All Forum Posts by: Allan Riley

would I be entitled to reimbursement from the lawyer for legally advising me in the wrong direction? Could i sue the lawyer for risking my freedom and financial stability? What would be his intent on putting his career at risk? Is 1200 dollars worth his business license as a lawyer? Something is not adding up here, im sorry. That tenant I made well off of, had a non refundable 3k buy in to have an opportunity to own the home. Afterwards he was late for 3 consecutive months with a half late payment the 3rd month, he had to go. The title is put in there name the final year of the contract. Refinancing is not an option. You can try and make me look bad every way you see fit, all I did is replicate a system that the biggest realty team in Amarillo is already exercising. 

Thanks for the read. All 5.069 laws are the ones that are waived. I comply with all of 5.070 with a twist of if my home insurance/proprty tax increases they are reliable for the difference. All of my tenants know me as a really nice guy who does everything to get them the home they deserve. Even the ones that have been evicted... I'm not doing this to get over on anyone. I'm doing this to give them an opportunity to make life changing improvements. My 2 current tenants are real close friends of mine that I've known for years that I go above and beyond for and they couldn't be happier. This contract is to turn people with bad credit scores a chance to be a homeowner who otherwise wouldn't have the opportunity. 

6 months is quite a short time to come up with 100k. Wouldnt ppl who can afford that just go out and buy there property out right or just get a loan like the rest of us? The point of these rent to own is to give a person whom is not qualified the opportunity to be a home owner. Shoot me the statute number I would love to give it a read and make sure I am complying with all local laws and regulations.  @Greg h

I know within the contract there's a good 6 laws that are waived in the agreement, not sure if that has anything to do with the extension. I originally got the idea by driving through the neighborhood one day and calling all the local rent to own homes in the same neighborhood that I seen. That's when I learned all the home sellers (corporate by the way) are doubling to tripling the profit of there sale buy offering the financing outside of a bank. @Greg

 This contract is a money making behemoth. I now have 2 homes that I use this 14 page contract on and it is instant cash in the bank. This contract works in Texas only, and really protects the owner in a renter state. My very first tenant paid me an average 1300 a month in a neighborhood where the rent is give or take 800 a month. That was a monthly 900 dollars of profit on a home that still has a lien on it. I now have about 30k in the bank and am debating on paying off that home, got a lot of research to do before making my choice. 

Not yet, I am currently interested in a career change though. It's very cool because a realtor I've been doing business with for the past four years has offered to mentor and teach me everything he knows. The goal of this is to lower my personal taxable income and have my wife reek the financial benefits @Christopher Phillips

I will have the liscence and do all the work. She will have the business in her name and claim all revenue, and then pay me an hourly wage. Since she does not have a liscence are people allowed to sell under her business name and make a commission or hourly wage paid from her business. 

According to the lease he can not alter the property in any way shape or form without my written consent. Would it be legal for the lawyer to charge for an illegal contracy that he made with my interest. I paid $1,000 for the contract, seemed legit and like a good investment. He has good word around town. There's 2 wealthy people in town that I spoke about this with and they said nothing but great things about him.  Guy was smart too, he listened to all my concerns/worries and took notes and advised me what I could legally have in the contract. He confirmed to me twice, that evicting the Tennant after a failure a pay would take about 30 days after I give proper notice. 

Thanks for information, kind of scary the lawyer had his terminology wrong. I paid $1000 for it to be just the way I want it. I didn't want any liability of maintaining the home, while having the tenant to have complete responsibility of maintaining the home's current condition. The lawyer had said they have cracked down on rent to own agreementsite so much that it wouldn't be an option at this point in time. That's was his reasoning of naming it a "wrap around agreement". I called six lawyers until I found this guy who would actually write up the agreement. I am fairly confident that he did a good Jon considering him telling me what I could and could not put in the lease legally. I guess a 30% late charge is against the law in Texas bwuahaha 

I paid a lawyer to create a rent contract with an option to purchase, he refers to it as a wrap around agreement. I received 3k cash from my tenant as a down payment. He then pays me for "x" amount of dollars monthly for  "x" amount of years. He is 100% liable for all damages or regular repair. You cannot miss a single payment or he will be opt out of the contract. If the taxes or Insurance raises he will be responsible to pay the difference within 30 days. Seems like a win win situation to me. Any thoughts?