You must be logged in to reply to this topic.
-
Roy
You can mark subject to off the list soon in Texas. Legislation has been proposed and will likely pass in 2010 that will add that to the list of prohibited transactions. Several investors have gone to prison for buying subject to, collecting rents and not paying the underlying loan — this got austin’s attention and caused the new law. Last year they added new rules for subject to to try to slow them down (must buy a title policy and must give seller 7 days cooling off period or must notify underlying lender of buying subject to) but it didn’t work so the axe is about to fall.
Soon, you won’t be able to buy preforeclosure any more either — that’s considered preditory now.
to foreclose is Texas, you have to give a 30 day notice to cure the default, then you can file a notice of default, then you have to wait at least 21 days to foreclosure — then, if the person does not file bankruptcy, you can foreclose. If they file bankrutcy ( which often happens) it will take 4 months to lift the stay.
The reality is that while tax sales offer good returns (25% 1st year-50% 2nd year), there are VERY few available because wall street and hedge funds buy them before it gets to auction. A recent list of trustee sales in Dallas had 2500 — most of which did not foreclose because either the owner filed bankruptcy or the bank withdrew. The same month there were EIGHTEEN tax sale properties in Dallas county. Most likely, these were what wall street rejected as non-desireables.
Thanks Jackie,
Tx. is better than WA. I think you forgot that subj 2 is a no-no in WA State, also.
In Tx., after doing some googling and reading some articles under Tx. L.O. I believe you are right that you can not buy or sell on lease option, but when selling you can use seller financing. Not sure…
I think you can get non-paying tenants out via foreclousre in 30 days in Tx and here 6-12 months and often professional tenants much longer. This is AWSOME and some REI’s may have forgotten how valuable that is to us as investors. Tx is way better than WA.
I agree that it probably does take some real study to understand how to proceed in Tx. and for one Tx Tax Liens are lucrative, and non existent here, as we got to go thru yearly auctions with much due diligence and cancellations etc. Tx. Leg. has forced the REI to be more cautious about how he does things, but there is still money to be made there.
I appreciate knowing now what states are pretty much clear of most problems. Thank you.
Tx. legislation appears to be made up of 254 counties, not just Austin/Travis Counties so Austin does not rule Tx. Legislation. Just like Obama, Reid and Pelousy are finding out their Demo’s don’t quite rule all of Wash DC like they like to.
I think I have something going here and timing is not right for me just yet, but soon as possible I am going to head that way. WA State has some very brilliant people and lots of folks with lots of money, and WA State is leading this country in its laws which are ruining our country.
I am sure Tx. has its share too and I am concerned about buying and selling on contracts yet there has got to be many ways around that??. Tx. would make up the 8th largest country in the world if it were a country instead of a state. I appreciate your input and hope others will add to what I have said and what you have said. Thanks.
Roy
W. WA State
—
I hope others add to all this.Thank you Jackie, your reply is so very imp. to know.
Btw, preditory laws have been in place in WA for 6 months now and we can not even say hello to a distressed person here, nor if we even “think” or over hear someone say they “MIGHT” miss a payment as far as 4 months from now then they are distressed. Attorneys here are busy finding websites and people to inform and EVERONE even remotely involved is sued. The language is ambiguous and up to the judge to discern and attorneys are scratching their heads, but we dare not talk to anyone distressed. Guilty or not, now got to pay to prove innocent vs innocent till proven guilty.
Also have you heard of “The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“S.A.F.E. Act”) encourages all states to have in place a licensing system for mortgage loan originators that meets minimum standards. The S.A.F.E. Act also encourages all states to join the Nationwide Mortgage Licensing System & Registry (NMLSR).”. This would affect Lonnie deals and I am trying to learn more about this act and if Lonnie deals can still be done in TX.?
Roy
Hi;
Name’s Andy Standen from Apex, NC. While I am not a new member (>1 yr) I have as yet to get involved with the forum.
