All Forum Posts by: Matthew Foucheaux

@Paul Bowers It is just my father in the home and he no longer wants to be in there.  The home is way to big for a single guy.  He is already out and in an apartment.

I have been reading that there are all kinds of issues with purchasing the home for the remainder of the mortgage as it is well under the current market value of the home.  I know that if this was a home wasn't a family member we could subject-to or buy out.  I'm seeking guidance on special tax circumstances or a contact who I can to talk to.

I need help understanding the tax consequences of buying my parent's house pre-foreclosed home.  As far as deals go, it is an excellent deal for me.  I just don't know if there are additional tax complications since direct family members are involved.  Does anyone have any experience with this at all?  I'd like to save them from being foreclosed on as well as make a little money for myself.  The home is in Texas.

Father-in-law is being foreclosed on by the bank.  In addition to the bank lien he has a second lien on the property from his ex-wife for $25k.  I don't know what to do about that second lien from the ex-wife. He claims there is no justification for the second lien and only found out about it when he tried to sell the home a year ago (hence why he stopped making payments on the home, figured he'd foreclose on the home and get back at her in someway).

Here are some basic details:

• Mortgage pay off is $235k
• 1 year owed in arrears
• ARV on the home is $330k. Repairs/upgrades about $50,000 to hit the ARV.
• Rents in the area are between $2300 - $2500 per month.  Repairs about $5000 to get rent ready.

He has moved out of the home.  He'd like to see if this could be a deal for my wife and I.  I'm looking for ideas on what we might do here.  Would a subject-to deal work here?  I just don't know how that second loan factors into the equation.

We are buy and hold investors and don't necessarily want to flip but wouldn't be adverse to it.

Thanks @Hank Silva

@William E. - interesting idea but unfortunately it wouldn't really work in the space.

I have a home in the Cypress, TX area that has a small in-ground spa (roughly 6'L x 3'W).  The spa has a leak and it is no longer level (sagging where the leak is).  I'd like to just back fill the thing in after punching a load of holes in the sides and bottom.  It looks to be a plastic liner on the exterior, but I have no clue what's underneath.  

Does anyone in the Houston area have thoughts or comments regarding this?  

Do I need to worry about permits?

Are there any other legal items that need to be addressed (seller's disclosure, platt, etc.)?

Any thoughts on affecting the value of the home (hot tub vs. no hot tub)?

@Kevin Coggins thanks for the tip.  I'll give them a call.

Hi Gonzalo,

I don't personally have my license but I can see the benefits of having one and the benefits of not.  It just depends on what your goals are.  I've met people that are part time RE Agents and it's working fine for them.  

One investor in particular focuses more on obtaining his rental properties but uses his RE Agent License to provide access to MLS and see properties on his time (not on an Agents time). He also will act as an Agent for friends and family but doesn't do any marketing to the masses. He likes doing it part time and it works for him.

Another friend of mine is a part time agent and a general contractor.  His wife is a full time agent, but he decided part timing for friends and family was the only way he could ''tolerate'' being an agent.  The idea of someone not buying a home because the paint color was wrong just got under his skin.  He keeps his license to buy properties they invest in.

This is a personal decision, there are pros/cons either way you go, just do what you feel is right for you and your family.  If you're hearts in it, you'll accomplish the goals you have set!

Cheers,

Matt

This is a very informative MeetUp.  One of my favorites.

@Mark M. Did you make the auction yesterday?  Which one did you go to and how was it?

If your intention right now is to network and meet people, you'll benefit more from going to as many MeetUps as you can instead of the auction.  I've not been to an auction here in Houston yet, but judging from what I'm reading, it's a Circus.  It doesn't sound like the best place to meet/network with people.  At the MeetUp's you'll find a more relaxed atmosphere and you'll meet people serious about investing.

@Sam Tijerina first off, I want to thank you for your service to this country.  I appreciate your sacrifice.  

I'm originally from Pearland, now living in Cypress.  Graduated from Pearland High in 2003.  

I'd recommend checking out MeetUp.  Just do a search for Real Estate and you'll find as many meetings as you'd like to attend.  I don't think you'll see a lot on Friday's, but there might be some Saturday meetings.  Most of them are mid-week in the evenings.  Before you go, get some business cards from VistaPrint (nothing special, just name, phone number, and email) so you can hand them out to people at the meetings.