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All Forum Posts by: Val J.

Val J. has started 34 posts and replied 86 times.

Post: Should newly added Tenants Pay additional Deposits?

Val J.Posted
  • Rental Property Investor
  • DFW
  • Posts 89
  • Votes 36

Happy New Year!  I need help with something I'm about to do present to my current  tenant.  I have done my research and have learned that the tenant has unauthorized people living in the property. I plan to meet with the tenant Friday to discuss this and to offer a 2 possible solutions.  Solution A.  The individuals not on the lease will have to be properly vetted just as the original tenant was.  If tenant is not in agreement with this,  I will present her with a 30 day notice for ALL to vacate.  Solution B. If the tenant does agree and wants all to remain, I will ask for a non-refundable application fee from each person. I do background checks via Smartmove so each individual would pay for this and have to qualify separately. 

Now here's where I need help. The tenant has of course already paid a deposit upon move in 2 years ago. Since then rent has increased. Should I require a NEW deposit from each individual? I'm thinking this deposit would be equivalent to the current rent rate.  Or should I required a deposit amount equal to what the original tenant paid? I was thinking that if new people qualify I  would inform them via a new lease agreement signed by all that the deposits they provide would not be returned by me until ALL have vacated the property. If there's a parting of ways these individuals would have to work out their disagreements among themselves and whomever remains would have to provide a deposit refund to the person(s) who vacate. 

Post: Requiring Tenants to pay for repairs below a specific amount

Val J.Posted
  • Rental Property Investor
  • DFW
  • Posts 89
  • Votes 36

I recently  met a landlord who told me that she requires her tenants to pay for repairs let's say for example under ( $250).  I live in the DFW area and this person's property is in the Oak Cliff area of Dallas.  In the back of my mind I wondered is this legal? What are your thoughts? Any of you do this or something similar?

Post: Just closed my first investment property!

Val J.Posted
  • Rental Property Investor
  • DFW
  • Posts 89
  • Votes 36

Congrats! @Greg Grant

Post: Complete New Lease or add Addendums

Val J.Posted
  • Rental Property Investor
  • DFW
  • Posts 89
  • Votes 36

I've been reading a lot on BP lately about leases and I feel the one that my tenant signed 2 years ago is sufficient but weak.  I really want to bone up my leases and be sure that it's air (legally)tight.  After the first year of the signed lease the tenant has been on a M2M.  I want to keep them on a M2M but after reading about some things others have covered in their leases or addendums  I now realize that I need to make some changes.  Help me fellow BPers. 1. Should I begin with a newly drawn up M2M lease or just add an  addendum for the things that I want covered?  2. Where is a good place to start to get an air tight lease.  I've previously used one from online. I'm considering joining local landlord-tenant groups to stay educated on do's and don'ts of land lording in my state. I read that this type of group can also help also with leases.  The lease I would like to have is only for realtors in my state (Texas) Your thoughts?

Post: I need a Residential Lease

Val J.Posted
  • Rental Property Investor
  • DFW
  • Posts 89
  • Votes 36

Texas Landlords, specifically those in the DFW area what do you use for your leases and where do you get the lease from?

