All Forum Posts by: Shaun Vembutty

Stephen,

This typically happens when appraised value increases significantly from one year to the next because the title companies use previous year's appraised value to calculate proration of taxes at closing. If you used the TREC contract to sell the property, refer to Section 13 where it clearly states that if the actual taxes end up being different, buyer and seller will have to settle the difference. So, yes, legally, you are liable. But I will say this. This is one of those contractual things that hardly ever gets enforced unless it is a significant sum and the pursuing party does not let go. The title company will not interfere, so it is up to the buyer to take legal action to recover the amount. I have been in this position several times where sellers owed me money but it just has not been worth it for me to go after them legally.

All,

Just to confirm, the meet-up will be at 6 pm Thursday, 12/1/2016, at 3 Sugar Creek Center, Suite 100, Sugar Land TX 77478. Please call (281) 912-3364 once you get to the entrance to have someone come out and escort you in.

All, we have had an overwhelming response to this event and so we are trying to break this up into separate groups. I will sending a PM to those that will be attending the first meet-up on Thursday, 12/1/2016 at 6 pm. Please confirm once you receive the message.

@Archie McCoy III, honestly, this is kind of a broad search. There are so many different sections in Houston and there is not one realtor that is going to be an expert in all of them. If you do not know the Houston market that well and it is an investment property, why not just post it here to get feedback from other Houston investors on what they would pay for it? That will at least give you a baseline on where to start. Also, if you give us the name of the subdivision, myself or someone else can look up which realtor has been very active in that subdivision and give you some details.

@Kevan Shelton, I sent you a colleague request with the details.

@Kevin Coggins, no worries. We will be in touch.

Dave, you are in the perfect part of Houston to buy rental properties with the right price/rent formula. 60% of portfolio is in Spring even though I live in Sugar Land. Flipping is a bit saturated for now with very thin margins on deals out there. Also the competition in the 100k - 200k is pretty intense. Start researching other neighborhoods viable for flipping if you haven't already done so. That should help. 

@Fredy Medina, I am from Houston as well. Being stressed is not the right mindset to start your real estate investing career. The first few deals will be an education and you will be learning from your mistakes and so you don't need additional stress apart from that. Try to connect with another local investor and see if you can offer something to help in return for mentorship and showing you the ropes. Also, BP has a ton of resources. Listen to their podcasts while you are out driving or sitting someplace with not much to do - it is an incredible wealth of information.

@Katherine Chastain, it really comes down to whether you have the cash to do it without getting a loan. Also, do you plan on using the funds you have for other investments or are you not planning to do anything else until you complete this project. Looks like you bought it right based on the numbers you presented, so you should have enough meat on the bone even if you took out a loan. Also, it would help you start developing a relationship with a lender for future projects. Also, taking out a loan is going to incentivize you ton knock this project out fast because now you have the pressure of interest payments and another person (the lender) looking over your shoulder.

All,

I will be holding a regular workshop in real estate investing starting next week in Houston, TX. I have been fortunate enough to have scaled my company into a multi-million dollar business after having started with my first rental property a few years ago. I have wholesaled, bought rental properties, flipped houses, raised capital and currently build luxury spec homes. I hate guru seminars as much as @Joshua Dorkin and @Brandon Turner and so this is more of an interactive workshop where I will talk about the things I have done in my career to transition from rentals to flips to new home construction and other participants can ask questions and offer their insight on their investment strategies. Hoping for an open forum for investors to network, learn and collaborate. There are no products to be sold and absolutely no solicitations. If this is something that interests you, please send me a PM.