All Forum Posts by: Kathleen McCabe

Hello! I live in Dallas TX. My friends has a home in the M-Streets with a detached 2 car garage. How do I find out if she is able to convert that into an ADU / mother in law suite? The home is technically in "duplex zoning". Just trying to confirm if this is an option for her.

Thank you!

Katie

Hello,

I am a new agent (we are talking less than a month in). I have rental clients that secured a lease - it was signed by both parties and security deposit was paid. Today, the listing agents calls me and says they have to cancel the contract because the client is getting a divorce and changed her mind.

I wrote her back saying that they have a legal obligation to proceed .... contract will be breached if they do not move forward. My clients really love this place and want to move. I also added that if she absolutely cannot proceed & to avoid legal action, my clients expect three months rent and their deposit back.

She just wrote me back saying the lease was not completed because the LL's husband never signed. I had no idea she had a husband, and I do not think they were intending on bringing him into this.

What are my options and do both owners have to sign a lease agreement? his name was never even entered into the original contract and there was no place for him to sign.

This is my first transaction... beginner's luck! go figure. lol

Thanks,

Katie

Hello,

I am a new agent (we are talking less than a month in). I have rental clients that secured a lease - it was signed by both parties and security deposit was paid. Today, the listing agents calls me and says they have to cancel the contract because the client is getting a divorce and changed her mind.

I wrote her back saying that they have a legal obligation to proceed .... contract will be breached if they do not move forward. My clients really love this place and want to move. I also added that if she absolutely cannot proceed & to avoid legal action, my clients expect three months rent and their deposit back.

She just wrote me back saying the lease was not completed because the LL's husband never signed. I had no idea she had a husband, and I do not think they were intending on bringing him into this.

What are my options and do both owners have to sign a lease agreement? his name was never even entered into the original contract and there was no place for him to sign.

This is my first transaction... beginner's luck! go figure. lol

Thanks,

Katie

Investment Info:

Single-family residence buy & hold investment in Dallas.

Purchase price: $80,000
Cash invested: $37,000

This deal ended up costing me about 29K out of pocket after refinancing from hard money into a conventional loan. I was in the hard money loan for three months.

How did you find this deal and how did you negotiate it?

Original asking price was 85K. They ended up knocking 5K off of that the last day of the option period because it needed a new HVAC and roof.

I'm an avid listener to the podcast and swear I've heard Brandon say that seller's agents ARE allowed to disclose the amount of the highest and best offer. I guess back in the 80s there was a law against this, but it changed over the past few years... and unfortunately most agents are not aware of this change. Is this true? I cannot find documentation. Help me prove my realtor wrong. (lol)

I live in Dallas, TX. I've been wanting to "drive for dollars" for months but have been putting it off out of safety concerns. It's never really addressed on the podcast that this method involves some risk approaching houses that are not always in the nicest parts of town. Personally, I'm in sales and I feel like this is something I would really be good at, but in the back of my head it feels a little risky as a women. Maybe I'm overthinking. I also do not feel comfortable asking friends to come with me, because none of my friends would find joy in door knocking. I'm very independent and I do not like to consume other people's time unless there is something in it for them. 

Where are my ladies at? Any tips and tricks to get around this? 

Thanks,

Katie

@Caleb Heimsoth thank you! This info may save my deal :)

@Caleb Heimsoth yes this is my first property :)

@Caleb Heimsoth well, lesson learned I guess! I thought for a duplex, you had to put down at least 15 percent? Or is that different because I plan on living in it?