All Forum Posts by: Jim Cummings

@Anders Nordberg. What is your turnover costs? If couple 2 looks good on qualifications, and has a good report from previous Landlord, I would opt for them. 

@Iesha Padilla. I would suggest if you decide to rent to these folks, get a larger deposit 2X or 3X as "primary" folks are credit challenged. 

Another alternative, (if you do decide to rent to these folks) might be to make the Father the primary Tenant (He pays the rent) and the Son & Girlfriend are additional occupants.  

@Michael Thorne. Google Roddy Report. It's a list of foreclosures posted by various counties. Very strong reporting in the DFW area. Also good in Austin and San Antonio. They service some other areas but reporting is not as good as the areas mentioned. 

@Tony Juarez. I did the exact thing you are asking about - DM me and we can find a time to talk.  

@Devin W.. I have a provision in my Landlord Addendum that charges $100 deduction from Security Deposit if yards are not "De-Pooped" at end of lease. 

@Daniel Fisher. I'm not a lender, but I've seen 6 months generally quoted on BP and some folks have run into a 1-year requirement. 

Look for a residential lender in the largest town close to you or if you're close to El Paso - I would guess you would find a lender that does New Mexico as well. 

Good Luck. 

@Jesse Rangel. Consult the Texas Rental Code for specifics, however it's my understanding tenant needs to give you possession of the property, return the keys, and give you a forwarding address before the 30-day provision to return the Security Deposit or an Accounting of the Charges from Security Deposit. 

If you are going to be in the landlord tenant business in Texas this is the Bible for all actions.   An extract from Texas Rental Code below:

When ending a rental agreement, a common question for tenants is whether the landlord has to refund the security deposit the tenant gave them at the beginning of the lease. Sections 92.101 through 92.110 of the Texas Property Code describe the legal protections tenants have when they pay a security deposit. Section 92.103 states:

However, Section 92.107 provides an exception to this:

@Jared H. A Slacker is a Slacker regardless of Military or not. Seems he's played your good intentions. Taking action will not end his Military Career - he's already in the process of doing that himself. It's only a matter of time before he will be administratively separated for dereliction of some sorts.  

Sorry about your good intentions being taken advantage of!

@Cory Melious. Regardless of what your lease says you are going to have difficulty evicting someone in today's Covid conflicted climate. I'm obviously not a NJ resident and have never lived in NJ - but the stereotype is NJ is a very Tenant friendly state. 

There is a Covid Related Statement that tenants can give to you stating they lost job due to Covid, have / are seeking rental Assistance, etc. that would prevent you from evicting tenants. As in most circumstances a lot depends on how the local Eviction Court (whatever it's called in NJ) views the situation.

@Daniel Chappell. Talk with a knowledgeable Loan office to discover your options. As a general rule, you can use FHA to buy a new primary residence, and pocket the cash, reduce your lifestyle (hard to do - but doable if motivated) and stack up some Cash for your next an investment.

Kyle & Buda are still good markets.

Good Luck!