All Forum Posts by: Bret Allen

Welcome welcome.  NPL's will test your knowledge and creativity.  Good luck, I wish you the best.

Bret

@Corey Thompson I like the energy.  Keep us posted. 

I don't disagree.  I liked the term and wanted to give you credit for coining the description of the event.  

I will say that the presenter (who's name I will leave off here) did share some really good general marketing ideas -- before his hard sale.  

@Robert Sims -- Good luck.  My best advice is to ask a lot of questions, listen, and find where you can offer value.  

A Lease Option in Texas is not a very good idea if the lease is for more than 6 months (even if they are separate instruments).  Wrapping  the underlying mortgage and sending the proper notices under the code is probably the better way to do it.  

You should spend the extra money to have a Texas attorney draft the paperwork and help you structure.  Scott Horne is the best seller finance structure attorney I know in Texas.  

@Joel Osarhiemen

Good luck Joel.  I wish you the best. 

Disclosure Disclosure Disclosure.  That's it in a nutshell.  If you are upfront with the seller and everyone you deal with then you will probably be fine.  You should be ok telling the seller that you want to buy the property because you want to make 50K by fixing it and selling to someone else.  You even might need to tell the seller how much you think the property is worth, depending on how you came across the deal.  Put your disclosures in writing and then do your thing.  

I am an attorney, a Realtor, and an investor.  It still works but you can't hide the ball.  

@Chance Johnson -- I think I was at that same "pitchfest" off of 635.  There is a lot of knowledge on this site if you will take the time to ask questions and be involved.  

Good luck with your investing and let me know if I can help you in any way.

Maybe all the Dallas area investors need to get together for lunch a couple days a month to learn from each other.

You may want to consider having your agent, or someone local, walk through the property the day before closing.  The TREC contract used heavily in Texas and common law contract principles give certain rights and demand certain actions.  If the owner cannot deliver possession to the property at closing then a seller is usually in breach.  In such cases, you are entitled to your earnest money back and might be able to sue for additional damages.  

Practically speaking, If the owner cannot get the people out by closing then you know the owner doesn't control the people and you will likely have a fight.  Don't get too discouraged too fast.  If no lease exists and the squatters are unfriendly to the owners then use these facts to negotiate a better deal.  Yes, you might have to hire an attorney.  Yes, you might have to deal with some items destroyed in the house.  Yes, it may take a little time and money.  However, these things don't have to mean the deal is dead - but maybe renegotiated.  

An eviction case in Texas is relatively quick.  Even if it is appealed you can usually get through the case within a few months.  In most cases, neither the first hearing in JP court or a County Court appeal hearing require a live witness from the the out of state investor/owner.  

You should consider contacting a Texas attorney familiar with these.   

Good luck

**Bret is an attorney licensed in CA and TX, but he is not your attorney.  This message is not intended to form an attorney client relationship with anyone and is for general purposes only.  You should not rely on a post in a forum as your legal basis for any action.  You should hire your own attorney as the actual facts of your situation may substantially change the advice given to you.

Please contact me for all your real estate transaction or litigation legal needs in Texas. I can help you draft deeds, contracts, leases, partnership agreements, etc. I can help you form entities (corporations, LLC's, Trusts, Family Limited Partnerships, etc.). I can help you settle disputes through negotiations and/or litigation against tenants, landlords, buyers/sellers, agents, title companies, partners, cities, etc.

I have extensive experience in foreclosure, eviction, probate, and title curative matters.  If you need to enforce your rights against another person or entity, obtain possession of real property, clear complicated title issues, etc. then call me for a consultation.

FIRST CONSULTATION IS FREE -- CALL OR EMAIL NOW.

Bret D. Allen // 214-702-6642 // [email protected]

** Bret is a licensed attorney in Texas (Bar #24080762) and California (Bar #300192).  Bret currently works for the law firm Angel L. Reyes and Associates, P.C. in Dallas Texas.  Bret is also a real estate agent with First Premier Realty, Inc. in Allen Texas (Agent #669065).