All Forum Posts by: John Ho

By the way I’m selling that lot for 20k if anyone is interested. Crosby Texas .

Corner lot on Judge and Barrett.

I have a lot I’m want to sell the lot is 3,000 sq ft and I own about 1500 sq ft of land next to that lot, the partial piece of land adjacent has a separate Tax number. I was told by a builder that in Harris country lots need to be a minimum of 5,100 sq ft to build on and I would need to ask for a variance or wavier to build a home there due to lot size. Does anyone know how to apply for this? Or is it really needed? I see lots that are 2,500 sf ft for sale inside the city all the time. 

I’m in negotiations for a sale by owner property.. We plan on doing a wrap around loan and I like to know what’s the best way to go about this cost effective and secured.. He said we can use a 3rd party send them the monthly checks and they will pay off the loan which is 20-30 a month. Or Should I send him the check directly and trust that he’ll pay off the loan. What you’re suggestions? Btw the loan is roughly 125k with payments of 2,800 a month for 5 years.

I’m in negotiations for a sale by owner property.. We plan on doing a wrap around loan and I like to know what’s the best way to go about this cost effective and secured.. He said we can use a 3rd party send them the monthly checks and they will pay off the loan which is 20-30 a month. Or Should I send him the check directly and trust that he’ll pay off the loan. What you’re suggestions? Btw the loan is roughly 125k with payments of 2,800 a month for 5 years. 

So I have a deal that starting to fall apart.. probably not going to pull the trigger on this one but can some of you guys run the number to see if it would make sense..

Asking 153,000

Got him down to 148,500

Now he wants 151,000 because he said he has to pay to pay the lender to hold the loan at 8 percent for 4 years.

And I have to pay 2 points on the loan which was never mentioned in negotiations. I was going to put 25k down and pay all closing.

The house is right at market price so I’ll have no equity in the deal.
I told him I can do the deal at 151,000 and no points on the loan.. too me he’s seems like he’s trying to milk the deal for all he can.. I don’t see a investor paying market price for a rental with the barely minimum updates done.. I’m only was interested because he agree to carry the loan at 8 percent now he wants to charge 2 percent on the loan and he wants 2500 more.. what you’ll think better to wait for another deal? Or should I do the deal at market price and pay him his asking?

So I have a deal that starting to fall apart.. probably not going to pull the trigger on this one but can some of you guys run the number to see if it would make sense..

Asking 153,000

Got him down to 148,500

Now he wants 151,000 because he said he has to pay to pay the lender to hold the loan at 8 percent for 4 years. 

And I have to pay 2 points on the loan which was never mentioned in negotiations. I was going to put 25k down and pay all closing.

The house is right at market price so I’ll have no equity in the deal. 
I told him I can do the deal at 151,000 and no points on the loan.. too me he’s seems like he’s trying to milk the deal for all he can.. I don’t see a investor paying market price for a rental with the barely minimum updates done.. I’m only was interested because he agree to carry the loan at 8 percent now he wants to charge 2 percent on the loan and he wants 2500 more.. what you’ll think better to wait for another deal? Or should I do the deal at market price and pay him his asking?

Thanks my guy, gonna get a lawyer’s advice.. But a little back history on the property , the land or whole block use to belong to one person name Bart and the street is named Bart street, so I guess he had all the home built close to each in 1945 than later had the area sectioned off to smaller lots to sell them obviously they didn’t do a good job measuring or plotting the land..

And adverse possession does apply they will have to go to court if they want me to move it.. read up on adverse possession laws Guy Gimszes tell me why it won’t apply?? It’s been there since forever and the neighbor never gave me or anyone any notice to move it or correct the problem.. I been paying taxes for my property.. but if the neighbor wants to make a big stink over it I have a moving company move it over 3 feet.. to me it is still a win because the extra land is worth min. 18k.. only problem is when I do sell It the buyer might not like the property over the lines.. the title company said I can have the neighbor sign a piece of paper that states I’m allowed to keep the property like that and it will be recorded in the deed or title..

No it is a 450 dollar survey with meets and bounds page. 
FYI there’s many many homes built over property lines in not master planned no deed restrictions communities.. its out in Crosby Texas a small city 10 mins outside Houston.. 
and I got the home for 40k renting it for 700 a month. Plus it comes with a extra corner lot.. So that’s why I bought it..