I have beeen investing since 2007. Got spanked in ’08 as the market softened and then declined. I have been able to unload all my nonperforming properties so am now looking to get involved more creatively. My spanking removed most of my ready capital.
I am talking with owners of inherited properties as well as motivated sellers in the areas outlying Wake County, NC.
IF you want to buy, invest or co-invest in cash flow properties in central NC drop me a line.
If you come across a deal in central NC but cannot put the deal together, drop me a line as well.Andy
HI Andy
Welcome to the group! You need to learn about working with private lenders. There’s a ton of great info about that here at CashFlowDepot
Jackie
Hey Tim
Glad you logged in. Let me know if you have any questions.
I’m sorry I kind of dropped off the face of the earth for awhile. I got a macular hole in my eye and had to have eye surgery. It has been a major ordeal and I still can’t see very good but it should improve in a month. I’m just not getting back in the saddle.
You’re in a town with a lot of opportunity.
Best
JackieRandy
You can do options and you can do contract for options
But you can’t sell with a lease option.
hEY lYNN
Welcome.You might start with the Quick Start Guide. You’ll find a link to it on the member’s only home page
Howdy,
I am Brian Kelly from Chattanooga, TN. Real Estate Broker for 20 years. Relatively new investor for last 1 year purchasing 55 short sales, 2 wholesale flips, own 1 commercial building (5 yr lease with Home Health Co.), Purchased 2 Notes recently from Large Bank (they are foreclosing construction commercial loans that are ballooning.)
Full time investor and need to generate quick cash flow, and some lump sums to knock out major medical bills, and unsecured debt.
Really enjoying exploring the forum for good ideas. I have way too many deals and not enough brain cells and experience to analyze them. I am excited about the power of this group to help, and perhaps I can help with some of my experiences.
Hi Brian
Welcome to the group. Sounds like you’re well on your way to a successful real estate investment business.
We all look forward to sharing ideas and learning from you too.
Jackie
Hi steve
Welcome to CashFlowDepot!
I’m glad to help with any actual deals you are working on and You don’t need to give my 1/2 of the profit.
Just listen to Jack’s 12 step roud to riches and foundation of wealth online seminars and you’ll be well on your way
If you’re brand new, you should start with OPTIONS! they are the easiest and safest thing to do.
Be on the Tuesday conference calls to learn even more.
Hello Everyone:
My name is Steve Williams, i live near Wytheville, VA. and i am new to RE Investing, and i am very excited about learning and using all the information found here. and to have success story of my own to share very soon. and i hope im posting this in the correct subject.
I also hope to find someone who would be willing to Mentor me through a few deals, with the profits divided 50/50,
i am not looking for someone to do it for me, but to personally walk me through the entire process.
if you might be interested,, please contact me at :please put “CASHFLOW MENTOR” in the subject line , so it wont be deleted as spam.
and i thank you all in advance for your time and assistance.
Steve
Hello,
My name is Elizabeth and I have been wanting to invest in real estate forever it seems
I joined CashFlow Depot on December 31, 2010 with the intention of doing this for real now. I decided wholesale options deals are the way to go for me and I got my first one just a few days ago! Thank you Jackie and all the conference call guests for all your help and encouragement.
Now I just need to sell it and make my first “paycheck”! Any tips out there?
~Elizabeth
in the middle of a cactus patch in Tucson, AZWAY TO GO!!!!!
To get it sold fast, start running ads THREE times a day on craislist.com ( use different subject lines and do not copy/paste the message) , look for investor club web sites that allow you to post property deals, go to investor club meetings to meet potential buyers, find out who the hard money lenders are in town and call all of them to see if they have a buyer, call all property management companies to see if their landlords want another property.
If none of that works, let me know and I’ll throw out more ideas that have worked for me.
Jackie
p.s. don’t forget to out a for sale sign in the yard.
Hi Fred
Welcome to the group! And welcome to the “other” side of making money with real estate. Atlanta got hit hard with this recession but I know there are many opportunities there.
You must be logged in to reply to this topic.