All Forum Posts by: Viral Mehta

Hey Chase - thanks for your response. I work full time and so will not have the time to deal with all the operations related to AirBnBing the property.

Hello everyone,

I recently purchased a 3 bed / 2 bath single family home in Frisco (with good schools) as a long term buy and hold property. I intend to lease it to families who would ideally stay 2 - 3 years (or longer). However, I was recently contacted by someone who as a business leases out single family homes and then puts them on AirBnb as short term rentals. My property does not have an HOA so I could legally do this if I wanted to.

The business model of the person is that he signs 3 to 5 year residential leases, adds furniture and makes the property nicer and puts it on AirBnb. He has been in business for less than 2 years. He has 10+ properties and his goal is to get many more such properties and then sell his business to a larger company. He signs the lease in his name (not the business name) and also wants to include a clause that allows him to pay 2 months rent to get out of the lease. 

How should I think about this option? What are the major benefits and risks of pursuing this? If you do think this is a good idea - how much more rent should I charge him for taking on additional risks of AirBnBing my property? Thank you for your advice. 

Hey Jason - how do I join the online meet up this weekend? I checked the DFW REI club website but couldn't get the details. Let me know when you get a chance. Thanks for your help.

Hello everyone, 

My offer recently got accepted in a house in Frisco. I was under the impression that Frisco ISD is amazing and that was one of my key criteria as this will be an investment property. However, when I look at the great school ratings of the 3 actual schools for this house - the ratings are average (5/7/7). 

How should I think about the schools? Should I go by the ISD reputation or the school ratings? Is great school ratings the best place to look at? Would love your advice on this, thank you for your help. 

Thanks for your response Brad. The issue is the house is owned by the LLC. Since they did not file the franchise tax report - the LLC status was revoked. So now, the inactive LLC cannot sell me the house. So, I dont know how can I force them to sell me the house by the closing date (which was today). They are trying to clear the back tax issue and hence need the extension but do not want to pay the $1K that it will cost me to extend my interest rate lock.

PS: It is also possible that the seller is having 2nd thoughts on selling me the house 

I signed a purchase agreement for my first investment property in Texas - the original closing date was early April. I paid my earnest money on time and have my loan ready to go. However, it turns out that the seller's LLC was unregistered as they had not paid their property tax on time. They asked for a 2 week extension that I granted. Now, the 2 week extension is over as well, but the seller now needs another 5 week extension.

I am fine with extending it further as far as they are willing to pay $1K for my interest rate lock extension. However, instead of paying $1k and extending the contract they are offering my full earnest money back. Given, how much time and energy I put into this - I do not want to back out of the contract and release them.

What are my options here?
1) Can I cloud the title in some way or can they let the contract just lapse and then turn around and sell the house to someone else?
2) Can I legally force them to sell the house to me?   

Thank you for your help. 

PS: The contract is a standard Texas purchase agreement for a single family home and it says: "If Seller fails to comply with this contract, Seller will be in default and Buyer may (a) enforce specific performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive the earnest money, thereby releasing both parties from this contract."