All Forum Posts by: Shea Spinelli

@Jonathan G. Hey man, how are you? I saw your post. We just experienced something very similar. Tenant signed 12 month lease, notified at 6 mos was wanting to move. I read that Texas law requires landlords to take reasonable steps to keep their losses to a minimum when a tenant breaks their lease (Tex. Prop. Code Ann. § 91.006).

Our tenant kept paying rent, paying utilities, moved out and cleaned the place really well. We explained she wouldn't receive her deposit (minus charges) back until her lease was fulfilled. Once we found a new tenant, we returned roughly 50% of her deposit, pro-rated the months rent (prior paid) at lease signing for the new tenant and mailed her a check.

Not a lot of advice on my end, but thought I'd share my experience. Good to see you on here, take care and hit me up if I can do anything.

@Angie Shires I haven't been able to locate one in Tyler either. If anyone finds one, please let me know too! Also, maybe we could all create our own meeting or do a group lunch to start. Let me know!

@michael ealy  Our market is pretty strong. It’s tough to find deals that cash flow within our guidelines. We have lost out on several offers the last few months, but we’re still searching for our next one. We’re buy and hold investors and have one deal under our belt. We bought a 12 unit, off market, seller financed rural property and added 3 units in the last 18 months to increase the value. Then refinanced and pulled out as much cash as we could while still cash flowing. Currently, we’re making the property more efficient by metering the utilities and shifting them to the tenants. And we’re looking to invest the cash, but want to be smart. It’s similar to what you and Henri did on a much smaller scope. You both inspire me to step up my creativity to make money. Thank you. 

Congratulations! @Henri Meli

Congratulations on seeing your hard work come to fruition! @Michael Ealy

@Mo Weis Feel free to share the info with us!

@David Edwards @Ken Martin I found the same thing! Check out Submeter Solutions out of Washington. www.submetersolutions.com. They gave us a quote to do water and gas for roughly 7k. Obviously, we'll still have labor costs, but they were helpful.

We have one more duplex to complete separation on for electricity and all electrical costs will be the tenants responsibility. Then it's on to the other utilities.

Ultimately, we are probably going to go the route @Michael G. suggests with RUBS. Seems more cost effective.

@Eric Barnett we're in the process of converting our existing LLC to a series LLC and adding the ‘children'. We have a loan with the existing one and our lender said they'd do the paperwork if the name changes. We may leave the complex in the parent, unless our RE attorney advises differently. We want our cash reserves to transfer to a ‘child' LLC for our next purchase. Our attorney said it will be roughly $750 to convert the existing to a SLLC and add a ‘child' LLC. He hasn't to make a couple changes to the operating agreement and file an amendment.

We have 15 in one LLC with a DBA.

This is is really inspiring! I'm impressed, keep it up!