All Forum Posts by: Undrea King

To my Houston investors that have used bandit signs-has anyone been fined before?

Hello,

I need some help on a deal I'm working on.

I have a 3/2 Duplex thats only 11 years old in a B class neighborhood. The tenants are on housing and section 8 pays for the majority of the rents.

The A-Side rents for $965/mnth --of which housing pays all but $300/month

The B- Side rents for $960/month--of which housing pays all but $153/month.

The place needs only new carpet and paint if and when tenants move

The seller told me he lives too far from the property and wants to sell for $120,000--I thought it was a great deal because it cash flows well with most is paid by housing, and the identical Duplex sold 2months ago for $149,000.

Here is the issue--The seller decided he quoted the wrong price and wants 125k. Also, after doing my due diligence I realized that the tenant on the B-Side has not paid him in 2 years, but the seller allow it because he was getting most of his money from housing. However the tenant (B-side) lost her housing 3 months ago and owes the seller $4600 and he has not evicted her.

The tenant on the A-side has housing, but has not paid her portion for 5 months and owes the seller $1500/month.

The seller has allowed these tenants to push him around and seems afraid to evict them.  He believes they will destroy the place if he does.

The deal seemed a lot better when I thought he had paying tenants and no vacancies for 2 years

Should I get involved in this? If so, will a discounted price solve the issue? Should I have him evict the tenants 1st? 

@Samuel Wilson Hi Sam! What is your buying criteria?

@Gary Rankin

Also, you can type @? and a list of everyone on the thread will pop up at the bottom of your screen.  You can then select who you want to address.

@Gary Rankin

1.  An assignment of contract will work in Texas.  Really, no need to do a double close unless you have a sizable profit, since you will incur more closing costs

2. On an assignment you are agreeing on a fee to flip the contract to your buyer.  Your check will be cut for the agreed upon amount.  The buyer will pay the closing cost.

3.  You can find Title companies that will do a Double Close in Texas, you will have to call around ( to several title companies)  or ask at your local reia. In Texas you cannot use the funds from "C", (your end-buyer) to fund both closes.  You will need transactional funding and actually close with the seller, then close with the buyer in a separate transaction.  The Title company prefers for this to be same-day and will need to make sure they have the buyers funds in escrow.  Expect to pay 1-2% for transactional funding.

hope this helps

Hello Houston! I have a deal I'm completing in a couple of days. Can someone give me some recommendations on Title Companies in Houston (and name of escrow officer of you have it) that will do a double close using C's funds? I can also use transactional funding if I cannot use C's funds to close the deal. Thanks!

@Chris Piper Thanks! This helped me out a ton!

@Huy N. My best friend and dad run a septic tank business here in Houston, I'm positive he can answer all your question.  Here is there website http://brownaerobic.com, his name is Rashaud.  Tell them I sent you.

@Christopher Cousin Welcome to BP! This is your 1 stop shop for everything you need to know about REI. Ask, network, and browse.

@Account Closed Wow it looks great! I hope you get top $!