All Forum Posts by: Account Closed

Okay thank you I found the legal described online. Non-real property items which I'm still confused about. I should list all the items that I have in my house? 

I'm about to become a landlord for the first there is a section in the lease I'm unclear about. The legally described? 

non-real property items?

1. PREMISES: For good consideration, Landlord leases to Tenant the following real property:
Address: ________________________________________________________________
legally described as:________________________________________________________________
in _________________________County, Texas, together with the following non-real-property items:
__________________________________________________________________________________
The real property and the non-real property are collectively called the "Premises".

Hi Michele 

I did not set the maximum occupancy for my house. It has 3 bedrooms. Where would I get a agreement addendum? What form would it be? Thanks

 im a newbie at this trying to get the right tenants in my single family house. im trying to rent out to a mom and son. A little back round the son is over the age of 18 but the real kicker here what im not sure of she also has a daughter with a her boyfriend wanting to move in also but what she told me was for only a couple weeks.  i was planning to do a backround check on the mom and son but having them move in is this a good idea? Something tells me it's not. The son is 27 of age and is taking care of his mom. She has some kind of disabilty so she is recieving a check every month for it. is this a receipe for disaster?  i dont like the idea of having her daughter and boyfriend moving in for a few weeks or maybe  i should do a backround check on them also even though only staying for a short time?  

thanks everyone. It makes sense to me now. 

I'm in the process for finding my first tenants in my first rent house. I'm just a little confused about the 30% rule. Here is what it states in my criteria: ''Monthly rent shall not exceed 33% of gross monthly income of all applicants.'' What I'm unclear about is what if a married couple wanted to move in. The rent does not exceeds the husband monthly income and it exceeds the wife's income. Is this acceptable? Does both income has to be within the range or not? 

i have a simple question about cash flow from rental properties and taxes. is cash flow considered income? Will i have to claim my cash flow as income and be taxed on it? 'm just a little confused about this.

just wondering how many of you have retired from real estate at a young age? how long did it take ?

Okay when I called up the lender they told me that I couldn't get that loan. Like I said. Then I called back talk to someone different they gave me a better story. If I only paid down my car note or increase my income they could do something for me.

All they told me was that it was too high. I will find out Monday what was the percentage was. I just have the basic living expenses every month, rent,unities,phone,etc. I guess the main reason my DTI was high was because about 25% of my income was reduced because of the write-offs when I had my taxes done. The majority of the write-off was a one time membership fee in real estate group.