All Forum Posts by: Josue Vargas

I'm not a lawyer/attorney.  This is what I personally think: (1) I would talk to an attorney/lawyer and find more info.  (2) I would not return the deposit and show receipts of what you have spent for such repairs.  (3) If you are successful against his claim, it is possible there is some language in the contract/lease enforcing him to pay the cost of your attorney and expenses etc., I would seek compensation afterwards.  (4) Plus, you will learn the process and have that experience.  That alone worth more than the $770 he wants back.  It's a business, not a charity, right? 

I'm curious, maybe any of you are lenders or bankers etc, but do you know if for this 80-10-10 loan I have to make payments to the lenders separated, meaning two transactions every month?  Regarding escrow account, if the loan is managed, can both have escrow for TI or just one lender will carry the management for excrow?  

That is a good question.  You didn't specify the loan term.  Is it a long term (keep forever) or short term?  I'm assuming is a long term 20 to 30-yr loan. 

Basically the lower interest rate makes more sense. You will have more capital to invest, therefore you will have other sources for greater ROI.

In other words you will make more $ elsewhere than tying the extra cash for the same loan, if that makes sense.  

Have you ever kicked out some family members from your own personal property while visiting/staying few nights or short term (couple months)?  I have, and I love them, and I enjoy their company, but...  The problem is when they abuse the trust and then becomes something else.  

Now imagine handing out a portion (or a big chunk) of your business to a family member with little control unless you have an extremely good relationship and you would not care to carry on the burden if they can't fulfil the terms.  

How could you evict them if they do stupid things and still keep a good relationship with that family member and the other family members that take their side?

1. Lack of communication with me, their client.  But I didn't hear from the tenant itself until when they were moving out and some issues, so I guess their communication with the tenant was good.  I'm guessing they wanted to delay communication therefore the problems became "urgent" and then they wanted to use their contractors.  They charged 10% fee of the total sub invoice.  

2. Misuse of the $500 allowance for maintenance.  They needed to notify me of anything over $300, otherwise they communicated whatever they feel and most of the time they even didn't bother to call me or email me of anything less than $300 expense.  Then I saw the monthly statement and was overwhelming. 

3. Communication with the HOA was a big issue. I had no help from them on any of the tenant's issues with the HOA. In fact, I had developed good relationship with the HOA management company because of this. So at least something positive.

4. Poor walk-in and "as is" documentation notes/report.  Tenant at moved out took all curtain rods and drapes (valued at over $350), they never followed up.  Explanation was "we have no evidence there were curtains in your property".  But yeah, they charged me $100 for an in-moving condition report...

5. Lack of putting notes in their system for things I know about the property.  Like for example that GFCI outlet that goes off.  I explained to them the situation so they can communicate that to the Tenant.  They obviously overlooked, resulting on an extra expense, which they replaced and charged me, and the problem persists.  Electrician invoiced them with a new GFCI outlet, their time and everything, and with all that, the problem persists.  

I can keep going, it is maybe my luck and experienced with PMs I guess. 

I hope you do a better job.  If not, you will have a lot of unhappy clients like me and a lot of turnover.  

Good luck. 

@John Clark

You realized all said here is not private. If I can see it, someone else can. I leave that alone.

@Marian Smith

Answering to your title question, Yes, at some point Texas will go back to the "normal", which is what?  Less scarcity?  If the market adjust adequately (somewhat offer and demand not being so far apart), then we will have a better even market.  Until now, there is a lot of housing gap and way too many buyers.  COVID, non-COVID related, etc.  Hard to predict.  Is not because of one company draws attention and the media goes crazy (or the newspaper or fancy magazine).  Not everybody works for these.  

@Account Closed

Couldn't agree more with what you said.  Its a business and of course we want the best return of investment possible... but we have also (for most of us however) a duty to comply with the laws, be human, and also be ethical.  Ethics and Law compliance are two different things.  I prefer ethics.  I always have a good sleep at night.  

@Anthony Middleton

Familial Status... Reconsider at least a quick talk to an attorney/lawyer before taking any actions against the tenant.  Protect you Assets! 

Gunshots or not is irrelevant, in my opinion.  I assume they saw the property and the area before they moved-in.  These type of things you can't control.  

I would however collect rent to at least the time she occupied the property plus monetary compensation for time (vacancy) and efforts made to find a ready tenant.  That said, I would try to speak with the tenant first and get to an agreement before deducting or charge anything from their deposit.  That way you are fair, get payment for what they owe you, and also have the agreement terminated.  Always document, have them sign an addendum to the lease if it all possible with a very short description of mutual agreement termination (no need to be specific here, I would suggest just termination dates by mutual agreement... period).