All Forum Posts by: Becky Kromminga

It is perfectly legal to call people on the foreclosure list in Texas.  There is a law that says if you are going to perform a service for the homeowner related to saving their home or credit for a fee, there is a disclosure you have to make.  However, offering to buy their home doesn't fall into this category.

I have been doing Preforeclosures in Texas for about 3 years now, and had never heard of the Foreclosure Consultant issue, so I looked it up.  According to the government website

"Foreclosure consultant" means a person who makes a solicitation, representation, or offer to a homeowner to perform for compensation, or who for compensation performs, a service that the person represents will do any of the following: (list includes fixing credit).  

This doesn't apply to someone who is looking to buy the property, because they are not performing any service for a fee, regardless of whether it is an outright purchase, or a purchase subject to the existing financing.

If anyone has had an issue with the Foreclosure Consultant law, I would love to hear about it!

@Jonathan Watt, I heard from an investor friend in Las Vegas that they are having a hard time finding contractors because they are preferring the idea of a paid vacation from the government to actually working.  Have you encountered this?

Hi Nico,

You definitely need to pay attention to whether or not a property is in a flood zone, because flood insurance rates are going to increase drastically in the next few years.  (25% every year!)

If you have a property you are considering, you can type in the address and check if it is in a flood zone here: 

http://www.gims.houstontx.gov/FloodplainWAB/

Hi Andrew, I can recommend these:

Sterling Real Estate Group

Real Property Management Avitus

Hi Austin, I'm sure there are some hard money lenders that would have decent rates for a deal like this.  If you PM me I can recommend a couple to you.

There is an online platform for buying and selling rental properties called RoofStock.  That might be another way to find a turnkey rental.

Hi Vlady,  I would second what @Mark Sewell said about going to networking events.  Many of these events are sponsored by hard money lenders who have many different products, and will likely have something to meet your needs.

Ben, Bigger Pockets also has a forum for events:  

https://www.biggerpockets.com/forums/521-events-and-happenings

Another way to be a hard money lender with less risk and effort is to let a big hard money lender do the work for you.  There are several in Houston that will pool your money with other investors and use it for hard money loans.  They will vet the deal first, and give you a good return.

A couple of suggestions are Katy Capital and ILS.

Also, Quest Trust has a class every Tuesday morning at 9:30.  After the class, they have networking, and there are always people there presenting investment opportunities.