All Forum Posts by: Jason Vo

Originally posted by @Tony Castronovo:

@Jason Vo Yes, these are properties I have had for awhile and have active lease agreements.

This is case to case basis. I would be honest and tell the tenant that you are selling the properties and your currently lease will be transferred to the new owner (assuming the new owner is accepting this lease along with the purchase). It will be up to the new owner to either keep the current lease or request to vacate. 

Hi BP, 

Is anyone here familiar with selling a vacant lot in a Residential Subdivision in which the developer has a right-of-first-refusal? I have a lot for sale located in Northwest of Houston and it's been sitting on the market for quite awhile. Although, the seller is a friend of mine but I'm still trying to sell it as quick as possible. I have had a fews that was interested but then backed out due to the developer's right (basically they control the sell price the contract will be on their terms). 

I'd be very appreciated for any advice. 

Have you signed a lease agreement with the current tenant?

Jeremy Pakalka Yes, RE Agents will have their tool to identify whether or not a property is in the flood zone, but I would recommend consumers to do their diligent as well just in case. It’s always good to double check.

I did. Took night classes and it worked out for me. Damn tired but at the end its paid off. Lol

@ Jay Seals I would keep it and turn it into an investment property. Depends on your local market to either rent it or just keep and use it as collateral for credit line. Own an extra piece of property is always a good thing to do. (at least in my opinion)

Originally posted by @Ericilda Witherspoon:

Thank you. What if we both eventually go our separate ways and do our own business would we have to dissolve that LLC ? I'm trying to create something where we are under an umbrella. Is that possible? Is it a series LLC?

As far as I know, you can do DBAs under one LLC. Is that what you are looking for?

I just did the same thing with my partner in Texas. Our LLC is an S-corp, and both of us are under the same LLC name. S-corp is just a tax classification when forming an LLC, you have an option to choose between C-corp or S-corp.

Originally posted by @Arnie Abramson:

Joe was correct .  It depends on the State.  In Texas, they are sold at an auction and there is one every month.  The excess proceeds are offered to those with an interest in the property that was foreclosed and if not claimed for two years the taxing entities get it.

Again, in Texas the deed you get at the auction is sufficient ownership-you acquire all the rights of the previous owner except the right of redemption.  You usually have to wait at least 2 years to get a title policy but it isn't necessary unless you wish to sell to a buyer who would request it or if financing is sought.

There is no negotiation necessary with the previous owner-you are the owner and the deed you get at the auction is sufficient.  You may need to negotiate with him if you wish to purchase his right of redemption and his right to contest the sale-just make sure you get all of those who had equitable interest not necessarily just the former owner.

Hi Arnie, 

What happens to the exceed dollar amount paid at the bidding? For example: If the final bidding price was at $10k more than what the property owner owed, where is that money going to? 

In the same scenario, if a property was purchased at HOA foreclosure, where would that $10k go to? Would that be used to pay off the major liens such as mortgage or tax lien?

Originally posted by @Kevin Castaneda:

@Jason Vo , How do the costs I listed compare with what you're paying for to keep your license active?

Kevin, that's a nice breakdown list BUT I have to say it depends. The actual cost just to maintain the RE license in Texas is $1,000.00 minimum, which is including your Local Association Membership fee (mine is HAR and it costs me $439.00/yearly), MLS fee, Supra fees, Continue Education fees. Those are bare minimum cost that you have to pay each year to keep your license active. No questions ask !!!!

Now, this cost will be vary and could be a lot more, depends on the Broker fees, your Local Association fees could be more or less based on the area, Professional designation fees if you have, Marketing cost, Office fees. 

I am a part-time agent, and investor so I keep my cost at the very minimum. Here is the link to my profile for reference: http://www.har.com/jason-vo/agent_DuyVo

Hope this would answer your questions.