All Forum Posts by: Tim V.

@Jim Cummings thanks for the reply. It is my understanding that we cannot even place a 3 day notice to vacate on their door at the moment due to the moratorium in place by the city of Austin and Travis county, which I thought was the first step in the eviction process but I can certainly be wrong? I have never had to go through this before so I am still learning here. I will certainly confirm this with my lawyer today though. 

His recommendation was to get an amounts due letter from his law office out to them ASAP. At this point he will take over all comms with the tenant and receive any payment if they attempt to pay. From there he has a couple tricks up his sleeve to get an eviction for other reasons besides nonpayment, so that will be the next step

Just venting here as I know you guys will understand

My tenant has gone radio silent. No responses to calls, text, email. Last message from her was shes trying to get rental assistance due to missing work due to the Texas ice storm last month.

Basically just waiting it out until this moratorium on evictions are lifted in Travis County.

My lawyer is sending an amounts due letter to her next week that will hopefully get her attention, since we can not send notice to evict letters at the moment

Thanks for listening 🤦‍♂️

@Brian Hong I am in the same boat as you only difference being my tenant is only 9 days late.

Good luck. Im going to start looking for attorneys tonight

We are looking at selling our rental property.

The home was our primary for 10 years before moving to our current home 3 years ago. We decided to keep the house as a rental property but feel like its time to cash out.

Question is if we sell the home now will I have to pay capital gains or any other taxes?

Bought in 2007, lived in until 2017

Bought original: 134,900

Current valuation: 251,000

Owed: 68,000

Thanks

Thanks everyone for the responses. 

I have offered to help her move, return security deposit, and terminate lease without any arguments from me. I've also told her that she can terminate her lease at anytime as long as she gives me a 60 day notice and I will return her deposit as well, because I know that she cannot afford the home by herself. I am trying to help her out but shes being unresponsive. 

Her words are that she wont get a home as large  as this (4/3) for the price that I currently rent at, so shes not leaving

She has a 22 year old son that does not work and her other son has moved in to help out but cant afford to pickup half the rent. 

I might go ahead and offer to lower rent for two months to a level that will cover my mortgage, which should put her at a level to help her recover from the break up. 

I have told her ex that he will be on any eviction proceedings if it heads down that road, he didnt care, but I have not lost sight that he is still on the lease. He is also still on text messages that have been sent about this months rent and will continue to be as long as he stays on the lease

BTW, I have allowed roommates before even when the ex was there, but they all move because of her 22 year old son ticks everyone off

Sorry for the long post...

My renters just re-signed their 3rd lease with me at the beginning of March. 

March 15 the man left. When I contacted him about moving and paying rent he told me that he would not help, giving me a lot of excuses, but essentially told me to take him to court. Hes already moved into an apartment.

I contacted her and she says that she wants to stay but feels that she does not need to pay full rent because he left. She's basically trying to get me to squeeze him for money, which I told her I do not have the authority to do, and that since he has moved out the full responsibility of the rental payment is on her since she is on the lease. 

She also will not let him out of the lease either and will not move even though I offered to terminate the lease and give their security deposit back.

Today she is officially late and has been unresponsive to calls and texts since I spoke with her on March 16. Being in Travis county (Austin, TX) I think she is using the fact that they have halted evictions as a reason to not pay rent for a couple months and will then move. 

 My question is what would you guys do if you were in this situation. 

Im thinking I will start with a pay or quit letter on Monday, but with evictions halted in Texas this may not worry her at all.

@Bill Brandt good call, I didn’t even think about that. Its sad to think thats possible but I wouldnt put it past them

My tenant is asking me to write a letter that they are delinquent on rent and will be evicted even though they are not. They need the letter to get a 401K hardship withdraw approved to consolidate debt

My current answer to them was hell no just cause I dont feel comfortable doing that. It made curious though as to what penalties do I face if I wrote this letter and was caught. I would assume fines and possible jail time??

I have approx $160000 in equity on our rental property, it used to be our primary home, converted to a rental when we bought a new home

I was told the equity I have in it is dead money and if I wanted to really start investing in rental properties I should pull the equity to purchase 1-2 more rental properties

Im a landlord by mistake honestly but Ive learned enough to make it work for nearly 3 years.

I really want to start learning as much as I can and become a successful real estate investor and landlord

Question 1: what would you do with the equity I have in my rental? Use it to buy more rentals or leave it so I get my rental paid off (approx $76000 left to pay)

Question 2: what was your first real estate investor reading material that really helped you learn the ins and outs of being a landlord or real estate investor or both?