All Forum Posts by: Nancy Truong

What state do you need the LLC for? If it's Texas, my firm can do it. We can file corporate formation, obtain EIN from IRS, draft operating agreement, bylaws, etc. Our turn around time is also fairly quick.

Nancy Truong, Texas Attorney at Walter & Truong PLLC

Condemnation cases are common.  The constitution states that government cannot take without just compensation but unfortunately many homeowners can't afford or do not seek attorneys to help protect them from low appraisal values.  

There are several locations. Downtown, Memorial, properties along highway 10, Innerloop, Katy, Pearland, Cypress, Sugarland, Woodlands

Loans. Leverage your money. Check out the commonality of many of the fortune 500 companies. They have tons of debt. Borrowing helps you if you do it right. It's not bad debt if it's to make you money. Just do the math. Joe Villeneuve did a good job explaining. 

There's a BP meet up that you should join this coming week. Look for it. I believe it's on Thursday. 

Don't call it a lost just yet. There's some questions that need to be answered. What type of loan is it? Do you know? If you don't know, it should state it on the deed of trust. Depending on the loan type, foreclosure "judicial" or "non-judicial" procedures are different. Additionally, if the bank chooses to foreclose if you don't payoff the loan, there are several ways to prevent or delay the foreclosure sale. 

Prior to foreclosure, the bank must provide you notices. In short, don't give up yet. 

I disagree with Rick Pozos, while it may have worked for him in the past, it doesn't necessarily work all the time and may actually be a violation (depending case by case of course). The loan is considered confidential information, but if you have interest in the property, such as being the homeowner, the bank is not required to reinstate but you can pay off the loan. In fact, if the bank reinstates, usually, then the loan is no longer in default. Some banks will not allow reinstatement because of the financial incentive to just foreclose. 

My law partner specializes in foreclosure law. Let me know if you want to connect with her.

I don't! But you got to give us the 411 when you open it! I would love to check it out. 

For management property companies, we've seen 6%-8% of rent. There's no additional service charges besides renewal rent fees and new tenant fees. With STR, we use all the major sites.

I've seen similar scenarios where investors have opt for either side. If you take the negative cash flow method and put faith into appreciation be prepared for a long time haul. Reason being is the future is unpredictable. While there's some forecasting that can help you, the future is uncertain especially with a potential recession, new federal and state laws changing, interest rate changing, etc. I've seen this work out in some investors favor, however, it's not for everyone. Can you dish out X amount of money w/o cash flow for a while? That's your call.

On the other side, having cash flow readily available will help build your nest. 

The Houston market is still growing, with multiple economic drives and has one of the high rental markets. So you have that. 

Me personally, I need some sort of cash flow because chances are, money will dry up quicker for me if I'm in the negative for a while. 

 I somewhat agree with this post. The only difference is that, depending on the mortgage company, you may not get the right to reinstate the loan since you're not the original obligor. Mortgage companies are not required to allow reinstatement and for you to assume the loan. Many will want the the full payoff amount. I agree to wait the 6 months/180 days.