All Forum Posts by: Don Daniels

So, not sure there is a problem but I want to be proactive here. The tenants in one of my properties will not be renewing their lease due a divorce. How would you handle the security deposit? Would you just return it to the main tenant and let them / divorce decree deal with it or would you require they put something in writing that spells out their agreement on the disbursement. I only know they're divorcing because one of them indicated that as the reason they would not be renewing. They have been model tenants and I don't expect any issues. Do I need to get in the middle of this or just pay one and be done? My intuition says just cut a check to the one I've been dealing with all along.

I received yellow letter in to mail last week. Feels like a rite of passage or something! Just purchased my fourth rental since starting this time last year.

Capital one was quick for me. Only annoying thing for me was Texas limits HELOCS to 1/2 appraised value

Thanks Raul Flores Vijaianand Thirnageswaram Tony Castronovo sounds like I can just use the values from the tax appraiser site

Thanks Louis Craig Vijaianand Thirnageswaram!

Just get started. You "team" is best built as you go. You'll find that some people don't match your style, to expensive, good but not great, or are unreliable. Learn from that and do better next go around. I'm one year and four rentals into this thing and I've swapped several GCs, handymen, HVAC guys, realtors along the way. If I stuck with the first set of contacts (property #1) I started with I'd be paying too much. If I stuck with the handyman for #2 bc he was on my "team" my rennovations would drag on for months. My handyman for #3 is my GC for my current project. Have a fav realtor but she didn't have a deal for me in time for a couple of my purchases so I went with someone else. I'll definitely get with her first though on the next one. Hopefully my examples are helpful. Wanting to make the point that your team will evolve and there is little chance you'll get it right up front so don't let that be a hinderance to getting started. Use BP, local REIA, or other investors you know to get a jump start if you can. If not, it's ok to do some exploring on your own!

Anyone have a reliable, low cost valet trash removal service they would recommend? Also, if you've inherited some nice furniture, appliances, etc. in your rental what's the quickest route to getting it sold or picked up for donations... Craigslist?

I have four rentals purchased Apr, Nov, Dec 2016 and Apr 2017. I haven't received my property tax increase statements yet and I understand they protests are due May 31. Do i need to contact the appraisal district at this point or do they typically come in around now?

This is why you get bids from several contractors! It's frustrating but typical

If he does a 1031 capital gains are deferred it yes there are no capital gains unless there is a gain to tax