All Forum Posts by: Robert M.

Anyone who is monitoring this thread...found a good book on TRECs by James Wiedemer. His name was referenced a couple times on other threads, but up to this point I was unable to find any of his publications.

A good start is Teas Real Estate Contracts 2011-2012. Here is the Amazon link...this was the best I could find since there is no ISBN.

http://www.amazon.com/Texas-Real-Estate-Contracts-2011-2012/dp/B00847NNBY/ref=sr_1_2?ie=UTF8&qid=1378677437&sr=8-2&keywords=james+wiedemer

Chris,

This is beyond helpful. Appreciate the info. Its amazing how intricate and detailed a nine page contract can really be...

Curious if anyone has info on how to go about filling TREC 20-11 form.

So far only a few threads on BP have hit on the issue. Found a couple of search hits that emphasizes certain line items...but nothing that hits the high and low points.

I am close to getting an attorney to assist in help with the TREC. Given, this is probably the safest and smartest way to ensure the form is fully filled out before taking it to the title company but if anyone else has tips, tricks, or guides on the 20-11 it would be great to share with any other Texas investors.

Love to join...but the J-O-B has got me under her control til midnight.

Enjoy!

Sounds like the other tenants were booted and are now getting replaced. Trying to get them into an initial lease of less than a year so the two units can be readjusted (if desired) around the same time next year.

Does it make sence to wholesale this property with both sides rented or does a vacant side not make a big difference in the scheme of things?

This deal would not be something another wholesaler would have interest...and I say that because at best I can get this property under contract between 70-80% of retail, leaving (it appears) no room for another wholesaler. My target would be someone looking to acquire a turnkey in this neighborhood and most likely adjust rents next year to match current levels. Current rents on both sides are well below market.

I do plan on negotiating the price especially since that 80% was the opening salvo...especially with the current tenant issue. Worst case if they stick to 80% Ill see what an investor friendly title company can do for us price wise once I find another buyer. The DFW area is hot and am banking on on the fact that a fully rented duplex at a 10% discount from nearby listings will turn some heads.

Ive spent the last year reading and studying...so it may be time to get my hands dirty and take action.

Found an out of state owner trying to get rid of their duplex in the DFW area. From what I can figure based on county records...they bought at the peak of the bubble and want to walk.

Currently both sides rented through May. One side it sounds like has a tenant issue but they have assured me their property manager has another renter lined up if they do not catch up on their payments in the next few weeks.

Been told as well no major maintenance issues are present and appliances are furnished. Property looks in fair shape based on pictures and a drive by.

Property manager has quoted them at a selling point of about 80% of what I can dissern is the current value.

Planning to either assign or double close once under contract since they are no longer interested in owner financing. Two other duplexes nearby are currently on the MLS, and I plan on shopping for a buyer at 10% under those current listings (and if one of those actually sells at or near their asking price that should only improve the perceived value of my deal, right?)

So I guess the real question is...what am I missing? This analysis paralysis is killing me...

Theres the REIO-Fort Worth. They meet at the Botanical Gardens.

http://www.reio-fw.com/

I use to fly pipeline out of Terrell but havent been at the controls for a while now. Did flight instruction before that. Currently working at Flight Service, its nearby off 377 & 170.

Give Kenny (station manager) a call if you ever want a tour of who is on the other side of the phone/radio!