All Forum Posts by: Mike Mitchell

Interesting question. You might talk to your closer on this to see what their policy would be. From what I'm hearing, and reading, many title companies are moving away from doing double or simultaneous closings because of some big fraud cases here in the state of Texas. The assignment would be the preferred method because you're never going on record as the owner. I realize that's not always possible. Let us know about the outcome :D

Warren,
Thanks for the offer. I've been wanting to read the Wallace Wattles book, however, my computer knowledge does not extend beyond adding more kerosene and cussing. I hope you can get that done for us. Thanks again :lol:

I just did a quick check on the US government's quick check census site. It's worse than I thought for Lubbock. From 1990 to 2000 our growth was 6.9%. Amarillo's was 10%. The statewide growth for the period was 22.8%!!!!!! I don't hear our local leaders discussing this. And no, I don't want to hear speculative numbers about what's happened since 2000. I'm not putting my money downtown until we can convince some people to stay here :shock:

Ryan,
I don't wish to get caught in the crossfire on downtown Amarillo, but it did make me think of some things in regards to what's happening here in the Hub City. Lubbock has hired consultants to look into the redevelopment issue. I spent several semesters in architecture school working on these types of projects for cities around 100,000 in population and learned that all of these ideas tossed around are purely speculation. The idea of putting restaurants & retail into downtown always comes up as well as the idea of lofts and apartments. It seems that in Lubbock, Ft. Worth, Dallas and other medium to large cities there is a trend in people actually wanting to live downtown. Some funny things arose in our last public input meeting. It has been proposed that Lubbock build a ballpark downtown (a couple of miles from TTU's field) that Tech will use as well as a minor league team. The minor league idea was tried about 4 years ago and fizzled after 1 or 2 seasons. Another idea that was suggested by the consultants is to build a movie theater downtown. A very large and nice theater was torn down 5 years ago in the middle of downtown to allow a bank to expand their drive-through. As I travel throughout Texas, I notice that many small towns east of us have downtown areas that look better than Lubbock's or Amarillo's. My theory is that the towns did not have much growth and so the downtown areas held up better. No particular point here except to agree with you that renovation need not cost $125/ft.
I'm building mansions $125 to $200/ft. There will not be explosive growth in our downtowns until populations truly grow. Lubbock's 1990 census was 194,000. The 2000 census was 201,000. These numbers are appallingly bad. I don't know about Amarillo's numbers, but I bet we have a net loss when you add up babies and subtract deaths. There are new houses everywhere, however. My hometown is Clovis, the newspaper recently ran an article stating that in 1982 the pop. was 30,000, and it's now 31,000. There are new stores and homes everywhere! We have higher incomes and are living better, but this does not portend explosive growth in our downtowns to me. You do have one advantage over Lubbock. Amarillo's downtown is more central and accessible than ours. Sorry about the rambling thoughts. When I discuss these numbers with Lubbockites they tend to get defensive and point out all of the new chain stores and fine homes 8) . Hope all is well with you.

Charles,
If nothing else, I've learned a lot about this aspect of re investing from my friends on this forum and from the calls I've made. My plan is to let this guy cool down for a few hours and call back with an offer of $500 to sign a warranty deed. I can go much higher but a signature shouldn't cost a whole lot. My gut feeling is that the county and perhaps other lien holders that I'm not aware of, have harassed him in the past. He probably thinks that we're after money when actually we're trying to give him some to deed the property to me. The language issue is significant, this is why (you'll love this) I engaged a prospective seller to help me with the translation. I offered to compensate potential seller if the deal goes through. Everyone wins! This episode helped me bond with my potential seller on the other property. When I left he said that he likes me because I have a good aura.

Hey Lubbockland, welcome to the forum
Interesting you should ask. Last night I spoke with the heir through an interpretor. He seemed spooked when we called and said he wanted nothing to do with the house and had bad memories about it. I offered money for him to sign a warranty deed to give me the property (there are $2400.00 in back taxes owed) he hung up on me. What has already happened on this property is the structural standards committee has determined that the house is uninhabitable. The owner has 30 days to remedy the situation. If the owner doesn't comply, the house will be torn down by the highest bidding demolision crew. The house is sound and there's no reason the thing couldn't be rehabbed withe plenty of room for profit. However, with no cooperation from the heir, the city will not work with me :cry:

Mini,
Thanks, I knew these computers would come in handy. The idea of working from home, not driving around looking at things appeals to me. Do you have any special formulas on what you'll assign things for?

Mini,
I'm with japutt on that question. By the way, I love your slogan. Would you give us a couple of examples of how you go about buying sight unseen in places you haven't visited. I understand using OPM. less travel, more income, I could get used to that! :D

Henry,
I think our form is about 10 pages including lead paint disclosure. DNA, blood and other samples are extra :lol: Good luck on finding the right title company, it can absolutely make or break deals. You need a closer who is a hard worker and very conscientious on your behalf. My biggest deal to date was almost lost because a closer kept calling my seller and demanding that he do things. The things had to be done, but her demeanor was really repelling. I was able to get the contract moved to another title company and help the seller with some of the title issues and it turned out well. Fortunately I had good communication with the seller who alerted me about this.

They say luck favors those who are active. It sounds like you're on the right track :lol: