All Forum Posts by: Jerel Ehlert

Houston is a great place to invest.  Plenty of deals and dealflow.  Lots of local resources.

For Q1: the language is pretty clear.  Here's the affidavit: http://www.jp.hctx.net/info/CA...

For Q2: start with the property code

If a full sleve tattoo is going to be a dealbraker for you, RE might not be your thing.

You could just file a TX LLC and live in OR, but your registered agent must have a registered agent in Texas though.

Unregistered LLCs "doing business" in TX cannot file suit in TX courts. An eviction is a suit. So regardless of where you register the holding LLC, you will have to register a foreign LLC in TX in order to be able to file an eviction. Cost to register non-TX LLC or register a new TX LLC is a flat $300 one time. Annual information filings required.

Beyond that...TX is different from DE statutes for business entities on only a few points, most of which don't come into play under most circumstances.  

If you don't need S-corp status, you could have your OR entity be the 100% owner of the TX LLC (S-Corp requires all humans) or you could treat it as a disregarded entity for tax purposes. Your signature line becomes longer: John Smith, as manager Oregon LLC, as manager of Texas LLC.

I work with many out-of-state investors as well as local.  Started as an investor in 2000 before going to law school in 2012.  Still invest today.

Get a good CPA knowledgeable about withholding taxes for foreign persons.  Also, if you sell property in your own name, title companies/escrow attorneys will withhold tax at close.

What Neil said, but if you pay all the costs, you have 100% of the say in type and manner.  If it is a cedar picket, you get to have all the pretty side facing your property.  Check your survey first.

Note and Lien. HMLs in your area probably have a website with published terms and your loan should be similar.  You should get an appraisal and inspection, even if you feel you know what they will say.  You should also have a WRITTEN scope of work, even if you know what you want to do, and a budget.

Quiet title is to settle title disputes.  It is a common law cause of action, not really recognized in Texas because we have a statutory cause of action called Trespass To Try Title (TTTT, I don't know why it's that mouthful).

You can make this happen, if you are willing to pay $$.  Get a contract with the brother, then...

Brother's claim to title is under adverse possession, but he hasn't fulfilled the minimum requirements under Texas' Civil Practices and Remedies Code (CPRC) (see, Sec. 16.024 et al.).  Paying taxes and maintaining the property are elements of the 5-year SoL under Sec. 16.025.  This is your weakest link in the case.

Next best claim is Brother appointed as administrator for deceased.  He can then recover his taxes paid, improvements/maintenance, sell the property, and get paid 5% of all money received and paid.  Money will likely go to the registry of the court if/when they make a claim.

Venue is still going to be under probate court to deal with the kids' heirship.  You will drop $$ on ad litem - a lawyer appointed by the court to represent the kids.  Then more $$ to post notice by publication.

In the end, either the Brother will get legal title or reimbursed what he shelled out + 10% of the estate.