All Forum Posts by: Account Closed

@Corey Thompson

I love this...massive action.  

Either your phone melts or you learn something valuable. 

If I were there I would help you just to be part of it

Please keep us updated.

Austin, there are as many varieties of brokers as there are sales licensees.  You just need to find one that is a good match for you (probably not a national chain).  Some brokers do not mind part-timers or those using their license primarily for their own investing portfolio.

@Jordan Lagrassa

First there is the education and testing requirements to become a sales licensee.  Later, if you desire, you can become a broker and work on your own or have sales licensees work for you.  This second step is not mandatory...you can continue as a sales licensee without becoming a broker.

The Texas requirements for becoming a broker are located on the TREC website: 

- Four years of active experience as a sales licensee during the 60 month period preceding the filing of the brokerage application.  

- An additional education requirement 

- An additional brokerage examination

The "active experience" is measured by points given for specific activities as a sales licensee; for instance, XX points for each closing completed, XX points for each listing etc. 

https://www.trec.state.tx.us/licenses/brokerapp.as...

Yes, a conventional lender will have a problem with that.

One reason we use contracts is to take the emotion out of a transaction.  Your concern should be with upholding the contract (which they presumably agreed to in a rational state of mind) and not to working something out that will benefit them and disadvantage you.

For next time, make your offer subject to the units being vacant before closing.

For this time, follow the lease and laws of your state for ending a month to month lease.  They already agreed to those provisions when they signed the lease.

If this thread is difficult to understand just think how you will feel when faced with the actual small print of the insurance contract. I will pass.

The drawbacks are:

- If you need to refinance to a more traditional loan product your (now lowered) credit score may not support a refinance

- Your carrying cost will be between 2-3% per month; those are typical CC terms and much higher than a traditional loan...so your cashflow may be non-existant until paid off

- As you identified, getting the initial balance transfer may require some creativity to avoid cash advance fees; for instance, you may want to get an unsecured line of credit at NFCU that you can draw down to purchase RE with cash and then balance transfer to a low rate CC as you describe

Whether or not this is a good strategy to use is something only you can decide.  It is certainly not risk free.

Sell the rentals with owner financing to another investor.  You have the income stream without the maintenance risk.  Use the down payments in the best way you can think of to better your situation  (not clear what that would be).  Best wishes to you in this challenging period.

Cat.