All Forum Posts by: Hattie Dizmond

My only advice is to ensure your insurance expense accounts for the need for hurricane coverage. They got hammered by Rita and took damage from both Katrina & Ike. The rest is my personal opinion that the whole Beaumont/Port Arthur area is the armpit of the nation. My mother has lived there for 30+ years, just saying!! Good luck.

@Anddy Barnes 

Thank you for your service and welcome to BP!

I see that @James Samudio has already asked about what locations you're focusing on, do I'll move on to other questions like...Do you have a particular strategy or niche you're focused on? 

I'm new as well, so it's fascinating for me to see how many different perspectives there are here on BP.

Welcome to party!

Welcome!! There is a group that meets at Woodhaven Country Club in Ft Worth every Saturday. This Saturday is a "Networking Extravaganza". PM me with your email address. I'll be happy to forward the invitation.

There are deals out there. I'm not sure you're going to find a lot on the MLS though. Reason being is that Dallas has record low inventory right now...less than 2.5 months. So, it depends on what your target property & neighborhoods are. As usual, there are more deals in less desirable neighborhoods. Of course, exiting those deals will be more challenging. On the other hand, there are some areas where the property will basically open the door for itself on the back end, because there is such high demand.

If you have direct access to the MLS, you might have some luck. If you're using an online service, the deals will probably be gone, before you have a chance to write an offer.

Joe Gore You're so funny. He would open the door for them himself!!

I'm guessing your lender is on the Title as lienholder, which is why the Title Company is asking.  In that case, all they are looking for is a formal statement of what funds are due to your lender at closing, in order to release their interest and clear the title for transfer.  Typically, that statement would consist of the full amount and a date that amount is good through.  (i.e.  Loans have interest applied by term.  As the lender I'm telling you $5000 will fully pay off the obligation and release my interest in this property through 8/1, which is when I would recalculate the interest.  It's just a payoff amount.)  A release of lien would be filed to formally remove the lien from the property.

Also...for research...check out the site at the Texas A&M Real Estate Center.  It includes links to all the major research and information sites as one stop shopping, including census & labor stats.  Great resource!

http://recenter.tamu.edu/

Originally posted by @Tyler H.:

School Districts are a key component to assessing areas to invest in.

Houses in highly rated schools districts will usually have high demand.

 Exactly right! 

I would go a step farther and tell you that highly rated elementary schools and the neighborhoods that feed them, within highly rated school districts, are a huge draw right now.  I know of 1 elementary school feeder area in Tarrant County where houses are selling in under 15 days at or above list.  It's completely ridiculous and makes the back end sale on any exit strategy so much simpler.

@Tom Mole 

Thank you.  Your response was not only encouraging but instructive. 

As an update...There is no issue here in Texas with assigning contracts, unless you're dealing with an REO!

I have basically done what you suggested without knowing it.  I sent the deal out to some investor buyers I've connected with recently.  Lots of interest and lots of tire kicking.  However, one stood out.  Looked at the property within 30-min of contacting me and made an immediate decision to move on the deal.  I took my normal approach, which is just to be as honest and transparent as possible, so I just explained the situation.  I also told her I was taking this as a learning opportunity and validation that I was on the right track in terms of evaluating a deal.  I offered to just let her do the deal directly.  I would simply walk away with a valuable new piece of my education.  She was very gracious and said absolutely not, because I did the work to find the property.  She's working to get the property under contract herself AND pay me the wholesale fee. 

I love being honest!!

Thanks again,

Hattie

Christopher,

Texas is pretty tight on governing realtors.  I don't believe there is any reciprocity.  However, the following link will take you to the Texas Real Estate Commission for answers to all your questions!  Texas is a great place, and the Dallas market is ridiculously hot for sales.

http://www.trec.state.texas.us

Hattie