All Forum Posts by: Account Closed

@Thomas S.

On those you don't select based on personal preference how are you letting them know?  

Ok so we are purchasing a second home and renting out the first one. We have the ads up and applicants are rolling in. We have 5 that have completed prescreening and all are coming to see the house on Saturday... (Yaaaa tomorrow) My thought on this process is: 1. Prescreening for policy(smoking,pets), income and willingness for background, criminal, eviction checks. 2. Show house 3. Complete full application and provide income verification 4. Background, criminal, eviction checks through True Rent My reason for holding off on background check is not wanting to charge people (they pay the company directly) and ding credit with hard pull if they aren't going to qualify, find another place or lose interest in the earlier stages. So on the off handed chance EVERYONE qualifies and is a reasonable choice for tenant.... What is the next step? Create a priority list based on all info, conversations, factors and call the first person and offer it up? Move to the next until someone signs the lease? Thanks for any info! Jesse

Edward B. Awesome. Yes weighing out the legal entity configuration here in Texas will require a lawyer. I already have one in mind. The Quit Claim Deed is exactly what I was looking for.... Thanks!!

Good Morning BP! Details: My wife and I are talking about buying a new house and renting ours out. We have run the numbers and everything looks like it will work out. My concern is that we will have this rental under our own names and from a liability stand point I am concerned about keeping it there long term. (Or even short term) We are changing insurance to be landlord insurance but it's still a concern. This would be our first rental of hopefully many properties. Plus no LLC or similar exists at the moment. Question: Once I have an LLC/Inc set up do I have to sell my company the property and pay for all the associated costs or is there a better way? Thanks in advance for any assistance! Jesse

Welcome to the site.. Lots of action in the DFW area.. Be sure to set up keywords! Alerts

Why not restructure it so all the associated costs are on your side and you give them their walking a way number. You might have to adjust your offer down to account for extra costs but the seller might be more comfortable with a "you get this much", "I will pay this fee, this cost, this cost" but the offer is lower to accommodate those costs. Just a thought.

Justin State Bank is supposed to be an investor bank here in Texas.

Welcome aboard!! I am in a similar boat out in Burleson. Let me know if I can help.

Frescos is awesome! I live in Burleson it is definitely growing quickly. Schools are decent you can move from high population to middle of nowhere in a few minutes so it's on the edge of where you start seeing big ranches and open space.

Life Estate Research brought me to an interesting article about the pitfalls of Life Estates and how complicated they can be, a little forewarning goes along way.

https://www.linkedin.com/pulse/20140728165911-7718716-the-problem-with-life-estate-deeds

Key Items I picked up:

At Signing of the Life Trust, the Life Tenant is no longer the full controller of the property and Remainderman(s) must be involved in any potential sale.

Remainderman's interest in the property is passed to heirs and is subject to their will/trust/probate/divorce if they pass before the life tenant.

Interest in the property can be split to multiple remaindermen (and potentially split again if the remainderman passes first to his set of heirs based on the state)