All Forum Posts by: Tommy Reed

Selling a property that I own free and clear. What do I need in order to sell it without an attorney. The buyer doesn't want to pay for an attorney. What can I do to transfer ownership without an attorney?

www.texaspridelending.com does it nationwide.

   Once a purchaser has secured and recorded their tax deed, they are entitled to the use and take possession of the property. IF THE PROPERTY IS OCCUPIED, IT IS MY RECOMMENDATION THAT YOU GET AN ATTORNEY TO INITIATE EVICTION PROCEEDINGS BEFORE YOU ATTEMPT TO ACTUALLY TAKE POSSESSION.    A tax deed may be redeemed by the owner, directly with the purchaser, within three years from the date of issuance of the tax deed, or indefinitely if the owner has maintained possession.

Congrats!!! Please keep us current on how your tenants perform moving forward. Again good for you for taking action. 

Zillow has FSBO. The rest is up to you.

No money down deals doesn't necessarily mean literally no money down. It just means you are using other people's money or paying yourself back at the closing table. This is a common practice in creative real estate. 

If you were to buy a couple of mobile homes with cash and then put a block foundation on it I believe a small local bank would loan on it so you could recoup some of your initial investment. But I'm certain the LTV ratio would be quite low to minimise risk. Just go in and talk to a rep at a bank about your proposal. Good Luck!

Create a note, use a title company to close the deal. They will record it with the city or county for you. Lien position is in the order that it's filed on the property. So if there are other liens on the property they will have to either be paid off or you would need to have them placed in a subordinate position. 

Ok so hear is the easiest way to know what to look for in a home inspection. Goggle home inspector for your area. Pick a guy with great reviews. Pay him his fee and basically walk around the property with him asking him 20 questions. I believe in reading a good book but field work is a crash course and the best way to go. If you don't have your first investment property on the line yet. Just simply use your personal home as a starting point. 

If you get anywhere close to that I say grab a hammer!! Grab two you might get it down even further. But seriously since your in that arena contact a local small builder to give you a basic idea. But I will guess a new build for a modest home in my area with me paying my people at least $80,000. And that's not putting it on a slab foundation but on block. So it would definitely hit $100,000 for a slab foundation at least.