All Forum Posts by: Jim Cummings

@EricDiaz. Maybe you can find an Investor at an REI Meetup to partner with on this deal. They can supply the capital and you put some sweat equity into the deal and get 30% - 40% of Profit!

Kaily

Howdy! & Semper Fi!  Great idea to get involved with RE investing early and reap the benefits of compounding appreciation, as well as cash flow.

I'm a Retired USAF Officer & my Son is Retired Marine (Class of 91). 28 Years experience in Real Estate Sales & Management. Currently own & manage 4 SFR in College Station. What questions can I assist with?

Steven

If the Contract was done on a TAR 1-4 Family Contract, and involved a Texas Licensed REALTOR, a Title Company was most logically holding the Earnest Money. Based on 27+ Years experience, a Title Company will NOT Release Earnest Money until both parties (Buyer & Seller) agree & SIGN OFF on who gets the Earnest Money. Now, there may have been bills due at Closing (Appraisal, Inspections, etc) that reduced the amount available to distribute - but you should have Signed a Release Of Earnest Money form.     

I'm not in Houston & have NEVER lived in Houston - but agree with Joe Davis - don't think you'll see a mass exodus. 

Maybe some folks will relocate to Northern Suburbs (Humble, Tomball, The Woodlands, Conroe, etc - but even many of these locations suffered damage - not to the extent of the areas South & Southwest of Houston.  

David

Never been through an Earthquake - hope I never will! Obviously, price is a factor - but If you are in an Earthquake Prone area - I would think you would want to have it. 

Just heard a story on news about about a mature gentleman - braving the ravages of Harvey in Rockport, Texas (ground zero for Hurricane Harvey) to collect the quarters from coin operated laundry in his building. Also stated he had NO insurance! That's called Penny-Wise & Pound-Foolish - in my book!  

Lawrence

Buy with the Longest Loan Possible - 30 Year Amortization. This will give you the lowest Monthly Mortgage Payment. 

You can then add Monies to your Monthly Mortgage Payment to shorten the note. I.E. If you make 13 Payments a Year instead of 12 you'll reduce the payoff period to around 22 years.  Go Online to an Amortization Site and look at 14 Payments a year instead of 12. 

Find a payment plan that feels comfortable for you. The beauty is if you get into a "Cash Crunch" you can get by with just the minimum payment until you recover. 

Merlin

I would be happy to meet with you and explore some options and give you insight to what I have done via 1031 and moving from Austin to College Station - if a meeting is of interest to you - Contact me off forum and we can arrange!

Kathy Fettke Real Worth Network has some info on Jacksonville. Free to join:  https://www.realwealthnetwork.com/market/jacksonville-florida/ 

Jeremy

be careful of Quit Claim Deeds - Very few if any Title Companies (in Texas) will recognize a Quit Claim Deed. 

I include the following in a Landlord Addendum to all my Leases: The provision generally summarizes provisions contained in the basic TAR Lease along with a few other stipulations:

Early Termination of Lease: (Reference Paragraph 28 – Basic Lease) Tenants may terminate this lease at any time under the following conditions: (1) Tenants are responsible for the lease payments until the Contracted Lease Expiration Date (Paragraph 3 of Basic Lease), or New Tenant(s) ACCEPTABLE to Landlord Are Approved, and any Security Deposits and First Month’s Rent has been received. (2) Tenants will pay 100% of one month’s lease amount if the Termination Date is more than 60 Days prior to the Lease Expiration Date (Paragraph 3 of The Basic Lease), (3) Tenants will pay any and all expenses incurred (such as Utilities, Lawn Care, Re-Leasing Fees, etc.) while the property is Vacant.