All Forum Posts by: Preston Dean

Hi @Colt Price

The simple answer would to be lease the land to farmers and let their cattle roam on the land. Love your thought process on it all. You also need about 20-30% down on land loans so keep that in mind!

Here to help or offer advice

Hi @Roberto Treviño

A few things

1. If he Co-owns the property and then lives in it he would only need to put 5% down not 20% 

2. If YOU buy it and then rent it out to him then you'd have to front the 20%-25% down payment 

3. If he has concerns about maintenance, property taxes etc already and he doesn't even own the home then maybe this should be addressed first. Personally I think the pros out weigh the cons if you look at homeownership vs renting. 

4. I do not suggest buying it and renting it to him because then you'll be responsible for the 20-25% down + maintenance + cap X 

5. If you're going to do co-owning then i'd suggest laying out in great detail who will be responsible for what

Here to help or advice if you need it

Hi @Shachar Naim

sounds like you answered your own question there!

I would get multiple quotes though

HI @Nasi K.

I would check with your realtor who helped you or the title company you closed at. Title companies usually can help point you in the right direction

HI @Brett Storey

Welcome to BP!

As you get started in your RE journey ill give you a recommendation.

This website is a great reference point for figuring out what each area is like.
https://www.areavibes.com/

It gives you a total LIVABILITY score for each street and zip code.

Use this rating and classification system I have created over time to get an idea of the "Class" for the area - A class B class & so on

Here is my rating & classification for each livability score.

80 and above A+
78/79 A
76/77 A-
74/75 B+
72/73 B
70/71 B-
68/69 C+
66/67 C
64/65 C-
60/63 D
59 and below F

Quote from @Sandor Lau:

Out of state owner looking to sell home in Mesquite, TX (near corner of Ripplewood Dr. and Salerno Dr. for reference) for higher price through creative finance. 

Open to:

--Seller carry wraparound (with my current 1st and 2nd loans in place). 

--Lease-option/rent to own. 

I am thousands of miles away in Vancouver, WA. 

Need someone with experience and boots on the ground to manage the process: advertise, show, vet buyers, manage closing paperwork. 

Could be a realtor or other vendors who want to earn a fee for the service. 

Home was originally 4/2 but converted 2021 to co-housing with 3/7. Ideal for large family, multigenerational living. Mesquite is strict on code enforcement not allowing more than 4 unrelated parties to rent the same unit. 

I'm moderately experienced in subject-to (had approx 6 over last 9 years), but this will be my first time as a seller with the underlying loans in my name and more of the risk on my credit. Love to hear from you. 

 Hi @Sandor Lau I'll send you a private message. Maybe I can help. 

HI @Jyotin Gautam

Short answer is no in Texas 

Long answer according to the Texas Real Estate Commission " Under the amended rule, a broker could give an unlicensed person a gift of merchandise having a value of no more than $50 and this would not subject the unlicensed recipient to a charge of unauthorized practice as a broker, nor result in a violation of TREC rules by the broker giving the nominal gift."

If you have that much business you are sending agents i'd get licensed and then just place your license with a referral agency so you don't have to pay the regular dues and can still collect a referral fee

@Peyton Culberson

It sounds like you have a simple system for the time being! We had the same set up with the bank account system

We used https://www.avail.co/ when we were managing our rental last year. Its a pretty nice website and I believe Bigger Pockets sponsored it at one time. 

Maybe in the future I would just suggest having the documents digital and on a computer somewhere. 

@Jimmy Leaton

Depending on how much equity you have it might not be worth it. Typical lenders require at least 20% equity in the property before they lend. Example. The house is $100K you owe $70K. They will only give you the $10K difference. If that doesn't work out I would just say wait till you have the additional 5% down saved 

@Nicholas Halterman

Many folks use something called Hard Money loans. This is essentially borrowing money from a group of people or 1 individual. This lets you bypass the traditional bank financing with many rules and regulations. Hard money loans are paid back in 3-6 months. Afterwards the property is refinanced into a traditional 30 year loan and then you can start all over again.