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9 January 2014 | 4 replies
You might want to read the following post:http://www.biggerpockets.com/forums/51/topics/60274-texas-lease-options-deciphering-the-legal-jargon
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20 February 2014 | 38 replies
@Angelo Without getting into legal or tax advice we typically have language in our letters of intent to the effect of buyer will assign the property to a new entity created solely to hold the property.
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12 January 2014 | 24 replies
The son is moving to a new city and my tenant simply asked if she could keep the son's dog for a few months while son was getting settled.If it were a small dog, we were inclined to accommodate her because she is a good tenant and will likely buy the house at some point - she has great credit and just needs to show enough self-employment income this year to qualify (IOW, take fewer business expenses and legal deductions).The picture is from the application.
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21 January 2014 | 15 replies
Don't know about the legal/tax aspects of this but maybe others with more knowledge will help.
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19 January 2014 | 37 replies
It is not a legal living space, period.
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17 January 2014 | 4 replies
.$324,000 Total CostHolding Numbers:$2,100 Principle Interest Taxes Insurance$1,900 Rent from 4-bedroom SFH (with 7% vacancy this drops to $1,767)$1,300 Rent from myself in renovated 2-bedroom Carriage house$967 Profit with 7% vacancy on the 4-bedroom rentalThe garage could potentially rent for $300-800, but I'm not factoring it in because I'm not sure of how legal that is.This is my first purchase.
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26 January 2014 | 21 replies
HOWEVER, they have still not found someone to sublease and if they don't have someone by Feb. 1 I am afraid they aren't going to be able to cover the full rent of $1200 and they have already threatened to just move out too if they can't find someone and can't afford the $1200.I have never run into this issue before and it seems completely messed up to me that they think they can just walk away from a legally biding agreement that we all signed as a 12 month lease for $1200 per month.
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14 September 2015 | 12 replies
. :)I was going to leave it at that, but the bank foreclosed on the legal description, the property it held as collateral.