All Forum Posts by: Alexander Timberlake

Hello,

I have a townhome in Houston Texas. Unfortunately, the tenants have stopped paying rent and I need to evict. I have paid for an eviction service (https://www.texaseviction.com/). I posted a 3-day notice to vacate or pay rent a few days ago (by myself). However, Texas Eviction is telling me that since my loan is "federally backed" (my understanding is that this means that Freddie Mac or Fannie Mae owns my mortgage loan) that I have to post a 30-day notice instead of a 3-day notice. I have confirmed using this lookup tool: (https://myhome.freddiemac.com/resources/loanlookup) that my property is owned by Freddie Mac (Results of query >> Yes. Our records show that Freddie Mac owns your mortgage.).

Question 1 - Just because Freddie Mac owns my loan, does this actually mean that my loan is federally backed? Or does "federally backed" mean something else?

Question 2 - Is Texas Eviction correct? Does this mean that a 30-day notice is required instead of a 3-day notice?

Some additional data I have found:

https://guides.sll.texas.gov/landlord-tenant-law/eviction-pr...

• Step 1: Written Notice to Vacate. Unless the lease agreement says otherwise, the landlord must give the tenant at least 3 days to move out. They cannot file an eviction suit before they give this notice in writing. The federal CARES Act requires a 30 day notice in certain evictions where the property participates in certain federal programs OR the property owner has a federally-backed mortgage.

IMO, the CARES act is an unlawful piece of legislation that has poisoned America, but if the above clause is true, it is an OR statement. So I'm thinking that Texas Eviction is correct. However, I am looking for someone with more experience to confirm my understanding and to help me define what a "federally-backed mortgage" actually means.

Sincerely,

Alex Timberlake

I purchased a rental property in Nov of 2021 from Auction.com. I just noticed on HCAD that there is a tax overage on my account (overpaid taxes). It appears that the property taxes in 2020 were overpaid by almost $20k. I did not own the house in 2020. I'm not sure what happened to the previous owner... but she never collected this overage.

Since I am now the legal owner of the property, can I collect this property tax overage?

I have a feeling that if the situation was flipped (e.g. there was underpaid taxes on the property) then I would be responsible for paying them. So I am hoping that the system is balanced and they will allow me to collect this tax overpayment on the property that I presently own.

Anyone have any insights? Black and white? Grey?

I purchased a rental property in Nov of 2021 from Auction.com. I just noticed on HCAD that there is a tax overage on my account (overpaid taxes). It appears that the property taxes in 2020 were overpaid by almost $20k. I did not own the house in 2020. I'm not sure what happened to the previous owner... but she never collected this overage.

Since I am now the legal owner of the property, can I collect this property tax overage?

I have a feeling that if the situation was flipped (e.g. there was underpaid taxes on the property) then I would be responsible for paying them. So I am hoping that the system is balanced and they will allow me to collect this tax overpayment on the property that I presently own.

Anyone have any insights? Black and white? Grey?

I'm interested in getting feedback from anyone who has used bungalow.com (renter or homeowner). I'm considering using their property management services, but I am seeing a lot of 1-star reviews online. I appreciate your insight!

I have obtained a database of 1.5m records of MLS data of closed properties in my metro area. I have strong data analytics skills and built a PowerBI dashboard to analyze the data.

I was hoping to monetize this skill set by creating a newsletter and posting data insights regarding the Metro area.

Is this legal/illegal/unclear?

What could the MLS do if they found out I was sharing data analytic insights about sold homes in their MLS?

@Doug Pintarch, good recommendation. A lot of good information here!

@Bruce Lynn, thank you for the information. We are fairly confident that her fellowship and future job will be in the Houston area. Houston is not only the capital for oil and gas, but also for it's medical center. That said, you bring up a good point.

We are hoping that we can both be on the note/deed equally. In your experience, have you seen physician loans where two people were on the note/deed where one of them (me) is not a doctor... (I'm only an engineer). 

I have submitted questions to keybank, suntrust, usaa, and a couple others. I'm hoping an individual on BP can help address my questions.

I have a quick question for you regarding physician loans.

My girlfriend is an MD at Texas Children's in Houston in her 2nd year of residency.

She is considering buying a house (400k-500k). We are also considering putting both our names on the house as I have the better credit score and much larger income (presently).

Questions:

• 1. Roughly how much higher are the interest rates on a 30-year fixed mortgage (physician vs regular)?... I've read it could be about 0.5%? (e.g. 2.75% vs 3.25% in today's environment)
• 2.Would we still be able to take advantage of a Physician Loan if we were jointly on the deed/note? Any complications?
• 3. What is the maximum debt/income ratio allowed for Physician Loans (I've read a normal loan is 0.43 but I'm not certain if this is different for physician loans)

Hello,

The major Ohio Metros (Cleveland, Columbus, Cincinnati) appear to be some of the best cash flowing metros in the USA.

I am looking to begin developing a portfolio here for properties that are <$150k. I need to establish a team before I would feel comfortable investing. I am looking for:

-Investors

-GCs

-PMs

Alternatively, if there are Turnkey companies who can fulfill several of these roles, I would be interested in acquiring the list of current inventory (preferably in Excel) as well as discussing the logistics of an out of state investor.