All Forum Posts by: Jane Istre

I had a house burn down due to arson a few months back. The insurance paid me off since it was a total loss. I now have the opportunity to replace the house with a manufactured home on the original homesite. Several insurance companies will not insure the new house because the old one was arson and no one is in jail for the crime. Has anyone had this happen? I'm in Texas. This is my second fire the first one was due to a tenant with a grease fire. Both were not my fault just bad luck.

Thank you for the information, I have a house coming available and your site will be a great way for workers to find rentals. 

I have rehabbed flooded houses and have used a spray on product like Concrobium Mold Control that eliminates mold and keeps it from returning. Then painted the studs. Check the studs with a moisture meter when the wood is dry then you can sheetrock over. Even if they didn’t use a moldicide the most important thing to do is to run the AC or heat to pull the moisture out of the house. Before any wallboard goes up. I don’t think it’s necessary to paint the studs after the moldicide just let them dry.

@Eric Michaels

I have 3 guys in their 20's who want to rent a house from me. I've been a landlord for over 12 years and usually deal with families, these guys seem to be responsible and have good jobs and combined make over 100k. The house is in a "C-D" neighborhood that has been experiencing more drug crime than normal, do to a trailer park nearby that is becoming a problem. I have been having some difficulty renting this home. Even section 8 tenants will not rent it. What are some things I should consider when renting to multiple tenants with in a single rental. I was going to go up on the rent to hire a housekeeper to make sure the place stays clean. 

I have a 3/2 that I am considering renting by the room. It also has 2 living room areas the tenants would share a kitchen. It's not going to be a vacation rental more like a college rental. Basically just a place for blue and white collar construction workers who are working in our area temporarily do to plant expansions. They usually stay 1-2 years, I'll pay all bills. It's in a C blue collar neighborhood but with in a mile of the job sites and a few blocks from a boat dock to world class fishing. How do I advertise the wording for this situation to attract potential renters. Any pros and cons would be appreciated. I have been a land lord for 10 years and have several properties, I understand the SFH market but not this new market that is developing in our area. Market rents for this situation would be 200.00 per week per room. As a single family home it would only generate 800.00 per month. It's in a not so good school district.

I went out to see the property yesterday it is located in what is considered the Historical district and NOT the most desirable part of town. Probably because no one wants to live there. Crime is low nothing to steal The guy has 2 homes one I could get for less than 5000 he owns title free and clear it will need work. The other house which is the one with the note he owes 40000.00 but believes the heirs will take 20,000 apparently they don't want it either. A spoke to a property manager and she said that area rents from 450 - 650 per month but takes a little longer to rent.

 I'm trying to figure out how to make a little money on this deal by flipping it to another investor. Can someone give me advice on the steps necessary to do this. How much can I ask to give the two deals to someone else. I guess this would be considered a bird dog fee. 

The houses are owned by a close friend's father in law and she is trying to get him out of debt as he lives with them.

Charlie,

Thank you for the advice. I will seek the advice of an attorney to prepare the paper work since it seems complicated. I'm thinking that the heirs probably want this property back to sell for more. Which is why I was trying to get it under contract to prevent them from selling at a higher price. 

I'm new at this so please bear with me through these details. 

I have a home owner who has legal ownership through a General Warranty Deed in Texas he owes back taxes of 4 years on said property and wants to get out from under the property. 

The person he originally bought it from filed a deed with the county that says he bought it for 10.00 yes, ten dollars. They must have had a side agreement and he has been making payments since 2005 for 400 per month. The original person has since died a few years back the note if you will is now with the family of the deceased. He thinks he owes around 40,000. The note is not listed in the court house records that I could find.

How do I go about getting the contract assigned to me without the family taking the house back. He is current on the note. What kind of contract will I need.

I of course I don't want to pay cash for this deal. I just want to pickup payments and clear the tax burden.

Any advice on structuring this deal would be welcome.

Hi Joe, I'm in the Orange area and have property here Texas as well as in Louisiana. There are two meetup groups in Southeast Tx that are just getting started.