All Forum Posts by: Ayo O.

Which company is reputable out there still.Looks like Texas Pride will be a no-go for me based on the previous comment.TIA

I am exploring the idea of carving out a mother in-law suite from an existing SFR. The house(located in Houston, TX) is 2600 square feet with 4 bedrooms and 2.5 baths. I will like to carve out a separate unit about 700 square feet with a separate entrance.

Can anyone refer an architect and or share their experience on a similar projects.

TIA

Welcome Roxanne, you are in the right place. BP has a lot of rich contents and great people to help you on your journey to financial freedom 

Based on the numbers you provided and assuming a purchase price of $200,000,this deal PASSED the 1% Rule.Assuming you are getting a mortgage( I know you are considering cash) of $150,000 on a $200,000 purchase with interest rate at 4.5%,annual taxes at $4560 and insurance at $1680 .Your PITI(monthly mortgage) will be around $1280.With a monthly rent income of $2000,you will have a gross income of $720.This is before reserves for CAPEX ,maintenance etc I think you should cashflow $500/month.

If I was in your shoes,I will go for it

@Rob Bianco you can DM me,local realtor also investor.

@Joshua Reynolds do you own this property free and clear or are you trying to do a wrap.I am will be using a real estate attorney for mine in the next few months.

@Xavier Williams There are plenty of videos on YouTube that explains how to complete a TREC 1-4.

I am curious as to why you want to use TREC 1-4 for wholesale purposes unless you are a realtor. Not that you can't use it but I believe there are other real estate purchase contracts that were designed with wholesale in mind and offer more protection. Most wholesalers that I have come across use such contracts and not TREC unless the wholesaler is also a realtor.

@Heather Colley Declaration Title,Memorial is my #1 choice

We are presently in the process of doing a refi on a SFH.The property has a lien placed as a result of a judgment.Title company has not make any effort in obtaining a payoff for the lien.My question is that am I wrong to expect a title company to obtain such payoff?

Hello BP,

 I am looking for recommendations for a title company that can close subject-to deal in the Houston,TX area. The plan is to do a refi out of a subject-to property with such title company.

It appears like not all title companies do this.

Thanks for your recommendations!