All Forum Posts by: Mark Porter

thanks

Need home owner insurance recommendations my usual agent not going to work out on this one.

Thanks

In September I just went through this in Galveston county Texas.  First I was required to give the former owner 30 day notice (if it had been a tenant only a 3 day notice would have been required), after that expired I scheduled an eviction hearing (another two weeks).  When the judge ruled in my favor the former owner then had one more week to get out.  I paid for a Writ of Possession and the local constable physically removed the former owner at the end of the week.  The whole thing involved a lot of drama and would have been a hit on one of those reality tv shows.  The Galveston county Sheriff ended up hauling the former owner to jail after multiple warnings. 

To do 1 million in deals in 2017 !!

@Randall Jacobs I think you are forgetting about the huge petrochemical complex in Texas City just 15 minutes away. 

 Good info on the following website:

http://www.lonestarlandlaw.com/LLC-Formation_in_texas.html?gclid=CPu0oM-2yM4CFQ6naQodSjcNBg

"All LLCs are not created equal. Basic one pager, no-frill filings do not contain key asset protection provisions and should never be used by a serious investor. One´s goal should not be to merely "set up an LLC" and consider the job done. The goal should be to establish a series LLC that includes sophisticated asset protection provisions beginning with the very first documents filed with the state (i.e., the Certificate of Formation in Texas or the Articles of Organization in Nevada). The need for quality documentation continues with the company agreement, the minutes of the first meeting, and so forth. These documents work together to build a wall against lawsuits and creditors. The company should also have a formal record book with a seal and membership certificates that are dated and issued.

Clients often report that "I already have an LLC." Often, they mean that the minimum initial paperwork has been filed (often by an Internet service), the filing fee paid, and nothing else done. In Texas, this may not be sufficient to maintain the company´s liability barrier if the LLC is challenged in court. If the LLC is not sufficiently independent and fully established with all the trimmings, a court could potentially "pierce the corporate veil" and hold individual members personally liable, despite Texas´s rather tough rules on the issue of piercing.

Clients will go on to say the following about the formation of their LLCs: "Oh, I just filled out and filed the standard forms." That is the point. There are no "standard forms" for establishing and properly documenting an LLC, regardless of what Internet services may say or imply in promotion of their highly simplistic products. Even the very basic forms that are available at the Secretary of State´s website are of minimal use–they will get you a filing number, minimal legal status, and that is about all. Will they get you real asset protection? Do not count on it. "

@Fred Heller The Sherriff's sale property is occupied by the former owner,  he hasn't paid his property taxes in about 4 years.  The mortgage foreclosure is also occupied by the former owner, she hasn't made a mortgage payment in about a year.  I'm Still working with the mortgage company's attorney,  hopefully they will get the deed recorded in my name this week.  The mortgagor thought she could just keep filing for bankruptcy, according to the attorney her last filing was invalid. 

Thanks Greg!  Last week was my first time to buy properties at the County auction,  I picked up one Tax sale, and one Trustee sale (both are occupied).  Trying to make sure I do things right the first time so it doesn't get delayed by the JP for not doing it correctly. 

Can anyone help me out with a 30 day notice to vacate form for a Texas foreclosure?

I think this ones going to need to much work, foundation, plumbing, etc.