All Forum Posts by: Jerel Ehlert

Honestly, in TEXAS, the only document that this really matters is the wet-ink promissory note.  Everything else can be a copy, e-copy, a copy-of-a-copy for all that it matters.  Even then, having a copy of the promissory note instead of a wet-ink won't kill enforceability like it used to do, but certainly will make your legal bill a smidge smaller if you had to go to court on it.

In fact, for anything that was recorded, the recorded copy is much more important than an original (unrecorded) document.

Buyer is entitled to the original recorded deed, not the lender.  Even that doesn't really matter from a legal-enforceability pov. 

In Texas, demanding an original (sans promissory note) is kinda petty because we have the Uniform Electronic Transactions Act.  This pretty much makes all other concerns a moot point.  "Uniform" because businesses like the rules to be the same in every state, so....  An electronic copy of everything is treated, legally, as the original.

PS, read all your state's statutes on LL-T law and evictions.  Read every word of your lease.  Take notes.  Talk to a lawyer in your jurisdiction on the notes you took.  There's a fable about a pound and an ounce somewhere in all this.

LL-T laws are HIGHLY state-specific.  In Texas, hot water is something the LL must provide under strict statutes.

To your question "who pays", if it seriously looks like it was damaged on move-out, it should come out of the last tenant's security deposit.  This assumes that the water heater was in a place where it could have been damaged (garage that people walked by and not an attic that is inaccessible).

 Ok. Given that experience, skip the property management side unless you *really* want more practice herding squirrels. The legal/business side to rentals is not that tough. It is the project management side that kicks newbs in the butt - full-cycle processes, managing subs, make ready calendaring, staying on top of AR and AP accounts, following through on deadlines with recalcitrant parties.

David Willis is a fine lawyer. I have not had any direct contact with him, but the info on his site is typically spot-on and I link to it every now and again.  The only criticism I've heard is that he does not take walk-ins.

With advent of technology, locality is optional.  I've worked with REIs all across Texas without meeting in the flesh.

Yes, if every duck is well-trained to align perfectly.  Very rare.

I have a package. 

Link to SB43: https://legiscan.com/TX/text/S...

Restrictions start if the seller does 3 in 12-month period. Until January 2022, seller can do up to 5 in 12 months.

But, yes, lots of difference between selling by owner and owner financing. 

Happy to talk.  I've worked with lots of REIs across Texas.  Unless you really need to see my mug in the flesh, technology opens up clients and firms outside your local region.  Happy to talk.

How good are you at business systems and herding squirrels?  Any kind of prior project management can substitute.  If you've never done anything related - DO IT.