All Forum Posts by: O'Neil Mbakwe

Hello, back in July 2019 I was under contract to buy a home from a seller in Manor Texas, but the contract expired and I have no plans on renewing due to the difficulty of the seller.

Basically, the seller was facing foreclosure before the moratorium was imposed. Offering a helping hand, I spent time organizing a garage sale for her, and driving around and scouting different neighborhoods she could move to. Keep in mind, I’m not a realtor, nor was never stated in contract that I do these things, it was out of good faith.

When the moratorium was imposed, the seller began demanding more money and stated I needed to find them a place to move to. At this point it was no longer worth it to me.

I did however file a Affidavit of Memorandum on the property while I had it under contract.

The seller found another buyer, but when title was ran, my memorandum showed up. Obviously the title can’t be clouded when selling a property. My question is, since my contract with the seller has expired, what are my options? Must I release the Affidavit?

Thanks.

@Alecia Bolton I meant assessment. Thank you for your input. Immediately after making this post I spoke with several property tax agents who recommended not to protest its current assessed value because it’s been assessed at a value lower than my purchase price.

@Ned Carey Yes, an assessment is what I meant. Thank you. Immediately after making this post I spoke with several property tax agents who recommended not to protest its current assessed value.

Hello,

I recently bought my first investment property in Austin,TX. I bought the home for more than it appraised for in the CAD due to neighborhood comps. I recently received a notice to protest the appraised value of the home and was wondering if I should protest the value of the home if it’s lower than my purchase price. Thanks!

Value: 210K

Purchase: 240K

@Claudia Rhoden Congrats on your new venture! It’s great that you’re thinking about diving straight it, but I believe it’ll be interest to move in with your family for a year. You’ll be able to accomplish the following

1. Save money: Depending on how much your family loves you, there’s a great chance you’ll be living for free, which means you have an opportunity to cut down on expenses and save more money and/or paying down any debts you may have (this will positively affect your credit score).

2. Understand your market: Before purchasing a property, you really need to understand the area you’re in. This involves driving neighborhoods, pulling data about the area, and seeing what new infrastructures are being built that could possibly make an area more favorable to invest.

3. Network: This is probably the most important aspect of it all. TALKING TO PEOPLE WHO ARE DOING WHAT YOU ASPIRE TO DO. Go to REIA's, get in front of realtors and attorneys, and see how you can provide value.

I hope all of this makes sense, because I’m also on that journey in another city. Nevertheless, I wish you the best.

@Travis Watts Thanks for your comment. If you were just starting out, and were looking to invest passively, how much capital would you save before investing in a deal or reaching out to banks for financing?

@Cesar Pineda

While there are many ways to find distressed properties (cold calling, bandit signs, Craigslist, SEO, direct mail, relationships, etc) , it all comes down to how much time and money you’re willing to commit to this.

This isn’t a get rich quick scheme, it will require your time, effort, and commitment to be successful at this.

There were many great options given, so first you have to decide how much time and money you’re willing to commit to this. Then you can figure out which marketing to first master and hone in on, before expanding into other techniques.

If you have more time than you do money then I would suggest download DealMachine, driving for dollars and skip tracing the houses you find.

If you have more money than time, then SEO, direct mail, or hiring someone to make your calls for you wouldn’t be a bad idea.

Consistency is key. Whichever marketing campaign you choose, you want to ensure you can do it for at least 4 months without expecting a return.

I hope this helps.

I came across a cash buyer whom I’ve never done business before. They were interested in the property I had, but before depositing any earnest money, they wanted to see the resale contract that I made with the seller. They told me that they’d like to see that there was an actual contract. Sticking to my guts, I declined, offering to show them the open title commitment proving that I in fact have an ongoing contract to the subject property. They still insisted I show them the actual contract. I was transparent on how much I’d be making on the deal, but I still declined showing them the actual resale contract. Why would cash buyers want to see the actual contract when the open title commitment is readily available? Thanks for all the responses.

@Guy S. Is there a company/website you'd recommend for VA's?

@Michael Ealy Thank you for your insight, Michael.