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All Forum Posts by: Michael King

Michael King has started 32 posts and replied 893 times.

Post: First Time Investor with 1000$ Where and how do I start?

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

Look what I just found on Zillow for you. https://www.zillow.com/homedetails/4937-Stuart-Rd-TRAILER-95-Denton-TX-76207/243579423_zpid/

For sale by owner. Maybe they'll finance you. Maybe you'll find traditional finance on it? Maybe family will help? Find a way to get that house and either rent it out or move in and rent a room out. 

One of the podcast guests said he has a sign up in his office that reads, "The answer is always no if you don't ask the question."

You asked the question and have heard no on here, which surprised me. The difference between an investor and a wanna be investor, is action. Go turn your no into a yes.

Post: Property prices are going down in South Africa, and I like it

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

I have friends in South Africa. They are breaking their necks to get out. Political uncertainty is an understatement I think. I know people who erect cages inside their houses in secure neighborhoods so that when (not if), criminals break in, their family are safely behind the cages. 

I'm sure there's opportunity there for you. Good luck.

Post: How Do You Manage Your Rental Income?

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

Good question and I'd like to see ideas too. 

I have 5 houses and each one has a separate checking account and line of credit. I'm not sure I like all this or not yet, but it seems manageable with this few houses. As I grow I'm not sure if this will be the route I continue with (all income contained separately). I'm thinking as I add to my portfolio I'll add them to the existing bank accounts as I don't want to have the added burden of managing bank accounts. The hard part is keeping on top of bank fees. I have to meet certain criteria to avoid them, such as spend $250 a month per account to avoid a $15 monthly charge. While I've been able to do that, it's a juggle. 

One luxury of it is that I can see all my accounts on one screen, and I immediately know who and who has not paid, and that's been the pay day for it so far. Does that make it worthwhile? Up till now, yes.

My accounts are with Bank of America. I like big chain banks because they're generally everywhere. That said, I'm thinking of trying a small local as I need some creative financing.

Post: "Owner" doesnt own rental

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640
Originally posted by @Davido Davido:

@James Johnson, The Statute provided by   @Chris Martin may provide a way for you to lawfully avoid paying the further rent.  (Thank you Chris.  That was helpful)   Instead of handing over further rent payments, you could give your landlord a written request along these lines.  It makes no difference that you do not have a written rental agreement.

                     _________________________________________________________________

This is a request for you to provide disclosure of the owner and management of this property -123X Any Street, Your Town, Texas ZipCode.

This disclosure request is made pursuant to Texas Code Title 8, "Property Code"; Chapter 92, "Landlord Tenant"; Subchapter E "Disclosure of Owner & Management";  Section 201 (a) (1) & (a) (2)  & subsection (b)   The cited sections of the property code state in pertinent part;

Section 92.201. DISCLOSURE OF OWNERSHIP AND MANAGEMENT.

(a) " A landlord shall disclose to a tenant, ... according to this subchapter:

(1) the name and either a street or post office box address of the holder of record title, according to the deed records in the county clerk's office, of the dwelling rented by the tenant; and 

(2) if an entity located off-site from the dwelling is primarily responsible for managing the dwelling, the (legal) name and the street address of the management company (or person)..." (and a current contact phone#)

(b) Disclosure to a tenant under Subsection (a) must be made by: ... giving the information in writing to the tenant ... on or before the seventh day after the day the landlord receives the tenant's request for the information;

See also Section 92.202. 

LANDLORD'S FAILURE TO DISCLOSE INFORMATION. (a) A landlord is liable to a tenant ... according to this subchapter if:

(1) after the tenant ... makes a request for information under Section, the landlord does not provide the information; and

(2) the landlord does not give the information to the tenant ... before the eighth day after the date the tenant, ... gives the landlord written notice that the tenant, ... may exercise remedies under this subchapter if the landlord does not comply with the request by the tenant, for the information within seven days.

See also Section 92.204

92.204. BAD FAITH VIOLATION. A landlord acts in bad faith and is liable according to this subchapter if the landlord gives an incorrect name or address under Subsection (a) of Section 92.201 by wilfully:

(1) disclosing incorrect information under Section 92.201(b)(1) or (2)

Finally, please note that the Texas Property Code provides these remedies. 

Section 92.205. REMEDIES. (a) A tenant of a landlord who is liable under Section 92.202, 92.203, or 92.204 may obtain ... the following remedies:

(3) a judgment against the landlord for one month's rent plus $100; and 

(4) a judgment against the landlord for court costs and attorney's fees; 

Thank you for your prompt response.     Signed  James the tenant   Date:  Day/Month/2019

                    ___________________________________________________________

If the landlord is not acting properly, such an official request is likely to cause him to move on.  If the landlord does not provide both the owner's name and address and his own name and address as the manager or a different manager's name and address; then on the eighth day after you hand him your request you can file a claim against him in small claims court (you'll need the landlord's address to serve him a copy).  

At court ask the judge to award you the amount of your rent + $100 for each month that the landlord fails to provide the information and your costs (likely around $50 -sorry no Attorney's fees in small claims court).  Then if the guy did attempt an eviction (unlikely but possible), you could show that your rent is already paid by the judgement you received in small claims court.

Final note.  The reason I mentioned recording all conversations with your landlord, is so that there is a record of any threat he may make to you or your family.   Any kind of threat, other than to evict you in court, is grounds for getting a restraining order against him.  A restraining order won't protect your family, but it can be helpful in multiple ways.  Primarily a restraining order would makes it easier to get the landlord arrested.  It contributes to a showing that he is not dealing fairly with you.

 I must be missing something. It doesn't say you have to provide any kind of proof as to said name of owner and address, be it PO box or whatever. 

So your landlord says, "I'm the owner. You know my name. Here's my PO Box." He's done his legal requirement, right?

Seems like a battle to be fought in a court. How much do you like this house again?

Post: Painters - What Am I Missing Here?

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

Some painters want you to pay for their flash truck they drive.

I had a painter quote me something like $2k to paint a 1200sf ceiling. The painter we hired charged $600.  

Post: ExxonMobil lunch meetup

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

Wish I'd known about this a year ago. Although not working for Exxon, I was doing a fair amount of work in Beaumont then. 

Post: Working with a rental agent?

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

Interesting point. Has the agent found just anyone to scoop up a fee from you? Or have they been working with the tenant and therefore have a good one?

Is it worth paying the other agent and potentially now have a good contact?

Post: Working with a rental agent?

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

Good question Brandy. I'm curious about this. Does this other agent expect half a month's rent for the finder's fee? They'd bring you the business and you do the lease, right? 

Post: Residents found a house they want to buy and want to break lease

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

I had a tenant want to break lease. He'd moved interstate for work when he arrived at my SFR. He lost his job 9 months into the lease and found another job out of state. I suppose compassion and business don't go hand in hand, but I let him off the hook if he paid for 10 months of the 12. It can't all be take, take, take, can it?

Post: Sell, Keep or something else for rental property??

Michael KingPosted
  • Rental Property Investor
  • Navarre, FL
  • Posts 913
  • Votes 640

Sell. It will be super easy to get a property that brings in $150 a month cashflow. And then technically you've doubled your cashflow.