Post: Tenant Has Got Me SMH

Val J.Posted
  • Rental Property Investor
  • DFW
  • Posts 89
  • Votes 36

I need help with how to proceed with a dilemma I'm having with my tenant. She's been with me for 2 years; is on time with her rent monthly.  However when it comes to maintenance task that I ask her to address they largely go ignored. For example, I've recently had to replace the outside compressor for the ac this Summer.  I also did a walk thru of the property in September. I emailed her some concerns about  items that needed to be addressed on her part.  One week ago, I told her that I'd be doing a follow-up to ensure that the things requested of her were addressed. These are the 3 of the things.  The house has beautiful hard wood floors that have been severely scratched because her children's 3 twin beds are scraping the finish off the floor.  We talked and I said I know that this will have to be fully addressed at move out but I asked her to place something under the beds so no additional damage occurs.  When I viewed the home yesterday she had  placed a rug only under one bed and had done nothing to the other two. 2. Since she's been a tenant I repeatedly remind her to change the hvac filters.  Back in September there was a filter but it was EXTREMELY dirty. Yesterday there was NONE. And other times during inspections there have been NONE or they were dirt filled.  I tried to be proactive  and I bought her filters and even followed up and texted her the size of the filters. . At that time I informed her that afterward the purchase of filters would be HER responsibility!  I have two properties, the home she occupies is older but I don't need to do nearly the micro-managing that I have to do with her. 3. She had an incident where the front security door was damaged and off track and I told her that since this item was broken because of her, I expected that she would pay for the repair. I offered to pay for it and add it to November's rent. These request were sent to her via email. She did not respond to the email.  I had to increase rent on both properties and both tenants chose to remain. When I would bring this unaddressed repair to her attention she would acknowledge that it happened but would do nothing about it.  Btw. One property the tenants are on a one year lease. This tenant is on a M2M.  And. I'm not patting myself on the back and I know it's my duty but anything these tenants ask me to address (leaks, broken this or that ) I try to resolve within 48 hours.  Additionally, I believe that her babies daddy is livening in the home. I asked him if he was living there and he said  "yes"    He doesn't seem to bright because he asked me "why is my living here a problem?" I stated because you're not on the lease. He said "why have a lease?" I didn't answer. I've read various post of how other landlords have handled this. Some say leave it alone, others say vet and add to lease and others say kick 'em out!!

Here's what I'm thinking of doing for this tenant:  To address the floors, I will or  have my representative place tennis balls, socks or something soft  to minimize further damage. 2. I went ahead and repaired the security door and I told here yesterday that this was her expense.  I'm planning to go back over there today and put in a filter and let her know the cost of the repair should be added to December's rent. 3. I will purchase the filters and inform her that each month I or my representative will come into the home (with notice of course) and replace the filters. And, I'm thinking of increasing her rent by an additional $10-$15.to pay for the expense of the filters and someone's time to go there monthly and change then out. 4. Babies Daddy??? I'm still thinking this over. I can tell he's been to Life College (aka prison) so he probably cannot qualify if I vet him. 

Sorry for the long post: Please give me your honest feedback as to what you would do or the best way to proceed. I don't want to lose her as a tenant but I want to run this as a business and help her to understand that expenses and responsibilities are not always one sided. Thanks in advance for your feedback.

Post: Roof Replacement Cost

Val J.Posted
  • Rental Property Investor
  • DFW
  • Posts 89
  • Votes 36

I'm needing a roof replacement. I have an estimate RCV from the insurance adjuster for $5200.  My deductible is $2500.  I'm in the Dallas area. Is this estimate in your opinion low? Is it possible to do a full replacement in 2018 dollars for less than $6k?  I plan to get at least 3 quotes but I just thought this was a low ball estimate in today's cost. What are your thoughts?

Post: Tenant Pay for Repair

Val J.Posted
  • Rental Property Investor
  • DFW
  • Posts 89
  • Votes 36

@Kurt Phillips Thanks  4 your reply. The door locks.  It is just off track and has to be lifted to be locked because the frame is off track.

Post: Tenant Pay for Repair

Val J.Posted
  • Rental Property Investor
  • DFW
  • Posts 89
  • Votes 36

In my city the police did a recent round up for people who had outstanding warrants. My tenant was among those picked up. I'm unsure of how it was specifically done but, when this person was arrested, it left damage to the lock and the frame of the metal security door to the house.   I think I should ask the tenant to have this repaired. Do you agree? Because but for them looking for her at my property the door & frame would've remained in the  perfect working condition that it was in upon her arrival 6 months ago. Would you repair it yourself  and send the tenant a bill or would you require that the pair be professionally done with a specific number of days?

Post: How Many Use a High Yield (online) Savings Account?

Val J.Posted
  • Rental Property Investor
  • DFW
  • Posts 89
  • Votes 36

I'm slowly opening my mind by reading, investing and trying to learn all I can about growing my $ thru various means. I've read about High Yield Savings accounts that are opened online.  Fellow Bpers, do you guys/gals have any experience with them. Please share your pros and cons.