All Forum Posts by: Dustin Tucker

Hello Tatyana,

I think that there is a lost art of Seller financing currently, I think that you can make the argument that seller financing is safer than buying a CD in a bank.  I also think that we are very close to a 1929 Market crash, and everybody seems to think that we are doing great. FYI in 1929 banks closed their doors, and many people lost 100% of their money.

Hello Andy, if your 1st property is finished you will be able to pull 75-80% of the market value out of it, if you have a minimum of a 660 Credit Score you can get a DSCR rate which will be in the high 6 to low 7% range. For your other new construction project we can get you funding for up to 90% of costs, please let me know what your credit score is, you may also want to bring in a credit partner. If you have been building for a while we also offer a 5 year Guided line of Credit through the SBA. This program has bi- annual payments which mean you only make payments 2x per year. Rate is currently Prime WSJ 8.5% plus 3%, but the nice part is that as rates come down, so does this loan rates.

 Hello Daniel, I would get an attorney for your 1st recording.  I have done several PML loans with 2nd position investors. You can do the process 2 ways.

1. Is to close both loans at the same time, usually the Hard Money lender will want the PML 2nd lien lender to sign a subordination agreement to make sure that they are in 2nd position, because Texas is a 1st to file state, you could run into a situation where your 2nd lien goes to the courthouse 1st, and files 1st.

2. If you are closing outside a title company, which it sounds like this is the situation that you are in, you would simply need to ask an attorney for a note and deed of trust, (once you have completed your 1st transaction, I would ask your title company for a draft Note and Deed of Trust).

Once you execute the Note and Deed of Trust, and have it notarized, you simple take it to your local county clerk to have it recorded, the Deed of Trust will have the mailing address of the lien holder, and the original will be mailed to them in 1-2 weeks.

Hope that helps, Dustin 

 It is probably your lender who doesn't allow 2nd positions, I have done many properties with multiple liens, sometimes 1st, 2nd and 3rd, in Texas. Reach out to me with your scenario, I would be happy to take a look.

Hello Bella, if you need sources of money for your wholesale properties feel free to reach out, we offer wholesale pricing, so you could add an extra 1% to your wholesales by participating on the loans as well.

Are you in an area that requires zoning? You might still be able to get around it with storage building zoning.  The only disadvantage would be that you would most likely not be able to get financing for this property, but if you have the cash to invest, it should work out very well for you.  The other disadvantage of storage rental is they are generally slow to fill up, we are financing a new Construction self storage, and the lease up is estimated at 4 years.  1 suggestion would be to buy 1 container, lease it, then buy the subsequent container. Hope this helps,

Hello Huy,

I found this great article that might help you.

https://elderlawms.com/faq/do-gifts-of-property-to-children-...

Also, you might want to consider taking over the property sooner rather than later, if you take over the property now it appears that you would be avoiding Inheritance taxes.  Also, if you pay your parents any profit for the property, if it is their primary residence, I believe that a married couple has up to $500,000 exemption on profit from a primary residence, I'm not 100% sure on that, but you can search for that pretty quick.

If you are looking for any loans, please let me know.

Hello Ilya,

Where are you looking at purchasing your 1st property.

When converting a property from a single family to a multi family, you will need to check on the zoning requirements, depending on your location, not every location has zoning.

As far as lending goes, it is far easier to finance a single family up to a quadplex, than financing 5 plus units, the DSCR Market for 5+ units is extremely low right now, and there are few if any lenders in that space.

For financing 1-4 units, there are Millions of dollars chasing those loans, so you can easily obtain long term financing, at rates between 5-7%.

Please reach out if you have a property identified, and I can help you with financing options.

Hello Elie,

Can you send me a DM, i'm in North Dallas, I've been investing for 10+ years, built new construction for the last 10 years, and am also a Texas Real Estate Broker.

Hello Jason,

Your best bet is going to be to track down the owner, or the owner's heirs.  There is no set time for the county to foreclose on the property via a tax sale, according to this article purchasers of the tax lien certificate have to wait 5 years, as the owner has a redemption period after the tax sale, so you could be waiting a while, and if I'm not mistaken, you have to pay the taxes each year until the 5 year period is over, then you have to file for a deed or file a lawsuit to quiet title.

https://smartasset.com/mortgage/how-to-buy-tax-liens-in-cali...

Hope this helps,

Dustin