All Forum Posts by: David Martin

@Maurice E. Stokes Jr 2 things... one, they know in a crisis situation, you're more likely to keep a roof over your own head paid than an investment, and second, because a majority of the mortgage industry plays to the tune of Fannie and Freddie, which would rather show gains in new home ownership over new millionaires made.

Sounds like you dodged a bullet with this one. Abusive relationships already suck, let alone ones binded by a contract.

@Christopher Ade Quite likely their concern is just your ability to meet the occupancy requirement for the FHA loan.

Some info from FHA that might help...

https://www.fha.com/fha_article?id=1870

@Filipe Pereira Agreed, the escrow seems the most sensible and likely to be void of a load of different booby traps that I'd much rather avoid as a landlord. Can be done, and should be done, are two wholly different POV's. lol

@Emanuel Ohunwu disclamer and all... I'm not your lawyer, so you know, I don't give legal advice, and things I say you should consider stupid internet rumors.

The way that statue reads to me is... you can really do whatever you want with it, but if the tenant files a demand for it and you can't product it in the needed time, you'll end up owing them triple the deposit as a penalty, so you should probably make deep considerations on the risk profile, as if you can't produce it quickly, it gets even more expensive, very fast.

@Jacob Holt One of the largest meets in town is on the SW side hosted by a hard money shop. Just hit their website and looks like details for it are.

@Emanuel Ohunwu texas property code related to security deposits.

https://statutes.capitol.texas.gov/Docs/PR/htm/PR.92.htm#C

@Omar Butler Hit the BP YouTube channel and search for BRRRR and the podcasts on there should get you started on the idea, then you can go for the David Greene book to get in to more details. Also, since the refinance part is critical in the strategy and you're utilizing hard money, go learn as much as you can on home finance, as making that transition to a lower rate fixed payment will have some requirements other than "I have a house".

@Barry Cooley Cash for keys agreement, mate. Sounds like they are in a cash crunch, and sounds like you need a fast and agreeable way for them to get out. Get it rock solid with legal and have a 24/7 locksmith on retention to re-master the whole house the moment they've given you notice they have left as agreed.

@Wesley Yu Would recommend getting some loan estimates from lenders in the area for lot loans, construction loans, and then hopefully the person doing the construction loan will do a single close temp to perm option for you. Once you can find someone that would viably lend to you on those, then I think you'll know where you're at for it.