All Forum Posts by: Guy Gimenez

 In Texas, I don't have to represent the buyer of my flips. I can treat them as a customer, not a client, and therefore no fiduciary duty arises. I typically sell about 40% of my flips direct to the customer/buyer. Never had a single complaint. In fact, some have called me back to list the house years later when they sell because their buying experience was pleasurable. 

Those who constantly say "sue them" are the ones who've never been involved in litigation. Draft your contract properly to begin with and lessen the chance of having to litigate. 

Investor / broker here. I buy directly from the owner as I don't spend countless weeks trying to make retail MLS deals into wholesale deals. I deal directly with the decision maker. When I sell my flips, I market in such a way that I have a much better than average chance of working directly with a buyer, thereby saving the 2% (of my money) that I would have otherwise paid someone to negotiate against me.

Most listing brokers will encourage their sellers to still pay a buyer agent because buyers won't be able to afford to do so. That being said, buyers want what they want. If a seller won't pay, the likelihood of a buyer walking away from their dream home merely because an agent can't be paid is slim. They will simply go direct to the seller just like tens of thousands of buyers do each year with new home purchases. 

All the proposed NAR settlement does is level the playing field for sellers, like myself. It's simply never made sense to pay someone to negotiate against me.

Don't step over a dollar to save a dime. If you use the TAR lease with redactions, you'd still serve yourself well to have an attorney review and revise as necessary. Then you'll have a thorough lease template to use for each subsequent rental. I use the TAR lease (I'm a full-time investor with a broker's license) and still make revisions. NEVER allow a tenant to make repairs...it'll be a disaster for you.

@Mitrah Rasti

1.  You'll be well served to consider the opinions of those who are familiar with Texas law. Every state has different regulations when it comes to property transfers. 

2.  Do not use a quitclaim in Texas. It will create problems for both of you in the future. 

3.  Your former partner will remain liable on the loan until the loan is paid off or refinanced. Some loans "may" be assumable but they will still require the party to prove their ability to repay.  

4.  You're on title and the loan too so your former partner is merely transferring her undivided interest to you...D.O.S. should not be an issue although your former partner is still liable even if she transfers her titled interest to you. 

5.  Few attorneys will provide free legal advice online. They'll want to do it one on one with a phone call. Do yourself a favor and put together a solid package of documents (title, copy of deed, deed of trust, note, etc) and pay for a couple of hours of consultation with a real estate attorney BEFORE you do anything. 

6.  There will also be tax consequences associated with a transfer as well. 

When gurus tell people "just take action", I cringe. Taking action without preparation is tantamount to telling someone to jump off the cliff and we'll figure out if the water is deep enough later. Nothing is "rocket science" except, well, rocket science. I've talked with far too many "investors" who were encouraged to "jump in" to investing without any knowledge or plan on how to monetize it. No one would tell a 1st year medical student to do surgery just so they don't have analysis paralysis, yet I see this everyday on real estate forums.  

It depends on your contract and whether or not you've breached any provision in the contract. If you used the TREC contract form, your remedies are noted in section 15. You should have an attorney review your contract and all communications to determine your best course of action. This is another reason why having binding arbitration in all your contracts...it can be far less expensive and much faster to remedy a contractual dispute. 

Personally, it's no one's business how many doors you have unless you're seeking a partnership, loan, etc. I've had people tell me they "own 400 doors" and when pushed about it, they admit they have $50K in a syndication that owns the 400 doors. If I buy a gallon of milk at the corner store, that doesn't make me owner of a commercial property. Puffery is a sign of the times which is why it's best not to get involved in the nonsense at any level. Do your thing. Keep your business, your love life and your next move within a very small circle...and continue to create the life you want.  

Robstown is a submarket with typical small market issues. Plenty of inventory, very few sales. I buy throughout the coastal bend but stay away from Robstown and farther south unless I'm buying at dirt value because it's much harder to exit these properties. And the days on market for Robstown is not appealing to most investors who are trying to turn properties. Under $150K, there are 12 homes for sale with only one sale since Dec. 1, 2023. 3 homes currently Pending with days on market of 79, 161 and 606. 

1. Meet investors in the area(s) you plan to invest. Attend every REI event available within a hour or two of your home.

2.  Either spend the time necessary to learn investing (researching online is free) or partner with one of the investors from #1 above and earn a little on each deal until you feel you no longer need a partner. 

3. There is private money all around you...you just haven't approached them. Family, friends, co-workers, retiree's, etc. If your past flips were profitable and on budget, if you have a solid crew, and if you're buying homes at 65% (+/-) of ARV, you can put the details of your past flips ( on paper (pdf) or in a short, professional looking video and be prepared to send the pdf or video link to potential private money lenders who you are intentionally seeking out. You're not looking for retiree's that are living on social security, you're looking for retiree's with money that is not working for them in a way they need/want it to.

Paying someone $25K of "introduce" you to people is absurd. I've been flipping, buying/holding, creative financing, etc for 24 years and can tell you that most people who come to me after paying a guru $25K to $50K have been terribly disappointed once their money is gone and they have nothing to show for it. $25K will buy you a lot of marketing.