All Forum Posts by: Jamie H.

Hi, I formed a Series LLC in Texas a few years back and just acquired my first rental property in Series A. I am wondering in terms of the lease, would the landlord would be the name of the LLC - Series A and the tenant would pay rent in the name of the Series? I am planning to manage the rental myself and use a single bank account for the parent LLC using Quickbooks. In there you can use classes to tie the income/expenses to each Series. Sound right? My main question is around the lease and just confirming the landlord would be the individual Series. I've heard of doing a DBA per series but that seems to get even more complicated. Any advice, thoughts, confirmation, etc. are welcome.

Kevin, I won this house via auction.com. The liens didn't go with the house because they weren't the owners liens. The initial title search looks for liens with any name similar to the owners so a bunch of them came up since the person had a semi common name. I researched each one and discovered this which made it worth bidding, if not this would have been a big fat negative. The process has been seamless and taken about four weeks to close. I've bought from auction.com at live auctions and this is the first via their online service. I'd do it again and they even pro-rated taxes and HOA dues which is awesome. This is not done at live auctions, you're stuck with the whole year. I hope this helps going forward and your mileage will vary, do your due diligence or you'll end up in the red.

Good info, thanks.

I do not want to buy out any junior position, only what needs to be done to get rid of it or make it not hang up the sale of the property after I buy it at a Trustee auction for failure to pay the 1st position mortgage note.  The last note from Wayne hit it on the head. 

I need to go through all the links on the second post which will help a lot.

Thank you.

Thank you both.  How do you go about getting the 2nd lien removed?  When you go to sell the property will a title search not show that a second lien exists from the other owner and stall the sale?  The type of sale I'm referring to is a bank foreclosure. 

Hi,

I'm trying to get a good grip on buying foreclosures from the courthouse steps in Texas when the property has a 2nd lien.  For example, the sale mentions the first lien, the primary, from the main bank foreclosing.  It does not mention the second subordinate lien at all.  

Assuming it is a second mortgage lien towards the property for a much smaller amount and is secondary position, what happens after the sale and how do you get the 2nd lien extinguished?  What are the ins and outs and things you should know?

Thanks.

I attended the 6/3 auction with a buddy for the first time. He's a real estate agent looking to get started with me on some flips. We didn't buy anything but watched intently and got the lay of the land. It is a zoo there for sure.

We're researching properties and looking to buy one this next auction.

Google houston foreclosures and you'll find a service you can subscribe to for pre-foreclosures. I did and it seems to be quite good.

Also, auction.com has good info as David mentioned.

Thanks all.

Hi Erica, not the same person.

Hi All,

New to BPs (just found the site) and trying to learn as much as I can from posts and podcasts. I've got an interest in rehabbing and potential single family rental properties. At this point I haven't done any deals but am looking for all the info I can get. A cross all the t's and dot all the i's kind of person I want to be as knowledgeable as I can before I pull the trigger on anything. I've been on the search and plan to attend the next Houston foreclosure auction just to see what it is like. I see a newly formed Houston REIA founded last year that I am thinking about checking out. If anyone has any tips or other ways to train up for the Cypress and Houston area, I'm all ears. Thanks for any insight and I looking forward to soaking up all the solid down to earth info I'm finding on here.

Thanks.