All Forum Posts by: Justin Robert

You need to consult a CPA. 

What does your lease say? 

You need to run the numbers on both. Side by side. There are too many other factors. 

@Giovanni Cardenas Don’t overthink it. Work through the whole module and take 3-4 full practice tests. If you pass those you’ll pass the real thing with flying colors. On a related note, you’ll see the barrier to entry isn’t too high.

@Jay Hinrichs That was the *possible* solution when I wanted to cash out. 

Drop the ag exemption to allow the cash out

 County will come most likey come after for back taxes and in TX could be ALOT. 

Of course, this changed back in 2018 and I don't see how it affects the original poster unless they try and homestead the acreage which really isn't needed you aren't saving much at all unless you actually live on it with a taxable structure.

@Jay Hinrichs Up until 2018 or so there was a limitation on a consumers ability to perform a cash out loan on acreage that was both homesteaded and AG exempt in Texas. I think the size had to be 10 acres or less, but can’t quite remember. This was actually in our state laws. I ran into this in 2018 on a cash out re-fi. I specifically had a 40 acre tract I couldn’t cash out on, only refi due to factors above. It was Ag exempt and homesteaded. I think it was pretty obscure but it did exist.

All of that being said, I believe the situation in this thread isn’t the same.

@Ruby Ruiz I have yet to find one that produces actual consistent deals and/or follows through. Just on Friday of last week I reached out to one via FB Marketplace who had just posted his hot deal. In order to see the house I needed to sign his company's disclosure forms and then he could meet me as early as Saturday (the following day) to open the door and accept my $5K non-refundable deposit to begin the process of the double closing that I would pay for costs on both sides. I signed the disclosures as soon as I received them and never heard from him again except a few emails since that were clearly automated regarding other properties. I was supposed to be hearing from him as soon as I signed for the packet with information and comps so we could meet the next day. From there it was pure radio silence.

That is not to say they don’t exist, I just have yet to find one I could buy something from. 

The majority I have tried to buy from have terrible comps, repair estimates, etc… When questioned, they have no response, ever. Around me, they all seemed to have went to the same guru class. 

@Chris Fentiman I would heed the advice of @Brendan Miller. Get two or even three other bids ands and that will give you you the data to answer your question. 

@Dan V. To echo others, I would start with the pressure wash and then evalute. You may find their is little repair actually needed as others have mentioned. 

@Senate Eskridge Read the whole thread.