Bud
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Oh, sorry, you provided link. To answer question I think there are many opinions.
One sure one is that a major event will soon happen and I say we stay positive, calm, get out of debt as completely as possible and diversify, before plowing forward, only. First got to have assets to pay short term and home debt and to diversify, for those who do I sure would not wait.
Roy
Asad, call me soon as you can. I misplaced your phone #. Lets talk about this.
Roy Roberts,
[email protected]He says he will Rent if he does not get his price eh? Well, then he will have to continue thinking about it. Offer a L.O. and that way he has to pay the taxes and insurance. He would get his price though, and you might even add a performance lease and or extra couple months to close?? You could offer 5 Million dollars if the terms are right.?
Roy
Maybe you are in too good a market. Here in WA. State it is not so bad as some places at all, but lots of vacant house and it is a buyers market here in this county, and so many more people are willing to owner finance. I think a lot of it has to do with HOW you ask. Start out normal and asking what they want the money for or what ever way you can get to the place where you are explaining the benefits of not accepting cash – there are many. If they just need cash, maybe if asked right they will take some cash and some financing or maybe they just aren’t motivated enough. You can certainly offer more money in exchange for your terms. Lots other deals out there.
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
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
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I hope others add to all this.Thanks Dee, I was thinking of moving to Texas from WA, but now I think I need to learn more and reconsider. How can I learn more about Texas laws now that you just told me no lease options and no wraps. Ouch. How about Lonnie deals, are they still safe? and S.A.F.E. debt and note laws, are these affecting lonnie deals? “The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“S.A.F.E. Act”).
Roy, God Bless America…
WA StateHi Gene,
My name is Roy and want to move to Texas. John Schaub told me Texas has strange laws concerning debt, lease options, and trusts and to study CLE posts and learn more. I am hoping you and others on this forum can enlighten me on Texas legislation as WA is getting really bad and ruining our country. We are like a pilot test state and getting worse than CA. All comments greatly appreciated. personally also as my email is [email protected]. Of course it is good to post on forum. I am looking at areas east of Dallas as I have friends there.
Roy
