All Forum Posts by: Tyler Sample

I bought a lot for $750 from a retired pastor, he guaranteed me title was clear so did a deed transfer but I went to sell it and could not get clear title. I have a different buyer now that wants it. I’m obligated to tell him about not getting clear title correct? Should I somehow sue the pastor? What can I do to get my $750 back? This was two years ago when I purchased. Please help!

I'm not sure if I want to try to flip it or buy & hold to build on later.

@Bill Brandt gotcha. Any thoughts for the lease to purchase part of it?

Hello all, 

I stumbled upon a 4 plex for sale. The seller I learned (through my ways) is paying a $800 mortgage and all units combined rent is $3,125 and all are in leases to stay put. He's a rehab guy but not a whole lot has been done to the property since he bought it two years ago. Running comps as we speak. He's asking $275K. I think my first issue is he bought it for $118K, made minor improvements, and is asking far too high. Secondly, I do not have 20% cash to put down even if I could get it for $200K due to another wholesale deal I am waiting to close on, which I would have the money in a couple of months. Would a lease option to purchase be a good idea if I can talk him down on price? What should I look out for?

@Jim Piety man I would buy a home in Leander and sit on it awhile and let the value grow over the next 5-10 years. That’s where values are going to increase the most I was there the last three years.

Could somebody please point me in the right direction or give me articles/videos they are willing to share that I can start learning about cryptocurrency? This is all very interesting.

@Charles Duvall, I am in the same boat as you. Just started my first wholesale deal after college in January 2020. I am buying two lots in a pasture that are zoned residential ($500 & $750) (the subdivision in the 1940's was never made into streets), I wrote letters to both lot owners and made them cash offers with the emphasis of them not having to pay silly taxes on a piece of land they will probably never touch. I contacted the neighboring landowner that has 1.5ac I noticed he bought three years ago and offered him 5K for each lot (tax value is $3,650 each lot). We are closing in a few months once title clears due to Covid deaths. Hope that makes your brain turn! Also, read Set For Life by Scott Trench I think his name is. I am almost done with it, it's great. Cut your expenses, live frugally, and start by finding small yet simple deals like this. If you do lots like me, try to find some with either utilities close by or on it. Good luck!

Depending on how much (bad) debt you have and what you are approved for, this may be that rough spot/time to sacrifice for a couple of years in order for you to really start on that financial freedom. So if that means getting an older single family 3bd/2ba (maybe not exactly in your dream neighborhood either) and renting out the other two rooms and still only being able to pay down 75% of the mortgage, I would consider it, I mean, it would make you that much closer to owning a home and almost not having to pay for it, ya know? I'm not far from San Antonio, I used to live in Universal City actually. There are tons of college students and young professionals everywhere you could vet through an application process and get some good tenants in there with you. I would also focus on deciding what expenses you could possibly cut back on. Focus on savings rather than income. Because once you cut expenses and become frugile, that is when the opportunities really start to arise.I hope that helps!

How far apart is the down payment from the worth of your land? (% of DP). Of course the ideal situation would be to get as big of a down payment as possible. You feeling comfortable with the buyer though will all come down to how well you vet them for being able to pay you on time and in full. If they don't budge on their down payment, I would counter with the intention to make 25% profit minimum. Meaning, the total amount they pay you will equal the amount of your land x 1.25. You could entice them with this price with 0% interest, that way you have at least something positive to bring to their attention when you respond.

What are the pros vs. cons for setting up an SLLC in Texas to separate rental properties into their own individual entities?