All Forum Posts by: Greg Perkins

I've not narrowed down any cities in Oklahoma.  Broken Bow area, Durant, Ardmore, Hugo?? Close to the Red River.  I know the Tulsa area seems to be doing well based on forum threads I've seen here but I don't really want to venture that far north.... and ultimately none of this will matter if it is legally prohibitive like lease options are in Texas.

I live in Texas so I'm not about to try this type of Real Estate investing in Texas.  I do however live only about 3 hrs from Oklahoma so if it is possible to do this type of investing in Oklahoma, I may be interested.  Any thoughts are welcome.  If anyone is currently using this method of investing in Oklahoma, I would love to hear from you.

@Ronald Rohde nothing wrong with an introduction though! I've got you on my list. If I haven't connected with you already I will.

@Jerel Ehlert @Ronald Rohde looks like I missed some responses. Thanks to both of you for recent comments on another forum post I had concerning Lease Options and steering me in the right direction.

Wondering if anyone has a recommendation for a Real Estate Attorney in Texas. I've found a RE Attorney in Houston who does most of his work via internet, David Willis. He also seems to have a lot of good information for investors. I live in eastern Collin County so would possibly need someone closer. Anyone have any dealings with David J. Willis out of Houston or are there any other recommendations for REI knowledgeable attorney's in Collin County?

@John Jackson are you doing stacked LO's to get the year long term?  ie. (2) 179 day LO's to avoid providing the Buyer with a recent survey or a current plat; copies of liens, restrictive covenants, and easements; a Seller’s Disclosure of Property Condition;  tax certificates; a copy of the insurance policy showing the name of the insurer and insured along with a description of the insured property and the policy amount; a seven-day notice letter; and an annual accounting that includes amounts paid, amounts owed, payments remaining, taxes paid, and the amount paid for insurance premiums plus an accounting for any insurance proceeds. All of this must be done before the contract is signed. See Prop. Code §§5.069 et seq...since it is less than 180 days and not an executory contract?

@Jerel Ehlert @Danny Webber please tell me how a WRAP is better.  I'm thinking in both terms of acquiring and having an exit strategy for a property.

@John Jackson Thank you for the information.  In my previous life I worked in law enforcement and so obviously the law pertaining to these types of contracts and the legality of utilizing these options is important to me.  Thank you for citing Title and Chapter in the Property Code.  I think due to the extra work and education required to make these options work as an investment strategy most people defer to a real estate attorney opinion or simply just take the advice heard by other investors.  I don't have anything against attorney's but sometimes people forget that their opinions aren't always based on absolute legal requirements , I think the quote by @Account Closed illustrates this clearly.  

Two things have me intrigued by Lease Options.  1st, if 99% of investors are scared of or don't fully understand the law to correctly use this real estate model, it becomes a potential exploitable niche for someone to develop a sustainable business. 2nd, would having a Real Estate license (Texas) enhance or restrict your ability to capitalize on Lease Options as a real estate investing strategy?

Im just a few months into my REI education and I'm intrigued with Lease options/seller finance/Subject to situations. I've seen several "mentors" aka possible gurus mention "not possible in Texas". Can someone guide me in a direction to learn more about these specific strategies and/or the particular Texas statute that prevents these types of transactions. Seems like it is an area that most don't delve into and as such might be a niche I could exploit in the future. I want to learn more but it does not seem to be as mainstream as "buy and hold" or flips. Also seems like learning how to be an adept transaction engineer gives you far more options for an exit strategy and options with each lead you generate rather than being locked in to one simple strategy such as buy and hold. Thoughts and debate related to TEXAS is welcomed.

@Angie Shires I would definitely like to list and sell my own properties.  I don't think I'll actually get traction with my license until later next year and eventually my wife is going to work on her license so we may open our own brokerage up in 5 years time.  Still working on that business plan. @Jim Cummings the low ball reputation is something I worried about because I didn't want to influence broker business, especially if they are helping me out to get started.  My have to broaden my market area so it's not as much of an impact.

@Jim Cummings @Christopher Phillips. Thanks for the input guys. Guess I'm overthinking this. I live in a smaller town, only 3 or 4 brokers with agents working under them. If I can avoid the larger brokerages. I'm going to do that. Getting my license more for MLS access, to run better comps, save on commission fees, etc.