All Forum Posts by: Greg H.

@Duncan Taylor

is correct that HOA are registered with the state and if I were you I would do the research myself and locate them and pay a visit as opposed to waiting for the Title Company to take care of it. I am assuming the closing company assigned was Luna and Luna Houston Office ? I can give you a better contact with Luna especially if this is a cash sale just contact me

@Todd Plambeck

What Texas cities have you come across that require the landlord to provide A/C ?

Just as important as ascertaining the buyer's creditworthiness is talk to the loan officer about how their investors will handle a "flip". While FHA is not requiring the 90 Day rule currently, you need to find out how the mortgage investor handles them. Some still require 90 day seasoning, some won't allow the property to be "under contract" prior to 90 days, some will require 2 appraisals and some will want to see a statement of ungrades to the property(ie Your Numbers) and some do not care. Just find out the requirements up front and do not hesitate in being forthcoming with the loan officer

Are you in the Abilene area or Houston area ? I have done a few flips in the outlying areas around Abilene and some rentals as well. On the rental side , most of mine have been no more than $18,000 and renting from $500-700 per month. Your margins on a flip would be to narrow for me especially if you are not local. Let me know if I can help

@Karen Margrave No big deal as I was referring to the stereotyping of the military as "struggling financially" as I have always lived on less than I made and one of my best friends that I met in the Army has made himself into a millionaire through his service and working as a mailman. Several years ago, I ran a travelling AAU Girls Basketball team and the only parents I had trouble collecting from was a prominent dentist in town. He had a house that was 5 times more expensive than mine along with 2 BMW's in the driveway but struggled to pay the $200 a month for their daughter to play while another mother worked at Walmart and always paid on time. I would pay for her daughters hotel and meals when we traveled because I knew what a struggle it was for her to pay. I am a big believer in Grace. In this case, "if" it is how the tenant presented it the orders could be emailed in 5 minutes along with a marriage cert.....just doesn't smell right

@Patrick Connell I stand corrected as I needed to get out a lease and reread and it does say "or" dependent. It does state that the 30 day notice required does not begin until after the next months rent is due.....so it seems that the notice required could be as much as 59 days as I read it ? But the clock does not begin ticking until orders and notice are received

in our Texas Association of Realtor lease, the lease can be terminated with 30 days notice with PCS orders provided that they are on the lease. Was any notice given or was this "after the fact". I would check the military clause in your lease and act accordingly but if they are not on the lease I personally would handle the situation the same as any broken lease and refund the deposit minus expenses incurred to rent the property and in accordance with the agreement signed by the parties on the lease

@Karen Margrave As a veteran I think it's a tad insulting to say military families struggle because many of them/us are fiscally responsible. Are all landlords rich ?

@Rob K. I usually never see the property before bidding, but I do turn in the contract and put my EM at risk, a cost of doing business for me. In my opinion, contracts falling off actually benefit the investor by increasing the time that the asset is in their inventory

@Account Closed How does submitting a low ball offer on a HUD waste everyone's time ?

@Chris Martin

It would not be in bid results since it is not an accepted contract. Even some of the accepted bids never show up

$1000 Earnest Money buys you 30-45 days to evaluate the deal and/or find a end buyer

The answer could be as simple as being in an area where very few if any agents are approved to sell HUD homes . I know that Hawaii has a very low inventory, in fact usually a handful for the whole state. I buy many of my HUDs in small towns and when I ask an agent in the area why they didn't sell the property, I get that answer over and over