All Forum Posts by: Jerel Ehlert

Commission paid by Seller.  You can negotiate taking the "buyer's agent" commission off the sales price by offering to not bringing in a buyer's agent.  If the seller's agent refuses, you bring in any buyer's rep and the seller's agent will be forced to split the commission.

Same happens with lawyers and RE agents/brokers.  Texas bar licensees are exempt from TRELA.  Brokers are prohibited from paying commissions to anyone but a TREC licensee.  But attorney's fees can be paid on a settlement statement by the buyer/client with a credit to the buyer from the seller.  Seller's broker commission reduced to what they would get if there was a buyer's broker.

Some good stuff already posted.

Most obviously....check your lease.

You should already have a key to access the property for emergencies.

Which county?  Probably not for me, but might be able to get a few names.

I'm from Houston and regularly take on clients from there.  90% of what is needed can be done remotely.  As the pandemic gets under control, I expect to resume monthly visits to Houston (still have family there).

Best thing is to hire a tax lawyer or CPA (your choice, but unless the CPA is also an EA, they can't defend an audit).  The job can be as simple as assess specific situation and make recommendations.  They have to have access to your docs and a specific question to answer.  Pay them.  You can do this as an "interview" more than one firm.  But if you are going to compare, make sure you use the same terms and comparison.

State and federal law applies to both Pflugerville and Austin, specifically you will want to see the Texas Property Code and Federal Fair Housing Act.  To my knowledge, neither municipality has any tenant-specific rules.

If you are going to be a landlord, you better know the law.  Even if you hire a lawyer.

There are specific disclosures and docs to making a tax lien loan.  You have to get and make affidavits regarding the transaction, too.  You file a deed of trust, but specific for the tax lien loan, not regular like for a bank loan. Your foreclosure is judicial, just like the taxing authorities, and can take months (or years) before the sale.  If not done right, your position might be voided.

Not for the faint of heart.

Check with your administrator/custodian. I've seen account holders partner with their retirement account on deals. One of the IRA custodians around here say in presentations that the holder and the account has to be on the same side of the transaction - both lenders or both borrowers, but not the holder getting money from the account.

Check with your administrator/custodian.

Lawyers have this kind of problem, too, and the answer is the same: Do what you know.

You know how to handle your asset class. You can expand your subject-matter expertise, but you become a risk factor when you try operating a substantially different asset.

There have been cases and projects that seemed lucrative but had to turn down because it isn't my area of law.  Probably for the benefit of the client that I made a referral or passed.

Family should respect your decision to stick with what you know rather than over-promise.

I can't talk about CA law or taxes, and don't talk specifics on TX taxes.

TX does not charge annual fees to have a company. There's franchise tax, but deductions for a ridiculous amount of earnings before you pay franchise taxes. A single-member LLC treated as a disregarded entity has implications for personal taxes, etc. etc. etc. Talk to your CPA about that.

You can own property, buy property, sell property, rent property, and lease out property without "doing business" in Texas.  You can even defend suits without "doing business". HOWEVER, you must be registered (as domestic [TX LLC] or foreign [CA LLC "doing business" in TX]) to sue or bring claims in TX courts. That includes evictions.