All Forum Posts by: Greg H.

Looks like the Broker which was a Corp had their licensed revoked in September so filing a complaint through the Real Estate Commission might not work.  I would try to find out who C21 has their errors and omissions insurance thru and pursue that avenue

Can you do it yourself from outside the country?  Possibly if you know the procedure.  Texas allows anyone to represent in court.  A friend or even a handyman can represent a landlord in court.  I would call JP in Liberty County and ask if they allow you to be present via video chat again if you have the experience

An alternative would be an eviction service.  There are many companies that represent landlords in evictions at a cost of approx $800-1000.  I doubt there is one in Liberty but I would guess you could find one from Houston area to handle it

Quote from @Hind R.:

@Aaron Gordy @Eliott Elias and others thanks for the input. Can you recommend law firms here or via DM? Clearly an attorney in TX experienced with these types of transactions is critical to their success.

Also have you found any good software to manage all the moving parts of this type of transaction or are you just using excel to analyze the numbers? I'm fine with excel just wondering if there is something better out there especially if I develop a repeatable strategy and do multiple of these deals in TX. I haven't found any software online other that excel templates created by others that don't work.

Finally, so you all know, I'm not stuck in analysis paralysis. I just think it's prudent to try to think thru all the positive and negative paths/outcomes of a unique financial strategy before executing it. I also believe it's important to be in control of as much of the situation as possible. I don't want anyone else (including a bankruptcy court) to have leverage to tell me what I have to do or unwind my transaction or ruin it's economics.

 Wraps will always come with additional risk as there is another party involved besides the lender.  Saying that I have bought and sold via a wrap several times over the years. Some of the additional risks are:

-Due on sale clause.  The risk is very low that a lender will call the note but it has happened

-Bankruptcy- No document you sign or the seller/lender signs avoids the loan being included in the bankruptcy although as I stated previously the debt can be reaffirmed  

-Keep in mind any escrow overage will be returned in the original borrowers name. Additionally, on a conventional loan dropping PMI can be an issue as title will be in one name and the borrow another

Always insist that you make the payments directly with both you and the original borrower having portal access with the lenders online account

The Title Company- Wally Tingley in Austin has done these since the early 90's and has a conference with the buyer and seller to help make both parties comfortable

@Clinton Cox

From Florida to South Dakota is a huge change and will be a huge culture shock !! Where in SD?  I actually own a home in South Florida and we spend our summers at our place in Deadwood SD and love it up there.  I want no part of the winter as they are expecting up to 30 inches of snow in the next day or so

Personally, I would sell the property and I would most most most definitely sell if I were in your shoes because:

-Any profit up tp $250k if single and $500k if married is tax free as you have occupied for at least 2 out of the last 5 years

-You have no experience with rentals much less from 2000+ miles away.  You are at the mercy of a property manager.  One turnover will cost you thousands and ruin years of "cashflow".  While many on BP will tell of success with renting long distance, keep in mind most with horror stories never post

Take the free money and start you career in South Dakota

@Sean Bramble

That is not correct.  If that were the case then anyone facing foreclosure could just deed their property in order to avoid

The previous owner/seller/original mortgagee would have to reaffirm that debt in bankruptcy court which is not an absolute.  This is a risk to the buyer of a wrap

Feb 2nd court date ?  Wow it is crazy how far behind evictions are behind in many bigger cities in Texas.  I have one now in a small town that will be 15 days from start to finish.  To answer your questions:

1. Not your problem.  The Constable will serve the tenant and if not able to reach seek alternative service

2.  Not much you can do to prevent damage.  Maybe offer cash for keys(Offering the tenant $$ to just leave).  I am not a fan but in this case it may make sense.  I would consider paying a neighbor to watch for activity is you are not going to drive by.  Smaller communities you can usually call and see if the water/electric are still on

3.  Reality is in Texas you have very very little change of ever collecting the past due rent(judgement).  Texas does not allow garnishment 

The first step is to send the 3 day Notice of Termination by mail or affix to the door.  The notice is very simple and you can google for a template.  Second you need to find out which JP Precinct your property is located in and request their forms for an eviction.  There are general Texas forms however many JPs can have their own.  Once the 3 days have expired you can file.  The process should take +-21 days from start to finish

I am happy to answer any specific questions you may have

Quote from @Eliott Elias:

Quote from @Greg H.:

Quote from @Eliott Elias:

Quote from @Greg H.:

Quote from @Eliott Elias:

You should have put him on a lease and post a eviction notice the day he refused to leave. Every  county is different, call the county and ask what the procedure looks like 

 You cannot just put someone on a lease nor does there need to be a lease in place to evict.  A lease is an agreement between 2 parties.  

I'm explaining best case scenario what should have happened. Sure is, thanks for stating obvious 

So the only obvious I pointed out was that you do not know what you are talking about.  In this case the previous owner is a Tenant at Sufferance and I point out the process above.  Getting them to sign a lease solves nothing so there is no best case.  Now I feel I need to add that I hold a fellow Realtor to a higher standard and some of your posts here are dubious to be kind

 Evicting someone with a lease is a lot easier than evicting without one. The sellers could state that they never agreed to leave after sale, taking advantage of the court system and legal fees. Let me add some real value here, if you still need help understanding this happy to hop on a call and teach you 

 WHAT?  The previous owner was foreclosed on so they do not have the luxury of stating "they never agreed to leave".  I have no idea where you get your information but it is 100% false.  Again, they are a Tenant at Sufferance and can be remove by a simple eviction petition for possession.  

If this is an example of "real value", I think I will pass.  Again, Realtors should hold themselves to a high standard.  Additionally, as an agent I hope you are not giving your clients advice of this nature as it is a good way to lose it or wind up in a court room.  

Quote from @Eliott Elias:

Quote from @Greg H.:

Quote from @Eliott Elias:

You should have put him on a lease and post a eviction notice the day he refused to leave. Every  county is different, call the county and ask what the procedure looks like 

 You cannot just put someone on a lease nor does there need to be a lease in place to evict.  A lease is an agreement between 2 parties.  

I'm explaining best case scenario what should have happened. Sure is, thanks for stating obvious 

So the only obvious I pointed out was that you do not know what you are talking about.  In this case the previous owner is a Tenant at Sufferance and I point out the process above.  Getting them to sign a lease solves nothing so there is no best case.  Now I feel I need to add that I hold a fellow Realtor to a higher standard and some of your posts here are dubious to be kind

Quote from @Eliott Elias:

You should have put him on a lease and post a eviction notice the day he refused to leave. Every  county is different, call the county and ask what the procedure looks like 

 You cannot just put someone on a lease nor does there need to be a lease in place to evict.  A lease is an agreement between 2 parties.