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Posted
8 hours ago, jimmyjazz said:

The problem is the other party is adamant about moving in.

"I understand you want to move in.  However, the fact you have not paid for your portion of the security deposit and first month's rent is very concerning to me.  As I cannot afford, to pay your way.  And if you can't pay your way to move in, how are you going to be able to pay your way month to month?"

Then shut the fuck up.

Let the say whatever drivel they can come up with.  Then come up with this alternative.  

"Could you get one of your parents to co-sign for the unit? So that I am not fully liable for your portion of expenses?  Because as of right now I owe my rent and security deposit, as well as the $XXX you have not paid.  I cannot afford to pay your way, and I certainly do not want to be on the hook for a year of your rent.  I am looking at a potential liability of $Xthousands.  I want to move in, and I know you say you will pay rent. But if you cannot pay it now, how can you pay it for the duration of the lease?"

Then shut the fuck up.

I would think the parental co-sign option from their side would alleviate a lot of the concern.  Assuming the parents are credit worthy and willing to put their credit on the chopping block.  IF now that would really send up red flags to me, unless they can cover the expenses they have NOT PAID to move in.  I cannot commit to pay your want and mine.

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Posted

Yeah aim to get the parents to cosign. Honestly not sure how they didn't have to in the first place if these are college kids. Also I wouldn't be snide with the "you can't pay now how you gonna pay in the future" not at least in the initial email/conversation. 

Posted
22 minutes ago, Im_smarter_then_you said:

Section 8 vs college housing.  Which way would you go if you had some money to burn

Section 8 is a guaranteed government check.  College housing is deposit forfeiture and damage repair.  

I looked at a Quadplex thinking section 8 years ago, and I figured it was going to be endless sewer problems.  As that property already had folks flushing dumbass shit down the toilets.  So went with a single family house.  I would imagine I would prefer to have large deposits on college rental properties, and try to rent more to girls than guys.  Hoping the gals won't fuck up as much stuff.  But the flushing down the toilet issue might raise it's ugly head.  But I would spell out that plumbing costs related to clogged plumbing caused by tenant would be passed on to tenant.

ong term appreciation prospects would be a key factor.  Perhaps the key factor.

On the plus side for section 8, if you get a good tenant, you might have a check for years with minimal repairs.  As a solid counterpoint. 

 

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Posted
2 hours ago, UTPhil2006 said:

Yeah aim to get the parents to cosign. Honestly not sure how they didn't have to in the first place if these are college kids. Also I wouldn't be snide with the "you can't pay now how you gonna pay in the future" not at least in the initial email/conversation. 

There is a perception that the other tenant hasn't been paying his way for a long time, even though he's basically employed full time.  He's probably being floated by his parents.  We have a theory as to where HIS paychecks are going, and it's exactly what you're thinking.

Posted
3 minutes ago, jimmyjazz said:

There is a perception that the other tenant hasn't been paying his way for a long time, even though he's basically employed full time.  He's probably being floated by his parents.  We have a theory as to where HIS paychecks are going, and it's exactly what you're thinking.

Touché. Carry on then 

Posted
30 minutes ago, jimmyjazz said:

There is a perception that the other tenant hasn't been paying his way for a long time, even though he's basically employed full time.  He's probably being floated by his parents.  We have a theory as to where HIS paychecks are going, and it's exactly what you're thinking.

So he needs to start dealing instead of using? 😉  JUST KIDDING!!!!

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Posted
2 hours ago, horn4life said:

Section 8 is a guaranteed government check.  College housing is deposit forfeiture and damage repair.  

I looked at a Quadplex thinking section 8 years ago, and I figured it was going to be endless sewer problems.  As that property already had folks flushing dumbass shit down the toilets.  So went with a single family house.  I would imagine I would prefer to have large deposits on college rental properties, and try to rent more to girls than guys.  Hoping the gals won't fuck up as much stuff.  But the flushing down the toilet issue might raise it's ugly head.  But I would spell out that plumbing costs related to clogged plumbing caused by tenant would be passed on to tenant.

ong term appreciation prospects would be a key factor.  Perhaps the key factor.

On the plus side for section 8, if you get a good tenant, you might have a check for years with minimal repairs.  As a solid counterpoint. 

 

I’d go college with a requirement that parents cosign. And get a big deposit. Because you’ll get more appreciation potential than section 8.

 

But I would have a plan to be all up in the business of the tenants on a regular basis. People tend to take better care of something that is humanized vs anonymous. I stay very close to my tenants in my personal rentals, keep a good, open relationship with them. It also helps with retention. I’m not renting to college kids, which I get, but the gist is the same. 

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Posted
1 hour ago, ChickenSandwich said:

Question:
1st for me

Tenant’s leasing agent’s broker is requesting a flood disclosure form from me the landlord. (They moved in months ago). 
 

