All Forum Posts by: Sam Horton

@Zack Drago Congrats on your first deal! Tennant laws vary from state to state and some have more strict COVID policies like my state. Are you using an attorney to close the deal? If so, I'd recommend reaching out to the Atty about the appropriate way to remove a tenant from your unit before you close. Did you include any language for the seller to remove a tenant before taking ownership of the property - if so this puts it on the seller to resolve the issue for you. 

In my state we have to serve a notice to quit before beginning the eviction process assuming the tenant will not leave on there on free will. 

@Demetrius Ward I would recommend reaching out to a lender you know that specializes in VA loans. To my knowledge if your father has not used VA loan himself, does not actively have a va mortgage and meets the qualifications to receive a VA loan, then he can pass that option down to you. In that event, I would consider using the loan and house hacking a property for yourself.

@Jason Regan Each county has their own court database online that you can mine the data from. It can be time consuming without automations in place. 

@Joshua Moore You can pull court cases through the local court databases, as it's all public information. Or you can buy a list from a vendor that has already pulled and potentially scrubbed the list. 

@Mario Nunez Have you tried local credit unions and or a portfolio loan?

@Luke Palmatier Most of the transactions in this state are completed with two contracts; (1) Offer to purchase and (2) purchase and sales (P&S).

That said a lot of the investors I work with only use a P&S contract. It's usually slightly modified by an Attorney to allow for certain contingency's such as assignment and access to the property.

Hey @Account Closed - so I can't speak to the Texas market specifically. However, in Mass, the seller typically does not cover buyer closing costs. That cost falls on the buyer, this is especially so with builders. 

@Dustin Pringle What about a partner to fund the down payment? They offer cash for a down payment.  You offer to become the property manager and decide on a split of the monthly cash flow profit.

@Dustin Pringle If the seller owns the property outright or close to you could explore seller financing or even a lease back. Assuming the seller would take 0 down seller financing. 

@Jack Powers Welcome to BP! I think depending on who you ask this question to you will certainly get different answers. I will speak from my experience in the business and hopefully, it will help you in your journey. 

Personally I wouldn't wait until you get out of college. I waited too long to get into the business because I let too many people tell me it was a bad idea for one reason or another. There's a lot you can do to start working in the industry. Finding a mentor would be a great start to help learn more about the industry. You can look up local investing meetups and just start talking to individuals there. If you were able to qualify, house hacking is a great way to get started in actually investing. Find a single-family or 2/3 family, take advantage of low first time home buyer programs, and then rent out each of the rooms. Good Luck!