All Forum Posts by: Justin Fox

You can make ~$200/month for every $43,636.36 - $55,813.95 in a HYSA right now.

Lot's of questions.

1. How much of that water bill balance is actually from a burst pipe?
2. If they were delinquent prior to, say, ~November, during "non-extreme" weather months, why wasn't the service disconnected?
3. If #2, there's some negligence on the water department's part.

Unfortunately, I believe the property owner is liable for municipal services in Texas.  But just because you're liable, doesn't mean you'll end up liable for $20,000.00.  Fight that $ amount for sure.

First step, get each unpaid bill and then get the most recent paid bill by the tenant and check the meter readings.  Make sure only the month(s) that had a burst pipe have outrageous metered charges.  I would request the number of months late that the city's last 5 disconnected accounts were.  Compare that to your case and note any discrepancies.

I would finish the eviction for this tenant for sure, and even if they'll never pay, see if you can get an un-paid money judgement on them in your county.  Both will show up on background checks.

Good luck!

I have people interested in me building them a home and then seller financing the home to them.

I'm open to that but I've just never done any private lending, so I'm unsure about terms and rates.

Are loans like these typically structured like ARMS?  10/30?  And then you re-finance again at another rate?

Thanks!

1. 1. Contact the owner through the contact us form, if available.
2. 2. Report the illegal use of your private home address to the hosting company.
3. 3. Start the same type of company and take her current and potential clients.
   

They probably ruined that house.  Stupid is supposed to hurt and be costly.  If they violated a no pet lease, post notice and start the eviction if they aren't out in x days allowed by law.  Don't wuss out and let them stay if they get rid of the cats, and don't take any money from them for back-pay for pet fees or pet deposits.  

I'd also get an estimate for ripping out all the carpet, flooring, cleaning the AC ducts, cleaning the inside coil and doing a complete paint job.  If you can take the $$ out of their deposits, good.  If not, sue for all/partial damages.

Go see an attorney and let 'em have it!

Good luck!

Quote from @Robin Evans:

Quote from @Nathan Gesner:

If you have normal pvc p-traps, just unscrew them, blow them out with the hose outside and screw them back on.  It's usually just gunk and hair over time in bathrooms.

@Nathan Leger

If you get the land cheap, don't pay for money and like @Mike Dymski said, if you're the builder you can make lots of money.

As soon as you buy a Lot at market price from a realtor, borrow money for the build and hire a contractor, you've lost.

Quote from @John Underwood:

Quote from @Justin Fox:

@John Underwood

Technically they do heat hot water, a majority of the time in fact.  Hot water heater it is!

Go to home depot and read what the box says.

Haha!

@John Underwood

Technically they do heat hot water, a majority of the time in fact.  Hot water heater it is!

Quote from @Greg H.:

Quote from @Doug Poirier:

@Greg H.thank you for this. 

Yes there are definitely still costs in this model, it takes money to make money!

The figures in the example are strictly to explain the strategy, please don't put too much weight on it.

There is a cancellation clause in the contract that protects the home owner and contractor. If the seller backs out the contractor is entitled to an hourly rate for the work performed and must be reimbursed for all expenses that were incurred plus mark up. Just like doing business with anyone there is always a risk. However you as the contractor decides who you do business with and vice versa. If the business model is approached with helping others in mind, and if the owner sees the value of the service brought by the contractor, things should go fine. 

Yes there is a registered mortgage completed before renos before by the contractor to protect them. Essentially all bases are covered to protect the owner and contractor within the contract. 

I appreciate the scrutiny gentlemen. It's definitely a unique strategy for unique situations. 
 

 So I only go with what I know and I fully acknowledge the laws are different in different states and in Canada.  So with the hourly rate scenario, if they don't pay you would seek a judgement.  However judgement do not attach to one's homestead in Texas.  I can own a million dollar home with many judgement and decide to sell and the judgments will not be collected.  So as you can now see this is a no go in my world

I thought you can place a lien against someone's home in Texas and get paid at closing due to a title search.  I know sub contractors do it all the time on new constructions and I believe car insurance companies will sue and place liens on personal residences too.