All Forum Posts by: Henry Peñate

For the last 3 months rent has been late.

This week (right when rent is due) they claimed a medical injury caused by plumbing issue with toilet getting hot water and causing a “burn” on buttocks. 
They asked for me to make a claim on my homeowners insurance….

Regardless rent still has to be payed, they’re saying they won’t pay until issue is fixed.
I had a plumber scheduled for today to fix issue and when he showed they said it wasn’t a good time.

Should I file an eviction through court being that it’s the 4th and no payment has been made and deal with medical injury through my insurance. I feel like I need these tenants gone.

Hello everyone,

I’m looking for input on approach to keep on investing. Been renting out previous home for 2 years but besides knocking a bit off principal , all profit has all gone to repairs.

I’m currently renting out a home (Owe 110k , appraised at 250k) recently got taxes raised up ($400), making my mortgage payment $1667 and currently rent it out at $1879 (will be raising to $2067).

In the current home I’m living in (owe 200k , appraised at 280k) looking to rent this one out as well.

I’m considering getting a Heloc on the rental which I know would raise my mortgage payment up but I would renovate current home for higher rental value and also get some repairs done (AC in both being #1 priority). 

What strategy would investors recommend? I’m open to any thoughts!

@Drew Sygit @Sergey A. Petrov @Scott Trench

So I notified tenant that I would enter property to prepare for showings.

I entered this evening and seems like tenant has abandoned property, as there is no electricity.

Place is a mess and belongings are still on property. I plan on messaging and saying if she’s turning over property or if she plans on paying rent for August to retrieve belongings.

Considering she doesn’t pay rent , would I be ok to change locks?

So per lease it’s suppose to be a 60 day notice.

I misinformed her once she mentioned she’ll be moving out and told her she has to give a 30 day notice , either way she failed to do both.

Rent was paid for July, not for August.

I mentioned to her that in order for me not to report broken lease to pay August rent. And she’s yet to reply.

Should I just give notice that I’m going to enter property? And how do I move forward from this tenant to next? Is proof of her saying she wont be paying rent and she’s vacated enough for me to proceed with getting home ready for rental showings etc.

Hello all,

I’m in a situation where tenant has signed a month to month lease since August 2021, where a 60 day notice must be given to move out.

Now July of this year. I did misinform her on July 7th that it would have to be a 30 day notice but on Tuesday July 19th she informed me that she would be fully moved out by that weekend. July 31st I got a hold of her and she said everything is moved out but she hasn’t cleaned.

As of today rent hasn’t been paid and it is overdue by the lease. I’ve waited for her to return keys but she just mentions she’s not in town and she will return to house that still needs to be cleaned. I suggested that she could pay rent for the month and I could also hire a cleaning company on her behalf using the rent money and once house is vacated we could pro rate and refund remaining balance.

I still haven’t received notice wether she will pay but she did read my text messages

What should I do? I don’t want to enter house and prepare for showings yet until I know I won’t be in the wrong according to tenant laws.

Thanks all !

Hello all ,

My wife and I are in the process of making a plan to invest in our 3rd property , we have our primary which we just bought with a conventional loan a couple weeks ago and we have our rental property which we put a tenant in just a few weeks ago also.

We plan on using a equity loan from our rental to use as a down payment on #3 , my wife has brought up a solid point as how will the banks loan us a investment loan with debt to income ratio being a factor as if they will or won’t loan us the money.

I would like to receive feedback as how others have done it and what strategies they’ve done.

Rental Property - Loan under my name only

119k mortgage with 5% interest $1246 payment, appraised at 200k-220k

Primary - Loan under wife’s name only

205k mortgage with 2.7% interest $1470 payment , appraised at 220k

We plan on either purchasing another single family or a multi family up to 4 doors.

Thanks all in advance

Henry from Houston , TX

Hello all,

My wife and I just purchased our 2nd single family for $218,000 ($205,000 on mortgage). We put $13,000 down on a conventional loan at a 2.9% interest rate .

It brought our savings down to $8,000. On the 1st property we purchased for $135,000 6 years ago at 5% interest we now have a mortgage on that home for $110,000 it is now estimated to appraise at $200,000 to $220,000. That home now has a tenant , cash flowing $500 a month but plan on atleast $700 after refinancing.

What strategy on refinancing should I use to get cash out of refinancing to give us a emergency fund but at the same time have money to do an investment loan and put 20% down on a property that'll give us 17% ROI and cash flow. I know refinancing will whip out our savings so it's a must we get cash from our equity.

Thanks all in advance

Henry from Houston , TX

So we are in the finalizing stage of lease agreement. We do not have a realtor as we have posted our rental through Zillow and other sites and just added a sign to the house. Our possible tenant is working with a realtor and we’ve came to the point where they are wanting to send broker form for us to pay half of month rent fee ($850). How can we waive or avoid this fee as this is the reason why we didn’t list our rental on mls with an agent. Can tenant possibly pay for the full amount ? Or how can I make this work?

Thanks , Henry from Houston TX

So we finally closed on our second home and are now in the process of having showings on our home we just vacated and have viewings scheduled and have a few applications. Just want to ask what lease contract I should use , which we have one but would still take a look at any suggested. Also what are pros and cons of not using a realtor to post rental on mls as we have set a deadline by September 1st of not having a tenant lined up to move in , we want to take the route of using our investor friendly realtor that helped us with purchasing our 2nd property to list home for the 1 month rental price to list home on mls (which we feel is quite high priced). I’ve had realtors call on behalf of their clients and choose not to continue as we will not pay realtor once home is leased.

Thank all , Henry from Houston,TX (Tomball)

Good evening to all ,

Seeking inspiration from fellow investors.

My wife and I were suppose to close Thursday got pushed back to Friday and now we hope for the best on Monday , our lender got our closing disclosure sent over to title right at closing time Friday so now we wait to hopefully close Monday after we have wired a total of 12k to title company for closing. We’ve loaded up everything into a uhaul from our primary which I had 7 viewings today that all went pretty well and hoping to get applications soon as from first time impressions they were all potential tenants (renting out for $1700 a month on a mortgage we pay $1240 and hope to bring down to near $1000 after refinancing). I really felt as if I ran a property management company or atleast worked for one as I didn’t want to give away being the homeowner. We luckily still have our beds to sleep on but living out of boxes for the time being. We hope for the best as it is a leap of faith and numbers we are taking.

Our closing disclosure showed we will pay ($1400 a month) $200 less a month than we were originally estimated so that’s an upside.

We hope to soon refinance our primary as we have a high interest rate of 5% and close to 100k in equity as we plan to get an equity loan for an investment property in the near future. Also would like to know how fast this can be done since debt to income ratio plays a big part of getting a loan.

Thank you all in advance