All Forum Posts by: Scott R.

I'm amazed as what I've read above. I've closed 2 complicated deals last month at lawyers and both fell apart. Kathryn at Texas legacy is by far the best and most knowledgable investor title agent in Amarillo, no question about it. After my last deal at lawyers I will be willing to lose out on a deal if the seller is instistant on using lawyers. 

Zane, I just put it all together, many years ago I used to wait on you your wife and son and often other family (Or friends) many Sunday mornings at Abuelos.. Couldn't figure out how I "knew" you..

if you have your financing lined up and can close quickly hollar at me, don't currently have much "flip" stuff but have several buy and hold deals in the $15-25k range available 

there's a reason you had to call 6 lawyers before you found one who would draft such a document. If you end up in court over a lease purchase you better hope for his representation. Your headline/original post makes no sense, so your looking to sell this property you most likely did an illegal rent to own on for half the cost of what you sold it for?

As far as the tenant being responsible for repairs, they also can trash the house, wonderful house I purchased in Amarillo from an owner who did a lease option way way back before all the regulations. "Tenant owner" tore out 90% of the walls in the house making a big open room, removed load bearing walls, didn't replace the sewer and allowed the roof to get so bad it leaked more then it prevented from leaking.. No risk, right.. Just wait til you have to take it back.. And good luck with a owner occupant "opting out" by missing one payment.. If it was only so easy...

Has this still not sold? I'm sorry to hear that.. Not to be a dick but I said a year ago that neighborhood and price range is a SCARY range in this town.. While I agree with painting the red room, I HIGHLY disagree with adding a pool, your sketch cool, but that's as far as I would go. I also disagree with the comments about the wood trim being a negative. I personally HATE HATE HATE wood trim, but in this part of the country it's a status thing, I'd be willing to bet 75% of the people who have viewed your house are older, and that generation is generally fond of the wood trim, that being said I know a builder in the neighborhood who has painted a sets of cabinets that were top of the line wood cabinets, from top end materials.. He said it almost killed him to paint them, as he could of done paint grade cabinets for 10k cheaper, but at the end of the day that sold the house, but it did sell to a younger couple. End of the day this is Amarillo and over $400k here is equal to over a million in MANY areas, especially considering our overly high property taxes. At this point it seems you've owned the house 2 years, and I want to say you lived in it originally as your homestead no? Atleast if so you might save some avoiding capital gains..

is there any update to this? I still don't know anyone who has successfully used this "program" for new builds, and dozens have tried..

I'd advise talking to someone who has attempted to do this, because I don't know anyone who has successfully done this and been happy with the outcome.. Not sure if you know much about out power happy building department, or even worse.. city hud.. 

Just because your tax value went up doesn't mean your actual property increased in value one penny, tax values are generally so far off its not a good way to gauge the value. Not everyone in the whole town is out to rip people off, but they are in business to provide themselves a paycheck as well. Although the houses are super affordable, your statement about "raising equity" I don't understand, this is one of the slower markets we generally only obtain great equity when we buy, as the market has pretty much been flat for years, maybe a slight increase but nothing substantial..

what area? I wholesale several a month in the lower income areas.. Generally just sell everything to 2 or 3 guys but always looking to add buyers that can close quick.

 Scott 

I would say owner financing is almost non existent in this market.. Maybe a few wholesalers that will carry short term, but almost none of the traditional actual owner carry houses. There's one investor that carries trailers at prob 5 times what they're worth, and another investment firm that carries $25k houses for 60+ on lease options.. This market is too solid, there's really no need for owner finance as most can cash out at decent prices, I havent seen a house owner finance for anywhere near the actual value in years, and I actively search daily.