All Forum Posts by: Bruce Lynn

Yes....it means you get 3/8th interest in the property....undivided from the whole parcel.

We see stuff like this commonly where lets say there were 8 kids, mom dies and leaves them each an equal interest.....or maybe there was no will and this is how the state divided it for them.

I've looked at lots and lots and lots of these and tried to figure out how to make them work financially.   In the sales around me, I've never seen one I really wanted to mess with due to trouble and expenses. 

So far from what I have found is that you could pay an attorney to petition off your 3/8 if that makes sense.

That maybe costs $2500 or so where I am....for the attorney fee....probably need to pay more for a survey, so the other joint interest owners know what you have and you know what you have.    Another $2500 or so to get insurable title.

Occasionally you can see each of the undivided interest sold separately but all in the same sale....so might be able to pick up 100% of the property.   Often it seems like if you talk with the attorney or the person conducting the sale they will sell them together, so that's a nice way to make things easier.

So you might see....2/8 Und inter for sale another 3/8ths  a 3rd parcel of 3/8ths ....nice if you can purchase all.   

Let us know if you make this work for you and what your experiences are.

HWA, 2-10, One Guard are the ones I see my clients pick most around DFW area.

This does not sound like a good rental or vacation rental to me.   I would maybe flip this back at you and say....if you had the money is this the investment property you would buy?   Probably not ...if that's the case it is not the right property because it came from your family.   If you want to AirBnB or buy a rental, take the cash and reinvest it in something that makes more sense.

@Fred N.    Trust your attorney.  They're probably trying to keep you out of trouble.  If you don't trust them to give you the right advice, you need to change attorney.

I don't think this is a battle you win.

@Richard Vang @Wes Gregg   I can share my preferences if you let me know what part of town.  That being said seems like no one ever loves their property manager.

One thing I like to do is line them up all at the same time to see the property.  Make it a party.  Normally I'll do something like 6-7pm...tell everyone to show up then.  Creates some competition and sense of urgency and save me time.  That also helps me wasting time with no-shows.

Many people don't know credit score.... I would tell them the requirements when they call to set up appointment..... 3Bed/2Bath/1car.....basic rental requirements are X credit score, no pets, 3-4x income.  

I also ask them for email to send them the requirements and let them self select out.

I've taken classes a lot of places...online and in person.  Overall I liked the in person classes better.  Probably 1/2 the learning was from the instructors and other participants experiences.  That was probably the more valuable part.   I did take some online classes when time was an issue.  Champions has had in the past some night and weekend classes.   Lots of online providers.  I think some of the community colleges have them online.  Also Texas Association of Realtors has an online portal from what I remember.  That can be the cheaper way to go.  Surprisingly enough I think I saw almost all the bigger providers have about a 50% pass rate on the Texas state license exam.    Can't remember where I saw that now.  Maybe on TREC website.

They're going to argue they were not properly notified....and likely they weren't.  Law firm is required to have notified them as the owner, but sounds like they did or did not notify the previous owner.  I guess it depends on who the lender was and how savvy they are.   Does Harris county automatically file the deed for you?  If so that may trigger them to respond if it is one of the bigger lenders who has some kind of service to notify them of the changes.  Even if they don't automatically file, I think in Texas the 180 days starts from when the deed is filed....so you can't just hang on to it for 180 days and then file it.

Property preservation company probably will also notify them when you start to do work, change the locks, move someone in.

If you move someone in, make sure it is on month to month.

Don't do too much fix up...you may not even get your 25% back...just what you paid when their lawyers take you to court and attempt to nullify the sale because of improper notification.  Which is in fact sounds like what happened.

Big case in San Francisco just happened like this. HOA common areas were bought in expensive neighborhood. HOA address was bad, so notification gets returned. Tax authority doesn't do any more due diligence, forecloses, gets a sale. Once they find out, they take it to SF board of supervisors who then invalidates the sale and returns it to the owners.

I think what you hope for in cases like this is that you get to live in the property mortgage free for some period of time or rent it out mortgage free for some period of time until they catch up with you.  

Remember to pay the taxes and HOA dues in the meantime and hope you get those recovered. Remember if you bought at the December sale and are now the owner, you are responsible at minimum for all the 2017 taxes...and maybe more if they haven't paid those already.

@Eric Fernandes   Great start....great motivation...congratulations.... sounds like you are on the right path.

One thing to consider is tenants don't generally like to treat the yard/landscaping you do, so don't make it too difficult for them.  One thing to consider too when you move is to including landscaping on top of the lease.  That way you know it gets attention.  If you have a good relationship with your yard guy, you can get him to update you on the condition of the house/yard/watering program.

@Juan Rosado   I think you have to look at the whole picture.  Credit score is just one component of their application.  Just as is criminal history.  Some people are quick to rule out anyone with a felony.  But is it that they just got out of jail for assaulting their landlord, or was the felony from 20 years ago when they were 18 and dumb, and now they are grown up with a job, a family, and on the straight and narrow.  

If they have less than X score, you might take double deposit.  That helps you if there is an issue of paying on time.  Set up your expectations too.  Ask for a history of rent payments....check it out....see if they pay early or on time.  If they pay by check, have them print out their bank statement with a history of payments to their current landlord.   That can tell you a lot.

Not 100% true, but I tell most landlords that renter's credit typically sucks.  If they had great credit they would be buying.  Obviously there can be holes in that statement, but probably some truth to it too.