All Forum Posts by: Jorge Guadian

Sorry for the very late reply. No have not had any issues with any of my tenants receiving electronic receipts. There bank info is not included. Theres many apps you can use to whip out a rent receipt if you tenant wants one. 

I am in the same situation my son just got out of the Army after 6 years is single and lives with my wife and I. He works for me as a handyman and a property manger. I have 14 duplexs and 1 SFH rentals. I would also like to take the tax advantage. Like to know how it's going so far. What route did you choose.

I have most of my tenants paying me Electronically. For example bank to bank transfer.Zelle bank transfer, Facebook payment and Cash App have not had a issue.I do send my tenants a electronic receipt and file that receipt in a folder I name each month . I don’t think it a big issue if  tenant want s receipt. You should be worried if they don’t pay. Once a month using a software program to actually help your business have a accurate history record is not a big issue with me. I even use Rent Receipt Pro to whip out a fast quick and easy rent receipt you can send it to they’re email or text. I use the dictation feature on my phone and have a receipt in less than a minute. Collecting rent is after all we’re you make your monthly profit. Not giving a receipt I would say is being lazy towards your buisness. If you have all your rents due on the 1st you can even have the receipt ready to send once you confirm the tenant has paid you. It’s to easy you should love sending receipts it’s like counting  your $$$

Thomas I wasn't looking for a smart *** answer, as you replied to me and Rob. Isn't this site BP to help each other out?. You should keep them cheap shots to yourself. Learn a little from Jim Cummings he seems to understand what this site all about. And I did look up the state landlord tenant regulations but wasn't very clear thats why I asked.

Just purchased a duplex in Texas One tenant renewal lease in Feb with previous Owner. What is Texas law in in me giving them a notice that I will be raising  the rent 30 days 60days.

Purchased a duplex March 3, 2017. One of the tenants lease was up last year so basically they have  been on a month to month. I informed the tenant I was going to raise the rent and if they wanted to continue renting  that I required a 1 year lease. She informed me Mid March she didn't want to sign a year lease. She told me she has been renting there for 2 years already and needs a bigger  place a 3 bedroom instead of the 2 bedroom. She has 2 boys and 1 girl all under 5 years old. Her and her partner (he is not on the lease) have had all of March to look for a place with no luck which I don't think they have really put much effort or they don't qualify. I gave her a written notice on March 31 to vacate the premises by April 30,2017. She  got mad started raising her voice  at me when I gave her the notice she did pay the increase rent for April. She thinks she can stay on a month to month since I told her  March 27 by text I would work with them on giving them more time since they had not found another place at that time. She assumes I said she would stay on a month to month lease. Im giving them 30 more days, I have a text her saying one more month would be great but it just don't sink into her head.   For her working in the medical field she is not the ideal renter  extremely dirty. Dishes piled up, bags of trash or clothes its hard to tell but  clothes  are thrown everywhere, roaches every where. Gnats in the kitchen and bathroom she says the gnats came right after I fixed the leak under the kitchen sink but there in the bathroom also ( what I have investigated being dirty will attract gnats and roaches in a heart beat). Also after I repaired the toilet flapper she said her bath tub became clogged which was false I pulled out a wad of  her hair from the tub drain. I did have a pest control exterminator come to spray both sides of the duplex right after I purchased the place.Her side compared to the neighbors is terrible. There was no roaches or gnats on the tenant side I wish was not leaving due to them buying a home.  Even the pest control tech informed me she is the problem. I love dogs but she has 2 dirty pit bulls living inside doesn't make it better you can smell them and who know what else. The place is not bad for the price I paid  the cash flow is $900 after paying the mortgage. If she was a clean tenant I would not be to concerne about the month to month lease. She is destroying the place is what Im concerned about. I have evicted people before for not paying rent but not for being dirty birds. Technically she doesn't have a contract this is how I figured I could get her out of there by making her sign a new 1 year lease which she doesn't want to ( I'm scared she might since she hasn't found another place). Any suggestions on how to make this a smooth transition. Im in Texas 

All of your responses  have been great. Leland and Trent you both  really opened up with  excellent advise. I thank you all for taking the time to post. I'm sure others like myself will benefit from your  experience and knowledge. Thanks again.

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Like to hear what some of you BP members would do if you were in my shoes. Im almost 53 with basiclly mortgage debt, no car, credit card or school debt. Im retired with my pension and rental income I gross just over 107k yearly. I own 4 duplex's. Two are paid off. The other two I still owe 74k on each.  $4405 month cash flow after mortgages are paid. Like to know if I should buy another investment property or pay off the 2 remaining and my home. Im leaning towards paying off the mortgage loans.

I can pay these off  the 2 duplex's in approximately 18 months and increase cash flow to $5,575. The pro would be to save thousands on the interest. The con increase cash flow with another investment. What would be your move. Any input would be appreciated     

Brett,

Thank you great advise last year I was told  I could  not do this. I was  told Id have to get a HELCO in order to use my free and clear properties so I saved and saved. Im searching for the best rates  locally on a refi cash out. I also researched Online one company will do a 70% refi cash out at around 8% and on the loan for the property  4.8%.

 I'm very  interested in a 5 Plex that is listed at 224k.

Do you think 8% is a good rate on the refi cash out  for someone that has  a credit score of 720. My liabilities are minimal, just my two duplex and home are my main debt. And as the news have been saying interest rates are going up. Thanks again any suggestions  would be appreciated.