Why would they need or want that disclosure?  Lawyers?

Maybe insurance related?

Posted
7 hours ago, tbone_ said:

I’d go college with a requirement that parents cosign. And get a big deposit. Because you’ll get more appreciation potential than section 8.

 

But I would have a plan to be all up in the business of the tenants on a regular basis. People tend to take better care of something that is humanized vs anonymous. I stay very close to my tenants in my personal rentals, keep a good, open relationship with them. It also helps with retention. I’m not renting to college kids, which I get, but the gist is the same. 

I’m imagining a lot of parents calling and complaining about the deposit  or “my Johnny didn’t punch that wall”. Headache central.  Also seasonality.  When I was an apt locator on campus the property managers always tried to push for 12 month leases.  
 

if I do college, I’d only lease to girls 

Posted
5 hours ago, ChickenSandwich said:

Question:
1st for me

Tenant’s leasing agent’s broker is requesting a flood disclosure form from me the landlord. (They moved in months ago). 
 

Why would they need or want that disclosure?  Lawyers?

depending on your state, it may be required by statute.  

My state requires all sorts of forms that seem goofy, like "bedbug disclosure"

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Posted (edited)

OK I have an odd ball one.  My Dad's neighbor on lake Belton house flooded last year, twice.  The new owners bought the home, from an LLC. And they did NOT disclose that the house had flooded previously.  My Dad just turned 95 and is happy to do some sort of deposition for them confirming the prior flooding.

I think because the home is a vacation home and they just had a new baby they have been playing far too nice.  Apparently they have not gotten much response from the listing agent, and need to go the attorney route.

I also worried that they did not act within a year of the first flood, as they may be some sort of statute of limitation?  I have no idea on this besides you have a year to file on car accidents... But I suggested that if they are not getting any response from the listing agent, simply move to the Texas Real Estate Commission, and lodge a complaint.  A cheap way to get the listing agent whose disclosure was inaccurate, to respond.  Other than that, attorneys and depositions.

Any other thoughts?  My main concern is that my 95 year old father may be the only person around who eye witnessed the prior flooding. And I do not want the LLC to get away with screwing over the new owner.  BUT the LLC, may already have been resolved. So then what? Sue the individual memebers of the LLC for fraud?  Anyhow just looking for perspective and advice.

 

PS- house flooded due to runoff water, not rising water.  And they nd the LLC made changes to the yard to push the water away from the  house in response to the prior flood.  SO there is some evidence of knowledge.

Edited by horn4life
Posted
1 hour ago, horn4life said:

OK I have an odd ball one.  My Dad's neighbor on lake Belton house flooded last year, twice.  The new owners bought the home, from an LLC. And they did NOT disclose that the house had flooded previously.  My Dad just turned 95 and is happy to do some sort of deposition for them confirming the prior flooding.

I think because the home is a vacation home and they just had a new baby they have been playing far too nice.  Apparently they have not gotten much response from the listing agent, and need to go the attorney route.

I also worried that they did not act within a year of the first flood, as they may be some sort of statute of limitation?  I have no idea on this besides you have a year to file on car accidents... But I suggested that if they are not getting any response from the listing agent, simply move to the Texas Real Estate Commission, and lodge a complaint.  A cheap way to get the listing agent whose disclosure was inaccurate, to respond.  Other than that, attorneys and depositions.

Any other thoughts?  My main concern is that my 95 year old father may be the only person around who eye witnessed the prior flooding. And I do not want the LLC to get away with screwing over the new owner.  BUT the LLC, may already have been resolved. So then what? Sue the individual memebers of the LLC for fraud?  Anyhow just looking for perspective and advice.

 

PS- house flooded due to runoff water, not rising water.  And they nd the LLC made changes to the yard to push the water away from the  house in response to the prior flood.  SO there is some evidence of knowledge.

Listing agents don't provide disclosures, owners do.  The listing agent may have some exposure, but Texas law indicates that the proper target is the prior owner.

Fraud in a real estate transaction - https://statutes.capitol.texas.gov/Docs/BC/htm/BC.27.htm#27.01

Limitations period is 4 years from the date they knew, or in the exercise of reasonable prudence, should have known of the fraud.  

The difficult part of cases like this is proving knowledge.  How long did the LLC own it?  Did they flip it? Making grading/drainage improvements may be evidence of knowledge, or may be evidence that they saw a drainage problem and tried to fix it (again, assuming a flip situation and not living in the home).  

Then - if you are lucky enough to be able to prove the knowledge element - you get to try and collect from the LLC.  Most of the time, the LLC relates to a singular property.  If the LLC is, strangely, holding LOTS of properties in its name that might be used to satisfy a judgment, i would imagine they have them leveraged to frustrate collection efforts.  

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