All Forum Posts by: Account Closed

I use Eric Fontanot at Texas American Title, great service, central location.

I just used Legal Zoom.

@Cameron Cameron It all depends, if you want to source your own deals, I'd suggest finding an area you like and driving for dollars (you can search it here on BP), you can also buy a list from ListSource and send letters.  If you really think your time is best spent rehabbing, I'd recommending getting in touch with a reputable wholesaler in the Houston area.  I'd highly recommend @samcraven with Senna Homes here in Houston.  He also has been on a few BP podcasts.  Best of luck.

Tom Cooper yea, I meant the old houses it's only a matter of time before they're all gone

@Curtis Bidwell That makes sense, much appreciated.  I just didn't know if he needed receipts, etc. which I doubt he has.  It sounds like you can make assumptions.  He is a single person, so his deduction caps out at $250k, but he has made additions, garage apartment, extra rooms, add-ons, etc. that should help eat up his gains, and the remaining gains we can setup owner financing to defer those gains.

Curtis Bidwell Clayton Mobley thanks for the input, I definitely like the idea of upping his basis for all the improvements over the years, thus reducing his tax liability. How do you go about getting to that improvement number? Is there an amount per year you can assume? This guy is really old school and I doubt he has any records whatsoever.

Sarah P. When I say lot value, I mean the property would sell for the same price if the property had the house on it or if it was completely empty. In west U, people aren't paying 500-600k to live in a 2/1 built a long time ago. They're buying to knock down the house, thus lot value. The house itself is livable, but adds no value to the sales price. At least that's how I think about it.

Mindy Jensen thanks! I'll be sure to keep that in mind and thanks for all that you do

I hear ya, definitely want to do everything above board, and don't want to screw myself over.  Just trying to come up with ideas for him, to help lower my purchase price, but agree, not worth it if it's overly complex and not legal.  I'm thinking the best idea I've heard is just owner financing to spread higs tax liability over time.

@Garland Harris It would need a full rehab, it's a 2/1 with a nice garage apartment.  I will say though that almost all houses in west U are going for lot value.