All Forum Posts by: Kevin Patrick

Conor, 

I've added Bank Novo for Cozy deposits, then move those funds to Bluevine.  Bluevine wins for me on three counts - paper checks for the tax appraisal district, scheduling mortgage and other monthly set-price payments, and a little bit of interest.  I'm sure that $5 or so I made in interest last month is going to grow and grow and grow! If you don't need those three things, I think you could open a Novo account and close the Bluevine account.  For now, I'm keeping both.

Thank you, Jerel.  At the time I posted this, the rent credit question was just part of a conversation with the insurance agent.  I had not experienced it, either as a renter or landlord, and did not know that it was a normal course of business in these situations.  I knew that loss of rent payments was covered under my policy, but this situation is not detailed in my lease and wondered if it was provided for by law.  I still do not know if it is law or not, but did receive notice from the claims agent that I will be receiving funds and I will pass those on to my tenants.  I had no intention of pocketing the money.

OK.  I just found the discussion forum post addressing what I was looking for.  https://www.biggerpockets.com/... I didn't scroll down the forum far enough in time and my search terms weren't accurate the first time around.

Relevant quote: "If the damage renders the property partially unusable, the tenant is entitled to a reduction of rent in an amount proportionate to the extent the property is unusable. The tenant and landlord can negotiate a reduction in rent, but if the landlord will not cooperate or the parties can’t agree, the tenant may seek a judgment from a county or district court."

The tenant continued to stay there, but no hot water for two weeks is pretty unusable.

Thank you, Bryan.  Tenant lived there the whole time.  I did secure a place for them to shower and do laundry while the water was out.

Insurance is covering the plumbing repair and insulation.  Pipes are under the pier and beam house, and no structural damage occurred. 

Ha!  I wrote, edited, and deleted the clarity of my question!   Thank you, Rob.

Does Texas law or precedent require that I credit the tenants for these days without water in the house?  Or would it need to be stated clearly in the lease agreement?

One of my houses was hit hard by the Texas freeze, with the main water pipe broken in several places.  I finally got my spot in a plumber's long work list and they replaced over 80' of pipe.  

The house was without any water for 5 days (and that was a single potable source outside), and without hot water for almost 2 weeks.  My insurance company said they will cover lost rent due to the emergency.  I don't have any specific text in the lease about crediting or reducing rent payments under these circumstances.  

In Sec. 92.008. INTERRUPTION OF UTILITIES. "...unless the interruption results from bona fide repairs, construction, or an emergency."  It seems like there is no state law basis for rent credit for no utilities and that I satisfied my duties as landlord.

I can't be the only landlord in this situation in Texas right now.  Several college students have been relocated to different apartments because of similar issues.  I didn't have another house to move these tenants.  

Thanks, Mike.  Cozy.co initiates the ACH via Plaid transfer of rental payments from Cozy to the receiving/depositing bank.  I was able to transfer from Azlo to Blue Vine easily.

There's already been discussion on AZLO online bank closing down. I decided to move to Blue Vine. But when I go to setup my deposits from Cozy into Blue Vine, there's an error. I try the manual ACH and when I put in my routing number, it says this account cannot accept transactions like this.

it's been almost a week and neither Cozy nor Blue Vine has responded to my help tickets.

So, what online business checking for LLCs work well with Cozy? I prefer not to brick and mortar because getting the LLC partners together before AZLO closes altogether cannot happen.

thanks!

Thanks everyone.  We're passing on this.  If there's enough on the visual surface for me to be concerned about, there's likely a whole lot under the floor and behind the walls that would tank me on this deal.

Looking to purchase our third investment property. We rent to our local community college students, currently with seven on a 'waiting list' to get into one of our properties.  

A flip came up for sale.  Good price, if the rehab work was good.  It doesn't look like any work on that property was permitted, based on public records online. I can go in person to city hall on Monday or Tuesday.  Have you PURCHASED a post-flip Homevestors property?  This is a 1930s shotgun house; 2/1 on one side, open living room/kitchen on the other; good location to the college.  New carpet in bedrooms, new cabinets and stove, new bathroom.  But peel-and-stick tile in the kitchen? How much electrical and gas work was done without a permit, and can I trust it?  That's my major concern - safety for my renters.

Any thoughts on this?