All Forum Posts by: Mark Buskuhl

It's $300 (and simple) to file for an LLC in TX. You can be official in just a couple hours filing on SOS Direct. Not a good idea to repurpose or comingle businesses under a single LLC.

Wilson County offers the following discounts:

If paid in October, a 3% discount
If paid in November, a 2% discount
If paid in December, a 1% discount

Kendall County, Boerne ISD and Comfort ISD offer early payment discounts. 3% if paid in October, 2% if paid in November and 1% if paid in December.

Could be a few reasons...price, condition, commissions. Have you looked at a CMA? What is your Realtor paying the tenants agent? What's the address?

There is so little money in rentals for agents I wouldn't expect them to market the property other than to put on MLS and a sign out front. You are probably paying your agent 100% of 1 months rent which is then split with the tenants agent at whatever ratio your agent wants to offer. Your agent needs to be offering 50% commission (half months rent) to the tenants agent or you will have agents not even showing their prospective tenants the property. The market is not "red hot" like it was before.

Probably a variable rate loan with a teaser start rate. 

I gave our county a recent appraisal that was below tax value. It also had square footage greater than what was on county record. I didn't bring this to their attention and they didn't seem to pick up on it or care as only the value was changed and the square footage left alone. 

I have used O'Connor & Associates for several years on primary residences and investment properties. They are 50% of the tax savings. If it's a simple protest like our new primary I just did because we purchased it below tax value do it yourself. Our rentals are assessed below market so I keep O'Connor on them which I think helps keep values down. The counties know that anyone with a tax agent is going to always want to give them grief over value. 

Keep your $50k. Call Bank of Texas to apply for a HELOC (no affiliation but have experience with them) and when the appraiser calls to schedule the appraisal tell him/her you think it's worth $230k. Appraisals for HELOC's are subject to much less scrutiny than a traditional mortgage and they WANT to loan money. Cost for credit line = $0 until you use it.

Occupancy fraud is exactly that. Been around plenty of mortgage fraud over the last 15 years and have testified in many court cases and with the FBI.  Save up your 20%. Here's a decent article about what you are proposing - https://www.washingtonpost.com/realestate/a-little-lie-on-mortgage-application-can-cost-you-big/2015/06/30/2e2dcff0-1e6b-11e5-aeb9-a411a84c9d55_story.html?utm_term=.c4d702f3b02e

Sounds like a TAR lease. Just because you didn't fill in the blanks on bullet 2, doesn't mean you are out of options. You still have bullet 1, 3, and 4 as remedies. 

Did a Realtor or attorney negotiate this lease for you or did you and the tenant negotiate the lease? 

Must be licensed as a Mortgage Company, Mortgage Banker or regulated by a federal banking agency to sponsor an RMLO. 

Allowing an unregulated entity to "hire" (sponsor) an RMLO  is contrary to the intent of the SAFE Act.