All Forum Posts by: Kevin Y.

Hi,

I'm new to Austin real estate and was wondering if someone could point me to any resource on zoning regulation in Austin. What can/cannot be built etc. Would appreciate any links people refer to. 

Thanks!

Hi,

I recently did a home inspection and one of the items found was that on one of the balconies, there were horizontal bars that could be a safety risk since it can be climbed like a ladder. Does anyone know of the legality of this and whether it is up to code?

Thanks!

Thank you @Vik J. Anyone have thoughts on how to get an appropriate lease for house/condos. Are they standard and boiler plate?

Hi,

As an owner and first time landlord, I am trying to rent out my house (which is technically a condo) myself. I wanted to know if there was a standard boiler plate document for leases. I know for apartments, people use the following (as I did when I was renting an apartment):

https://www.taa.org/resources/...

Is there a standard one for houses or for condos (since it technically is a condo). On top of that, being new to Austin TX, I'm unsure what the common arrangements are between tenant and landlord for the following and would love to get the group's insight into common practices:

1. Who maintains the lawn? (mowing the lawn)

2. Who maintains the pool? (like cleaning it)

3. What are some things that are unquestionably the Landlord's responsibility and things that are unquestionably the tenant's responsibilities?

4. What are some things that are murkier and unclear and should be written explicitly in the lease contract?

Thank you!

Thank you for the advice @Jason Bott. 

1. Does the LL policy give up to 1MM as a lump-sum in liability coverage to the 3 individuals?

2. For the umbrella you mentioned on top of that, would we need 3 umbrella policies to cover each of us?

3. Given this is 3 names rather than a company, would that automatically mean we should get this under personal?

Thanks!

Thank you @Jeff Bridges. In my case, with a property under 3 names - would I need ONE standard landlord property policy and 3 umbrellas on top of that?

Thank you @Nina Hayden. Could you clarify what you mean by commercial? The property is residential is owned by 3 individuals. If one of the individuals does not own a car, what type of min coverage does that person need to qualify for umbrella?

Hi,

I own a property that is under my name and two other individuals. We plan to do long-term rentals on the property out for most of the time. We are concerned with personal liability on the property, say if someone is injured or (god-forbid) drowns in the pool. We would like to protect ourselves personally and our assets against litigation that may potentially occur. We also do not want to use an LLC to own the property because of potential opportunities for Short term rentals in the future (which requires owner-occupancy). What kind of insurance would you recommend we get to protect ourselves in this scenario?

Thanks!

Thanks @Austin Stowell. There's a lot of numbers with regards to occupancy taxes and other short-term rentals. I was hoping I could run a simple example by you to make sure I understand what is collected/paid by me. 

• Am I correct in: 
• 1. Computing the state hotel tax of 6% of the total $1100. 
• 2. Computing the city hotel tax of 11% of the total $1100
• 3. Airbnb 3% fee of the total $1100. 
• 4. Since the state hotel tax is collected at check-out from the buyer, pass it back over to the state? So it cancels out. 

So my total take home is $946 - are we essentially only paying the city tax (11%) and the airbnb fee (3%)? Would appreciate any insight on this or comments if I'm way off. This is how I interpret reading the rules on taxes and Airbnb fees. Thank you!

Thanks for explaining @Austin Stowell. I read this line below. Does that mean if I buy this property next month, I will not qualify for a homestead exemption and therefore cannot be granted Type I license?

General Residence Homestead Exemption

A general residential homestead exemption is available to taxpayers who own and reside at a property as of January 1st of the year. To apply for this exemption, taxpayers must submit a completed application along with a driver’s license or state-issued personal ID certificate that has the same address as the property they are applying for the exemption on.