All Forum Posts by: Sharon Carter

I own a Group Home/Boarding Home here in Houston.  Does any of you own any properties in Houston or Missouri City, TX that you will lease out to me for my business?  Or do you plan to buy any properties in preferably 77071 or 77459 but I will consider wherever your property is located.

Thank you.

Sharon

Thanks for all the replies - for and against!  Everyone should do their OWN due diligence and research whenever they start using a new program or style of purchasing property, whether it be getting a loan, sub2, foreclosure or whatever.  I pray those of us that are doing it the RIGHT WAY will be able to continue because I see it as really helping people that have no alternative.  Ex.: Mortgage payments increased due to increased insurance & property tax, owner working but accepted job paying much less than they were making @ previous job (24-years), exhausted 401k due to medical bills, etc., and need a break.  Instead of allowing mortgage to foreclose on the property we did sub2.  This has now increased her credit score so that she will be able to get a better paying job and eventually be able to afford rent, car, etc. - all the things that we enjoy daily.  God has blessed you and me and I can only pray that those of us that are doing it the RIGHT WAY and not taking advantage of people will be able to continue.  Thank you all again and if you want to support the cause and donate, please do, if not, don't.  Be blessed!

I just received an email from Phil and Shenoah Grove requesting investors to join forces and fight against a bill being proposed to legislation which will effectively STOP investors, buyers and sellers ability to purchase or sell properties 'subject-to the existing mortgage via a wrap around mortgage here in Texas.  The bill is SB 1993, 1994 & 1995.  They are asking for donations to help them fight this.  If you know them, please contact them to get more information on how to donate and offer additional services to stop legislation from passing this bill?  As we all know, there are always those that will not use this strategy to defraud buyers and sellers but for the most part, I want to believe more of us are doing these transactions the right way. 

Thank you.

Sharon

Hello All,

A few months ago I asked about any conflict of interest as shown above.  I need your help again please? Any suggestions on how to find property owners that live out of the country; Singapore, China, etc.  The property management company does not respond to the tenants or anybody else.

Sharon

Hi Justin,

I'm commenting regarding the insurance aspect.  If there is any damage to the unit it COULD be covered under your insurance policy depending on the type policy you have purchased.  I did have this happen to one of my customers (he was the owner & his tenant shot & killed himself in his unit).  The insurance company paid to have it cleaned; (biohazard clean-up).  My customer was even sued by the family but of course did not win because he was not negligent in causing the suicide & the insurance company paid his defense cost.  The customer sold the unit & @Chris Parrish the owner was obligated to disclose the information about the suicide to the buyers.  Hopefully you are not obligated to disclose this information to the tenants because if they find out on their own it could possibly mean REFUNDS or legal ramifications. 

Good luck Justin.

Separate from your home policy - any claims will be filed on the liability policy and not your home policy. 

I have heard this about USAA and have heard that they will not bulge or make exceptions.  If you own more properties like this or you plan to purchase more, it maybe to your advantage to purchase a separate Liability policy for all your properties and possibly keep things with USAA.  In getting quotes from other companies, be sure your agent finds out how many properties each will allow to have the liability extended to.  They all have limits - some more than others.  Another advantage to having a separate policy is, in the event of a liability claim @ any of the rental &/or vacant properties, it is NOT on your home policy.  Just pointers that I bring to the attention of clients!  I'm sure your agent will advise the best protection according to your needs! 

@jasonbott - Does Texas have access to this program or is this a program designed for you and your agency only?

Hi Justin,

You are right, it's not the first time this has happened and won't be the last.  I highly recommend you read the liability section of your primary home policy as it should have some verbiage regarding extending liability.  In some cases it depends on your agent.  If you are represented by an insurance agent, please email, mail or fax them a request to extend the liability to your property.(remember to date your request)  At that time the agent must make that request to the insurance company.  If the company denies or declines they will give you a reason.  The most important issue - get the property repaired ASAP.  Good luck!

Thank all of you for the responses.  I will pursue further.