Real estate lawyers in TX?

Question

I'm looking for a real estate attorney in the Houston area, or at the very least an attorney with investing knowledge in Texas.

I want to differentiate between lease option sandwiches and wrap around mortgages, but I'm not getting clear answers anywhere.

I also want to learn exactly what specific hoops I'll need to jump through to complete a deal like these.

Extremely interested in the profits and win/win/win scenarios these strategies can have.

Jerel Ehlert · Answer

Law schools teach property law by starting with a "bundle of sticks" theory.  Each stick is a "right" the possessor of that stick has in the property.  Some call it a "bundle of rights".  Common classifications include right of possession, control, exclusion, enjoyment, and disposition.

Leases have possession, some control, some exclusion, and some enjoyment.  Options have limited disposition.

A "wrap" is sell by conveying title now.  The buyer has all of the rights the seller has.  A lien, is a suspended right to ownership (don't pay, lender forecloses and owns; pay, and borrower keeps ownership).

Hope this helps.

Rick Pozos · Answer

Lease options the original seller or lessor keeps title. In a wrap, title is passed to everyone down the line. The final buyer has the deed in his name.

Sandwich lease option you are renting

Wrap you are buying

Ronald Rohde · Answer

Jerel is excellent, work with him if you can afford!

Note that this explanation may also differ if not title theory state

Pete Storseth · Answer

@Jerel Ehlert

It does.  Thanks

Looking for a Texas lawyer to work with. May reach out soon.

Pete Storseth · Answer

@Jerel Ehlert

My question was about the legal difference between the two.

I know lease options are too complicated and sandwich leases (which seem to be a perverted version of a wrap) are illegal, but since a wrap IS legal, why?

How is it that I can still buy a house with a contract (which I'd need an attorney to help me with regardless)  and sell it seller finance and collect money?

In other words, I'll need a lawyer to council me to make sure in doing a wrap, I dont break whatever law there is against sandwich leases. Make sense?

Jerel Ehlert · Answer

Allow me to save you consultation fees: Don't do L/O in TX.  Compliance is too cumbersome.  If there's an underlying mortgage, you are prohibited by law from offering sandwich L/Os.  Just sell on wrap.

Pete Storseth · Answer

@Rick Pozos

I understand that on a basic level. But besides a retired uncle who doesn't really believe in these deals, I dont know where to look for a lawyer in this area of expertise.

Pete Storseth · Answer

@Mark Sewell

Yep. Those are all in my queue. I've watched that channel a bit, and I've been to that site before. Thanks

Real estate lawyers in TX?

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