All Forum Posts by: Nancy Truong

If I were you and if you haven't already, reach out to the seller and negotiate. Simultaneously, find platforms to gather a list of investors to pitch this deal to. Once you have it under contract, and a list of potential investors, pitch it. Also put in a contingency clause to protect yourself in the event that you can't find an investor. Good luck!

- Nancy Truong, Texas Attorney at Walter & Truong PLLC

Networking is like the gym. Show up, get involved. The more you do, the more results you see. I like to be in the mind set of "these people are my future friends and possible business partners" it's less intimidating going with someone you know. I like to go with my law partner or a friend. 

- Nancy Truong, Texas Attorney at Walter & Truong PLLC

Either my law partner or I will attend. Thanks for setting this up.

-Nancy Truong, Texas Attorney at Walter & Truong PLLC

Real Estate Agents are your best bet. 

My law partner takes new investors to foreclosure sales and teaches them the ropes. She's a foreclosure investor and specializes in foreclosure law. Message me if you want to connect with her. 

Nancy Truong , Texas Attorney at Walter & Truong PLLC.

Logan! Great age to start. I'm excited for you. What state are you planning to invest in? I'm in Texas. Feel free to message me if you are ever have questions about Texas, specifically Houston. I'm an active investor myself and enjoy teaching and learning real estate. Good luck!

- Nancy Truong, Texas Attorney at Walter & Truong PLLC

My law partner got her real estate license class online from RealEstateu.com. I believe their price is decent and they have videos. I vaguely remember how long it took her but she said the classes are self pace and the program is pretty good. Good luck!

-Nancy Truong, Texas Attorney at Walter & Truong PLLC

Depends on Time vs. Principal vs. Money 

$2500 may not be worth it for legal actions because you have to pay the upfront costs of court fees, process server, skip trace, filing fees etc. If you take the legal route,  I suggest taking it to small claims court also known as justice of peace court since the amount is under $20k. Refer to the contract but if there isn't any about getting the money back.  The default is if the costs you incurred were reasonably necessary then you can get your money back.  You may not get your money back if you spent money on costs that can't be put on the tenant such as wear and tear,  remodeling,  landlord responsibilities,  etc. So the first challenge is to win.  If or when you win,  the court may also grant attorney fees (if you use a lawyer), court fees,  and of course the money owed.  The second challenge is collecting.  I won't get too much into details,  but if they're judgment proof,  it'll be a challenge to get your money back.  You also don't get your money right away,  you essentially habe another process to go through to get it.

Sometimes getting a lawyer to write a demand letter scares tenants enough to give some if not all the owed amount. Good luck.  

Nancy Truong, Texas Attorney at Walter & Truong PLLC

Happy for you! Exciting news that you got properties under contract.  I'm here in Houston too. I'm Nancy and recently joined BP too. The market has been nuts but there are those gems. I've been seeing some meet ups here and planning to attend some.  Hope we cross paths someday.  

Nancy  Truong, Texas Attorney at Walter & Truong PLLC

Are you looking for residential or commercial? I got a great commercial guy for you if you need one.