All Forum Posts by: Michael Campione

Guess one just needs to hear it from a third party.

Regarding profesional property management, my family is doing a good job so far. At least I know they are not going to rip me off. :wink:

Thank you.

New to the landlord thing. Ugh.
This may be an obious question but just checking my gut.
My sister is managing my property in Texas until I move there. She just informed me the first applicant filled out the application and paid half of the application fee and said her husband would be there after work to pay the other half and fill out the remainder of the app.
She then told my sister:
1.They had an eviction because the husband lost his job due to company closing but has a good one now.
2.They are moving because the apartment they live in now is being torn down.
3.Prior residence was in-laws.
4.Their credit score "is not stellar"
OK, I know the answer. Like I said I'm new.

What is the best way to handle this situation. Should I just tell them "more than likely you will be declined due to an eviction"?

Thanks for any advice.

I think he just want to not have to move his stuff twice. Can't say I blame him. I doubt that he is even going to stay there since he is taking care of a family member and stayng there most of the time. Getting in to do work on the inside is no problem either as he has already stated that.

Just checking to see if there could be a problem or setting myself up. To be honest I would rather give him the extra days since it will be vacant anyway for at least half the month. As you have guessed this is new to me.

Thanks for the advice.

Hi all,

In November I inherited two very good tenants in a duplex I purchasedin Texas. One however informed me that he would not be re-signing in April. His lease was to end April 15th but I told him if he wanted to end April 1st that was OK. He accepted. I plan on doing some upgrades to the unit so not having a tenant for April was planned. Now the tenant just asked if he could make his move out date the 7th as his new apt will not be ready until then.
Question is, technically his lease isn't up until the 15th. Since I know he is going to move on the 7th, do I charge for the 15 days OR 7 days and are there any legal implications or traps I need to avoid.

Thanks

Can anyone tell me why insurance rates on income property is sooo high in Texas? I just got the estimate on a duplex from State Farm on a $235000 Duplex, it turns out to be around $2472. And they will only write one property anyway.
What gives?
No wonder property is cheap.

I know I didn't pay wholsale but the numbers look good. To answer your question MLS. Acctually went in low and lost a couple of deals as a result but was able to zero into what I would have to offer for what I wanted. I wanted a property that was pretty much turnkey.

My hat is off to all of you and your help. I have been able to put together some sense of the insanity of buying investment property. I have survived phase 1 :D I got my offer accepted for a nice duplex in the Dallas area that acctually has a +C/F. Long term tenents. 1 year old roof.
Very good condition. Decent neighborhood.
Did I do it right? I'll let you know in 6 months.

What is the best way to make the transfer as transparent as possable to the tennents. Or any suggestion on the best way to handle the tennents at and before closing?
Should I have the tenents re-sign a lease? Among other things.

Both ways the cost is NOT out of pocket at close. Correct?

What would be a ballpark norm for closing cost in terms of % of price.

Anybody have a take on what is high and what's low when it comes to Closing costs.
And would it be concidered common to add closing costs to the price and a check back from the seller?
Looking in Collin, Dallas counties.

Thank you bryceB and thank you all for your advice. Everyone is very helpful. Looking forward to pass it on to others as you do.