All Forum Posts by: Jim Cummings

Brian

I commend you for setting Owning A Rental as a goal for 2017. I would advise: 

1. Buy something near as possible to rent ready. 

2. Pick something close to your home, so you can keep tabs on it!

You will learn alot from your first venture in owning rental property. Make it as easy as possible, and don't OVERLOAD yourself having to worry about rehabbing, etc until you've gained experience.

Anthony. Good sound advice from Jeremy! Unless you can find a relative or partner to join forces with. However, in my opinion, your learning will accelerate when it's your hard earned bucks and (posterior area) on the line!

Welcome Jeffrey, Mike & Amy

Great forum for Learning and advice. I'm a long time REALTOR, Property Manager, & Small time Investor. Closed on 3 Properties for my account in 2016. On the lookout for my next Investment in the College Station area.

Tony

As a long time REALTOR (in the Austin area) typically a Homestead Exemption would reduce your taxes by about 8%. (figures may not be applicable to other parts of Texas). Meaning if you bought a property to Owner / occupy and claimed Homestead Exemption - you would see an overall 8% saving over a NON-Homestead Property. No idea if the reverse is true - i.e. your taxes will go up by about 8%.

Matt

Sounds like you need a DIFFERENT ATTORNEY next time - a firm that pays attention to your business! 

Geo

Think I signed up on your site. Primarily interested in Wholesale properties you might have in the GREATER Bryan / College Station area probably including Brenham.

Raj

This is a good example of why you should HAVE YOUR OWN AGENT representing your interests in the deal. 

My presumption from the tenor of your remarks is - you are inclined NOT TO PROCEED with the transaction unless & until you have satisfactory resolution of the Requested Inspection Repairs. 

Speak with your Lender and about the timing of the Appraisal. Lender can give you the timeline for the Appraisal and or put it on hold as you deem appropriate.

Good luck - Next time - have your own agent!

Joel. First, I would suggest this is NOT a HOSTAGE listing Agreement. It was entered into by the Seller VOLUNTARILY! 

The fact the AGENT hasn't shown the home for 2 Months doesn't mean the Agent is not working to get the home Sold. It just means the Agent doesn't have any potential Buyers for the home during the 60 day period of time. The Agent's job is to Sell the Home and it's benefits to the other agents in the San Antonio area. From an Agent standpoint it's much easier to find another Agent with a potential Buyer for the home than it is for the Agent to find a Buyer for the home. (Needle in the haystack principle). 

If Seller has Not had any showings PERIOD in 60 days - something is definitely WRONG with the listing - most likely PRICE! In San Antonio, PRICED RIGHT & LOOKING GOOD - you should expect to have some serious interest within 60 days. Most Likely it is OVERPRICED or doesn't show well well, or a combination of the factors. 

There is a Texas Association Of REALTORS Form (TAR- 1410) that addresses the Termination of Listing Agreement between Broker and Seller . 

Bhanu. Get a Real Estate Attorney and let them handle the issue - so there will be no loose ends pop up later! The attorney fees will be a great investment versus the amount of time this will consume - not knowing which step to take next. 

Long time REALTOR, Property Manager and small time Investor: 

I would advise staying Close to Home for your first investment unless you really do have a TRUSTED PM team at the out of state location. There are MANY MANY things (expected & UNEXPECTED) you are going to experience in your first investment. Having it hundreds or thousand of miles away only complicates the issue.