All Forum Posts by: Phil Avery

@Phil Avery
when you've made as many mistakes as I have, you're bound to start winning!

@Sean Allen Fenn

Most deals haven't penciled. The goal is to get to know as many brokers as possible, and to be top of mind.

Once you start going on property tours on deals that suck, brokers will start saying things like, Hey I've got this deal coming up next month. Wanna take a look at it?

It's all about consistency, and follow up. And brokers don't want tire kickers just calling them for deals, and they don't want to go out for a cup of coffee. They want to know you're serious and committed. And when they do send over a deal, you have an answer by day's end.

I wouldn't call it a tactic, I would call it a process, repeatable and consistent.

I love the idea of this!!

Hello Phil! 

Reach out! Call/text/email or message me here anytime! Would love to work with you. Right now I have one off market with tornado damage that seller agreed recently to sell for a lower price at 88k that includes closing costs, and one by same seller on market but greatly reduced and I have permission to sell it for 160k. It's listed at 204k online now. Both need updating and here in Houston. And I know of homes with loan assumption between 2.75%, 3%, 4.25% and 5.25%. Some are in San Antonio also. I've found land listed in North Houston for 15k an acre in large tracts, etc. I'm in close contact with a new homes sales manager with communities in several areas here also and she said many investors have been buying them to use solely as rentals this last few months so definitely can show you those as well. Let's talk!! 💗

I can recommend @Selina Jackson as an Investor-friendly realtor! 

We just signed a 63 unit two weeks ago and have signed on a 67 unit this past Friday. We are self funding these deals, and they were brought to us by a broker.

How do you find a deal in this part of the market cycle, when deal volume is down significantly, and there is a ton of pessimism.

1. 1. Treat brokers like gold. In multifamily, brokers are the gatekeepers. This broker has bought and sold several deals for us. Do not try to sell a deal by yourself. Find a top broker to represent you and market your deal to the investing world.
2. 2. Know what you’re talking about. When you do find a broker, make sure you sound credible, can tell them what your buy box is, and are targeting deals that you can close. Don’t waster their time.
3. 3. Find a motivated seller. If there is no motivation, then chances are there is no deal to be made.
4. 4. Create value for the seller, Our seller, while he still sold for a good price, needed the funds for another project, and needed certainty of close. We knew how to create value for the seller.
5. 5. Don’t be afraid to put in lower, fair offers. Ask the broker if they think you should put it in and if they say yes, then let it rip. But, have a legitimate reason for your price. Our final price for the 67 unit was 17% less than offer.
6. 6. Brokers are hungry for your business, and are looking to add to their buyer lists.
7. You can always buy real estate in any part of the market cycle, but you can’t always sell. A lot of syndication groups are finding this out the hard way.
8. Seller financing is coming back in vogue. If the deal doesn’t make sense to finance traditionally, see if seller financing works.
9. Now is the time to get in the market. We are reverting back to a buyer’s market, and the next 2 years will offer ample opportunities.

How many people wished they had bought in 2009-2013? What about 2018-2020? If you’re in in for the long term, please consider jumping in now to build your team and your base of investors.

Happy investing!

Buy Right Manage Right Finance Right®

Gino

The lienholder is required to provide 21-day notices of foreclosure sales of a residential homestead. This notice must also be filed with the county clerk and posted at the courthouse. The Statute of limitation is four years for lienholders to start the foreclosure process after default. After the statute of limitation expires, the lienholders cannot collect, with a few exceptions.

All lienholders must send a demand letter to debtors with the intent to foreclose on the property, the demand letter must be sent by certified mail. Debtors have 20 days to cure a homestead property, unless the deed of trust states otherwise. If the debtor is able to cure the default then a reinstatement agreement should be executed unless the terms of the debt have been changed, such as a modification agreement or a replacement note.

If the debtor or tenant has paid more than 40% of the amount due or made 48 or more monthly payments, then pursuant to the equity protection provisions of Tex. Prop. Code Sec. 5.066, the seller or landlord must give a 60-day notice of default and opportunity to cure the default. If debt has not been cured, then the trustee may start the foreclosure process.

All superior liens will extinguish subordinate liens. After the sale, any excess proceeds from the foreclosure sale may be distributed to the subordinate lien holders.

Notice must be given to the IRS and U.S. Attorney (if any) 25 days or more prior to the sale. The IRS has 120 days to redeem the property after the sale. The U.S. Attorney has 60 days.

If you are a property owner or lienholder and need assistance with the foreclosure process, be sure to review the deed of trust, note and all other relevant documents.