All Forum Posts by: Account Closed

Hey community,

My Wife and I have $50,000 (don't laugh) that we would like to lend to a hard money lender in the Dallas area to earn interest on. We will be adding about  $15,000 annually also. Does anyone know of a lender in the TX area that will accept that small of a contribution? I've spoken to a few companies are they either aren't taking in money at this time, or just won't accept anything less than 1 million.  We have rentals right now, but we don't have time to manage more and desire to have truly passive income for the foreseeable future.  Thanks!

Corey

I have not done so, but I thought I would throw this out to see what the legal ramifications are. I read on here all the time about people asking for wording for rental agreements, pet agreements, painting agreements, notices etc.... I just thought to myself why not just use your state's real estate board contracts? Then I thought can you???

*So the question is can you use and legally stand behind a contract that isn't yours? 

*If a contract has wording on it like "for use by Georgia real estate agents only", can you use it and will it stand up in court even if you are not an agent in GA?

*What if someone erased the organizations statement on there, and all that was left was the document wording. Does that stand up in court? Can an organization patent/copy write a the specific wording in a contract, thus not allowing anyone to ever use that exact wording again?

I'm not asking how to skirt the law but more of starting a discussion on the exclusive use of specific wording. 

@Thai Foo please post what you find out. I also do the same, and also use Chase.

(I can't seem to get the name link to work. Sorry)

I had this issue happen to us once too. It was a small pinhole sized leak that was very difficult to figure out the source since the leak was so slow. We ended up abandoning that water line in the slab, and re running a new PEX line through the attic.

@b leong

@Account Closed have you looked into getting a Deposit a Only ATM card. I have one of those for each of my properties with Chase. Basically it's just like an ATM card, but they can only deposit with it. The tenants cannot check balances, cannot withdraw $, cannot do anything. When they stick in the card into the ATM it said "Deposit" as the only option. That way your $ is available almost immediately. I just make the card pin code the same as the numerical portion of their address.

The other benefit is that deposits into accounts are time stamped. That way there is no "oh it's in the mail" excuses. I can see instantly if they have made the deposit or not

Johann what design program is that that you're using? I've been searching for programs recently and I can't seem to find any that are not $1000+

@Dick I have not used the other two services you are asking about but I use Trexglobal dot com and they charge me $3 per month per property. If you have 10+ properties I believe it drops to $1 per month. I hope that helps!