All Forum Posts by: Victor Boyd

My partner and I have an opportunity to purchase a home in houston.  The owner still owes on the house, but, says he is willing to let us "take over" his mortgage.  

We are not really familiar with the process.  How does it work?  If he still owes $200k on the home and has 20 years left to pay it off, what has to take place for us to "take it over"?   What do we have to do with his bank?

Any help appreciated.

Tyler, 

When we are looking at the damaged house, it has been gutted on the inside (all sheetrock torn out), exposing the frame.

But, between the frame and the original brick wall, there is nothing now.  So, from the inside of the house, you are looking directly at frame and brick.

I think during renovation, I should find a way to get a vapor barrier back in between the frame and the brick, no?

I am looking at some flooded properties in Houston.  They are in various states of remediation, from nothing to having virtually been ripped down to the studs.

My question refers to outside frame plywood and vapor barrier.  Is there any good or preferred method to get plywood between the existing frame and the brick exterior walls?  What about vapor barrier (Tyvek or similar)?  

Although I'm not a builder or a construction guy, it seems that when the house is built, the frame is put up, then plywood is nailed to the outside of the frame, then, a vapor barrier is put on outside the frame and plywood, then, outside walls (commonly brick, sometimes something else (stucco for example).

But, once the house is already constructed, the ones I'm looking at that have been stripped inside, it seems difficult to replace the plywood and vapor barrier between the frame and the brick.

Any suggestions?

So, if they are not licensed, or, legit, how do they get a contract in the first place?  In the situations that you all are warning about, does the wholesaler somehow contact the property owner and convince him to sign a contract without the homeowner knowing that the wholesaler is unlicensed?  If so, what does that do to the legality of the contract?

I assume that once I see the contract, I will see the agents name and brokerage he is with, then, can check his credentials, no?

My partner and I have an opportunity to purchase a contract from a wholesaler.  He says that he has a contract and he wants 150,000 for it.  We have done the comps and think that we can repair it and sell it for about 210 to 220,000.   But, I don't really understand exactly HOW I buy his contract....   

I assume that he made an offer on the house at say, 120 to 130, and has a long closing of 45 to 60 days.  And, I understand the idea of him selling it off for a profit without really doing anything, but, I have not actually SEEN the contract.  When doing a deal like this, is it customary for an investor like my partner and I to ask to see the contract?  I certainly wouldn't give anyone $150,000 without knowing that there is a valid contract on the property for me to take over.

Please help me figuring out how this operation really works!

Thanks,

The lease had a pet agreement addendum for one pet.  But, in Section 9 of the actual lease, there were no penalties selected for breaching that part of the agreement.  So, I am assuming that since nothing was put into the original lease, there cannot be any monetary considerations taken from the tenant.  Would you all agree?

What recourse is available to the owner of a leased property finds out that the tennant has acquired an additional pet in the home, in addition to the pet that was listed on the original lease?  Is that an evictable offence?  Can the landlord force the tennant into a monetary penalty such as another deposit?  Or something else?