All Forum Posts by: Jerry D.

Purchase Price 45k

1400 sqft brick house

Fix up 10-15k

Value after fix up 70k

Rent $850-950

P/I-$238 payment Loan 50k at 4%(Private loan)(30 year amoritization)

Insurance-$70

Taxes $125-$150

Hoa -$20

Not a war zone but not the greatest neighborhood also.

Sales in neighborhood range from 40k-100k. 40k are the foreclosures.

Let me hear it. I do own 9 other properties in this neighborhood so I do know it well. I would like more diversification though.

If you continue to accept it late you are setting a precedent that cant then be used against you in acourt later if it comes to that. Just like if you don't enforce late fees. I charge $70 extra. I do take into consideration how long they have been tenants and how well they are keeping the house.

I started about a year ago having tenants deposit into a checking account in my name but it is not attached to any other account. The renters can deposit cash or check to that account. They can do it electronically or in person. I tell them this when we sign the lease. It is not an option. I have them put their name on the deposit slip and they keep it for their records. I absolutely love it! Way better for me and tenant. No more waiting on checks in the mail or meeting to get rents. Would never go back to the old way.

Welcome to Houston

Just found out today that the reason the AC is not running is that the sobs cut the freon line going into the house. Luckily he didn't run the system long or it could have destroyed the whole system. Looks like I will just need to fix it and gas it back out which will cost me a few hundred but much better then the whole system which could have been 4-6k.

Final Update. Guy finally is out of the house. Moved out 6-14-2012. Started process with 3 day notice on May 5. House is not as bad of shape as it could have been. Ended up filing for the writ of possession June 5th. It took till June 13th to get the 24hr notice delivered from Constable. Good news is now I have his number and for a fee about $75 he said he will deliver a 3 day notice to vacate should this happen again. It legally wouldn't do anything different then if I delivered it but I think it would be a little more intimidating from a officer in uniform. I have a guy going to paint house and fix and replace bi-fold doors, doors off hinges, some light switches almost all is cosmetic just one small plumbing issue. Another guy is going to do the yard and fix holes from dogs and fix fence. To paint whole house and fix it and yard with materials will run me right around 2k. Lost rent about $1,600. Looking back the only thing I would have done differently was get him out sooner at the first sign of trouble which was when he lied to me in November. I had it all worked out for him to move out in February but I ended up trying to make it work. Next time I will just get them out and move on. I would have been better off. But that is living and learning in the business.

Filed write constable still hadn't got the paper work you got to love Big Government. How is it a judge can give you possession. 6 days go by for an appeal which I can kinda understand. No appeal happens. File for a writ on Tuesday. By Sat the writ still isn't in Constables hand. So it looks like Monday until the constable will get it. They then still have to post a 24 hr notice to get out. Then it has to go to another constable who has to schedule a mover. What a fricken mess. They said they will be out by tomorrow so I hope they are. On Friday since they knew I had filed the writ and I knew nothing would happen over the weekend I texted them that I told the constable to leave them alone for the weekend and that they would be out by Sunday. Hoping they were thinking I was being kind. Figured it couldn't hurt since I knew nothing would happen until next week. I will update yall tomorrow if they are gone and what shape the house is in.

Thanks guys just trying to get him out with the least damage. I am going to file and by next week he should be gone and I can move on.

Ok going to get the writ but I should I text the guy and give him a heads up. I am thinking he is under the impression now that I am not going to get the writ and so he has until Sunday. I did't tell him this but when he texted me that I didn't need to get it I said thanks. I am afraid if I get it and don't tell him it will really piss him off when the constable shows up and puts the 24hr notice on the door. I think it would be wise to text him this evening and tell him we are going to file it.

Total Deposit including fees collected for dog and late fees about $1700.
Lost rent May and Probably June $1700.
Court cost with writ will be $300.
Damage to unit and advertisment? Who knows.