All Forum Posts by: Bhanu P.

So they do have money to pay $250 a week but not $300 security deposit? Red flag... It is kind of priority for them to bring the deposit somehow to move in to rental rather than staying at $250 a week place. Don't agree for installments on security deposit.

I am in the rehab process of couple of SFR in Houston area and planning to sell them on Owner financing terms to end buyers who occupy the property as their primary residence. I never done this sort of transaction and in the process of gathering as much information/contacts as possible in this area.

At a minimum, I should at least need

1)Title company

2)Mortgage Originator

3)Attorney

Also, it would be so nice if I can have

4)Loan servicing company

5)Escrow company

I am sure some of you must have gone through this process and please share the information that you have on this. Thanks so much in advance!!!

Sorry to know about your situation. I am not quite sure if it help but the first step would be to reach out to the collection company/utility company to explain the situation and to request them to remove it from the Credit bureaus. There must be at least a decent 50% chance that this trick should work. Good luck and let us know what happened. Thanks!!!

Just thought of updating on the progress: I filed claim with Title Insurance on 10/14/16 and have not heard from them until earlier this week.

When they contacted me they asked me to provide the full copy of the title insurance and I provided it immediately and haven't heard back from them yet.

I emailed them about the status today and I was told that they are preparing the answer to me and they can reach out to me on Monday.

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Mean while, I contacted HOA lien holder and explained him that the lien he purchased got wiped away due to first lien holder's foreclosure but he refuses to accept to understand/agree.

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Should get additional information by Monday hopefully and I'll update the thread with what ever I learn. Thank you!!!

I'm contributing to 401k up to the maximum allowed and employer match is free money. My plan is to convert it to ROTH gradually when my W2 income is $0 - which will be in 5-6 years if I am able to accomplish my other investment goals😄

If I were you, I'll sell the property as soon it is vacant to avoid negative cashflow.

Weigh the refinance cost Vs the additional amount that you can cash out so that you can decide if it is worth proceeding or not... Also do note the change in the monthly payment with this new loan...

Please have the background check, credit check and check his employment to make sure how stable his job is. By then, you will get the full picture and let those guys know upfront that you are planning on inspecting the property for pot smell every month or quarter - if they are still doing drugs they may not lease and if they they lease after your warning about monthly inspections, 99% of the times they must be clean. This is what I would do if I am in this situation and not sure if this is best solution or not though!!!

@Tom Mole, Thank you!!!

I just don't want to change the locks again - I changed it twice already and the HOA guy is changing it right away and it is like so funny if you think about it.

HOA guy is seriously thinking it is his property and I am trespassing on his property. I spoke to him and he is showing his sympathy on me, asking me to sue the seller who sold it to me without having any legal right on the property. Lol.

when that conversation happened, I do not knowledge of chain of events and dates - obviously worried until I came to know that his junior lien got wiped out by bank's foreclosure.

Legally, I am sure it is simple case and I may not need an attorney to defend myself but most difficult part is to make the HOA guy understand that he purchased Junior lien and now he got no legal interest on the property today. Oh well, trying to think the best alternative which can give me the access to property quicker...

@Wayne Brooks

HOA buyer bought it on 5th July 2016

Bank foreclosed on 2nd August 2016

Both are in Courthouse steps and on first Tuesday of the month as it would happen in Texas.