All Forum Posts by: Peter M.

That is really sad and I feel for them. There isn't much you can do about those big investment firms that only care about making money. In my mind, it's about how you run your own dealings that makes you who you are and you have to define the line between compassion and the ugly end of this business. That is also the benefit of doing it yourself, your tenants can talk with you and work it out. Big complexes and property management companies just send the pay or quit notice no matter what. You can't control the ethics of others no matter how hard you try. All you can do is try to be the example to others. 

In response to your most recent question read Sec. 24.0051 it has exact wording you have to use. Honestly man, I am going to ask an attorney about these changes because a lot of this verbiage wasn't here a few years ago. You said you had a lawyer advise you to do the 30 day notice. I would ask him. 

@Jeri Norris Hey so I have a question for you. Where did you see that you must hire an attorney for something other than non-payment of rent? Title 4, Chapter 24, Sec. 24.011 says(a) In eviction suits in justice court for nonpayment of rent or holding over beyond a rental term, the parties may represent themselves or be represented by their authorized agents, who need not be attorneys. In any eviction suit in justice court, an authorized agent requesting or obtaining a default judgment need not be an attorney. To me the second sentence answers your original question: In any eviction suit in justice court...need not be an attorney.But this is why I am not a lawyer, everything is open to interpretation. 

I want to thank you for asking this question in the first place because I am currently re-reading Texas property code and there are some changes since the last time I had to evict somebody. The last changes were effective September 1, 2017 and this section was one of them. Just a reminder that we have to constantly be learning. 

List them all. They may be able to argue one but they won't be able to argue all.

Find the Nashville deal and make it contingent upon your San Diego property selling. It would take some finagling but with a properly motivated seller it could work. You'll be negotiating with another investor so at least they should understand what you're trying to do. 

Something we have done twice with personal houses is write the seller a letter. Did they ever make the difference? I truly will never know but we got the places both times in multiple offer situations. Just an idea. Money is the real decider. Be careful what you write but it could be the difference if your offer is close to the next best. After you write your letter read it from the perspective of an investor who has owned this property for years. Would the letter nudge you at all other offers being the same? The #1 turn off will be lack of confidence that you can close so convince them you can. Good luck.

Wow you certainly picked a dozy for your first foray into REI but it will work out. Short answer is no, I do not think you need an attorney [I am not an attorney] because I did this exact thing on my first property and did it myself. I acquired the property with one tenant (4 plex) but no lease. City was on the verge of condemning it and had already pulled the CO so she wasn't supposed to be living there but was anyway.

 I wasted about 2 weeks trying to work out a deal with her so when I finally went to file for eviction I was pretty peeved to find out I had to give 30 day notice. After that passed I filed for forcible entry and detainer and my suit was put on the docket about 3 weeks away. I spent days obsessing over having all my ducks in a row and was nervous as hell that I didn't pay a lawyer to do this for me because I was cheap. Went to court, explained my side very briefly but had all my evidence, the judge looked at her and asked if she had paid rent? She said no but that she looked on some websites and I can't kick her out blah blah blah. He started at her for a second, asked if she had consulted a lawyer, she said no, I laughed under my breath, and he ruled in my favor. 

Definitely follow the law exactly and give them the 30 day notice if there is no lease. It doesn't sound like they are anywhere near model citizens but you will lose if you stoop to their level. Plus you'll get a court date then have to start over when the judge realizes what you did. In Texas we can get people out in about 3 weeks normally but when there is no lease you are looking at almost 2 months. Just the way it is. Unless they get a lawyer and try to file a paupers affidavit you will win if you have all your evidence and explain yourself rationally and calmly.

Meanwhile do what I did and focus on the units that are vacant and get them ready so as soon as the other ones are out you can fix up their unit. Make nice with code enforcement and explain that you are trying to make this a better place to live. They are a pain in the @ss but are just doing their job and being nice to them will get you further than screaming at them which is what most landlords do.

You can do it on your own but if its killing you, hire a lawyer, the peace of mind is worth the money.  

I've had decent luck on thumbtack. If they have a long history with lots of reviews it means they have put quite a bit of money into that platform and it must be working since they are still using it (it is not cheap for contractors in my opinion).  But since anybody can get on it make sure whoever you use has lots of good reviews and pictures. Plus once you see their work in action, you have their number so they don't have to go though thumbtack anymore. They are not all cream of the crop but when you find good ones keep their contact info. It doesn't cost you anything besides time and if you cant find a contractor anyway, time is already being wasted. Good luck.

Well congratulations. Sounds like a great learning experience and a very positive outcome. Only in hindsight will you be able to know if it was the right thing. I am struggling with this same scenario now. I have a house I am renting that I plan on being a buy and hold. Its a cash cow but I could clear a good amount of cash to buy more properties. It's tough but if you think you are at the top of a bubble then you sold at exactly the right time. Ultimately you did it, made money, and now you can take that profit at do it again. Maybe the next one you will keep for 30 years or maybe it will be a flip. It didn't go according to your plan but in any business you have to stay fluid and adjust. Sounds to me like you did that so in my opinion you did the right thing because it was the right thing for you at that time. Congrats again and good luck with the next one. Don't spend too much time wondering what if...

You could do a lease option or lease option sandwich. Never done it myself but I am reading a book now where the investors utilize it. Finding the property would be your only problem. Plus you would have to have a lawyer do the contracts because TREC does not have a promulgated form for lease options or subject to financing. In the book they did all of this pre-08 crash and I have not yet researched if it is still doable but it certainly intrigued me. 

Essentially what you do it find someone willing to either owner finance or let you take over their payments for a small down payment ($0-5K which you have) with an option to purchase the property at a later date. You then rent the property for more than you're paying on the mortgage. So you are essentially leasing the property with an option to buy but technically own it even though their name is still on the deed (i am fuzzy on the legal details here). A sandwich would be if you give the tenant you put in an option to buy as well. You require a large down payment like what you paid the original seller to get your investment back and you set the sale price higher than your buy price with the original owner. If your tenant exercises his option, you exercise yours and pocket the difference. If they don't, you keep their down payment and do it again. 

If you try it let me know if it works out. Definitely easier to write about than actually accomplish. Honestly though, DFW is tough to cash flow (not impossible) in this market and if you have someone like your dad's friend it may be the best way to go simply because you already have the relationship and its quicker than banks and hard money. Good luck.