. I would want at least a 10 day option with the $3500 earnest money. You will need an adequate amount of time to schedule inspections and not be rushed.

I would love to help you find something in Arlington. PM me.

Richard Redding I concur, my wife absolutely loves where we stay in Cedar Hill, and I want to move to the country but she says the only place she would ever consider moving is the Austin area around Lakeway. I made the mistake of bringing her to a conference at the resort and she absolutely fell in love with the area. So yes, it's a beautiful place to live, high paying jobs are plentiful, and housing is scarce so values will continue to rise over time.

Chuong Pham Before you tell them to go thru probate put the house under contract and talk to a title company attorney. In Texas, you can bypass probate with an heirship affidavit if the estate is valued less than 50k exclusive of the homestead. PM me if you need a referral, I bought 2 last year just like this.

Better areas in Dallas than in Five Points. Unless you are getting a really good deal I would not buy in that area. Very high concentration of apartments.

I've tried several times in Dallas on a couple properties I bought and no luck so far. The attorney and tax office said there is no negotiating.

@Muks M.

I'd collect double deposit due to lack of rental, credit history, and job history. But with good bank account and letter verifying good income that would put me at ease. I would get proof of income from employer directly though.

@Yenlan Patton

What does your lease say about due date and late fees? Hopefully it states that they are responsible for late fees and court costs, if so if they pay all fees and rent due before court date then yes your eviction will be dismissed. Even if they show up to court with all of the money your case will be dismissed. You can't just say you are not going to accept it. If they have violated the lease in any other way like unauthorized pets, too many vehicles, etc then you can evict based on those violations. It's pretty easy and straightforward to evict in Texas but you must follow the lease. You can't just evict because they are a slow payer as long as they pay the late fees and other collection costs you incur. Your only option is to enforce the lease to collect every penny they owe you and wait until lease is up and don't renew it.