All Forum Posts by: Alex G.

@Kylee Smith
Hi Kylee,
please send the info on what you have to [email protected]
Thank you.

@Luke Calhoun  Then you should be in a good shape. Curious, who do you use as RMLO for underwriting buyers?

@Kylee Smith When you say "I have 3 deals" what do you mean exactly? Are these deals in MLS currently listed by you, or are these your pocket listings? Or have you signed contracts you're trying to wholesale?

@Luke Calhoun I am a long time Austin area investor, primarily in houses.  I also buy payments on owner financed mortgages. However, just a work of caution. There is a bunch of laws on the books, both federal (Dodd Frank, Truth in Lending and others) and state laws. They regulate the sale of the non-primary residence (investment / rental houses) to consumers. In this case you’re an investor selling your non-homestead property to a consumer— all of these laws apply to you.

I suggest you get help from somebody knowledgeable on the subject. Make sure you provide all proper disclosures to your tenant/buyer and comply with other requirements you need to comply with. Make sure you have good loan docs too as well as get the lender’s title policy.

Another good idea would be to set up a professional loan servicer who can collect payments from you tenant. Debt collection process (which you’ll be in as an owner of the mortgage) is also regulated and has plenty of responsibilities for the loan owner. A professional loan servicer should comply with those for you, as well as provide an online account access with loan info, payments, escrow, multiple ways for the buyer to make payments, etc., etc.

You’ll likely find that in the absence of most of the above, the value of your mortgage will take a massive hit when you’re ready to sell the loan (or some of the payments) and cash out.

I have an article somewhere on my website that talks about all the factors affecting a value of your loan, if/when you decide to sell it. DM me and I’ll send you the link.

@David Kim I’ve been buying and selling houses in Austin for my own account for some 30 years. Prices have gone up ridiculously high by mid-2022. However,  in the last year and a half prices have gone down quite a bit from their high. They are finally close to a point of affordability for a landlord buyer, even with current rates. There are quite a few 3bed/2bath houses in the 250-300K in the metro area.

Feel free to email or DM me if you’d like to connect. There may be a mutually beneficial way to buy houses here.
And good luck with your search!

QCDs are popular in California and some other states. In Texas most title companies frown on quit claim deeds, so not a good idea. Use Warranty Deed and you’ll save yourself some trouble ahead. It’s a 1-2 page doc that needs to be notarized and filed and must include accurate full legal description to convey the right property.

I had a fews purchase situations where we had to look for past signors of QCDs and have them sign a Warranty Deed to get title company to accept the transfer. 

Probably the cheapest way to get a professional grade WD doc is to call your favorite title co and ask them to prepare one for you. They have them on file. They usually charge around $100 for it, less than most lawyers would. You can ask them to give you the MS Word file so you can use it in other transactions later on.

@Jordan Moorhead Sent you PM

@Jordan Moorhead I haven’t used VAs per se. In the past I hired a US based person to make calls on a temporary basis. Hired him on UpWork, paid hourly. It’s been a couple of years since, but I think I paid $20/hour or so. Just didn’t have enough for him to keep him around.

Where did you get your VA from? Is he US based, native English speaker?

Happy New Year to all Austin investors!

I’m looking to find, hire and train a team of people, likely overseas, to do a lot background research tasks for identifying target properties/leads for my biz, as well as a couple of US based folks to field the calls to homeowners. 

@Conner Olsen Just to put the price into some kind of perspective - would you please describe a bit the property you’re renting for $90/night on MTR: location, sq.ft., bed/bath mix, age, condition, lot size.  Also curious about what kind of furnishings do you have in it, and where you purchased them. Thanks!