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All Forum Posts by: Guy Gimenez

Guy Gimenez has started 48 posts and replied 1999 times.

Post: Are these internet/Instagram flipping "Gurus" legit? Let's debate

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

Learn to vet the gurus and you'll figure out real quick most are making a living selling courses, not selling real estate. Nothing wrong with that but they're not being honest most of the time about their real estate holdings / experience. It's like the guy who say they own 12 doors or own 4 apartment complexes, when in fact they're merely a 3% to 5% investor in these products. If I buy $1,000 Dell stock, it doesn't make me the owner of Dell, it just makes me a shareholder. When I get someone trying to pitch me, I always ask them to send me the last 5 HUD's for properties they purchased in the last 2 months. Oddly enough, I never hear back.

Post: Wholesalers calling listings with "CASH OFFERS"

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

It's a crowded market for wholesalers. I just viewed one where the house had been on the market for a couple of months. The wholesaler sends it to me at just below the former list price and wholesaler states the FMV is $25K higher than the listed price...a price at which the house didn't have any traction when listed. A lot of it can be attributed to what I call BFT...Bigger Fool Theory...the wholesaler is simply throwing mud at the wall in hopes he/she happens to find an investor who doesn't know values for the area.

Post: I want to do 25 fix and flips in2023

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

You didn't mention how many flips you did in 2021 and 2022? Were they all successful flips? Do you have all your purchase and rehab funding available for more projects? Are you managing all the flips yourself? Are you buying most within a small geographical radius. If you're struggling to get flips done in a timely manner, perhaps you should focus on systemizing your business and getting the right contractor(s), vendors, etc. in place IF you're trying to increase your number of flips significantly over your 2022 numbers.  

Post: Attorney in Corpus Christi that can close fast need !!

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

You absolutely want title insurance on this one. We've purchased tons of inherited houses in the Coastal Bend, and without exception, they've all needed title issues addressed. This is extremely common here because there is almost never a Will involved, and typically, there are two or more generations of potential heirs to run down and deal with. You may want to reach out to Christie at Texas Lone Star Title on S. Staples. Not sure if they can turn it that quick but I have had it happen before. 

Post: Seller Financing Terms

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

1. Every state has different laws concerning owner financing, lease/option and rent to own. Taking advice from those who haven't done seller financing in Texas will come back to haunt you.   

2. Don't step over a dollar to save a dime. Hire an RMLO to assist you...they know the laws and can meet the regulations regarding ability to repay even though Dodd-Frank will not likely apply. RMLO must do a credit check as part of their processing. You're not concerned as much about the buyer's credit score as you are with his payment history. If the buyer has $20% for a down payment because he hasn't paid any creditors for the last two years and hasn't paid his federal taxes, then the buyer is still not a good risk. 

3. Put as much credibility in an agent's recommendation as you would any salesperson you meet on the street.  

4. Self employed people often fail to pay their federal taxes. This can result in federal tax liens which will attach to the property. Buyer may also have judgment liens which can attach to the property so buyer must include a Homestead Affidavit as part of his closing package with the RMLO. Texas homestead laws can clear most of these judgment liens, assuming the creditor can still be found. Otherwise, it can become your problem later. 

5. As a lender (mortgagee), you will never have assurance a buyer will pay any more than any other lender does. That's why you get a large down payment to mitigate some of the risk. However, what makes you think the seller can refinance in 3 years if his credit sucks and he's doing nothing to remedy it. Make credit repair part of your agreement, otherwise you're setting him up for failure and you'll likely get back a destroyed house 3 years from now once the buyer realizes he will lose his down payment and will also have a foreclosure on his record. Yes, you will always have the option to foreclose but it'll cost you a $2,500 to $5,000, or more, to foreclose. The things I've seen tenants and O.F. buyers do to houses because they they feel they were unfairly being evicted / foreclosed would blow your mind. And a savvy buyer can stall a foreclosure using different strategies.  

Post: First Time Home Buyer - Too good to be true?

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

If the property is listed with a broker, there's a reason it isn't already under contract. You need to get more information as there is no way to know if it's a good deal with no information on the property. Get another investor to help you through your first few deals so you don't make a major mistake. 

Post: Need Help! Extended vs Standard Title Commitment

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

Keep on keeping on. You're doing amazing. 700 item checklist and you still manage to screw up a deal. Congrats. 

Post: Need Help! Extended vs Standard Title Commitment

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672
Quote from @Kim Hopkins:
Quote from @Guy Gimenez:

With no disrespect meant, experienced investors don't forget to order a survey and they know when a survey is needed and when one isn't. If you had a checklist in place, you wouldn't have missed this and the whole point of your post would have been moot as the survey would be completed by now. 

@Kim Hopkins

 You didn't read my post correctly. Of course I know to order a survey and of course I have a checklist in place. I got a copy of the existing survey the second we were in contract. I simply forgot that the ALTA was needed for an extended policy until we got the contract signed. And I would have pursued the deal regardless of the wait time for an ALTA so I don't understand why you are making these comments that have absolutely nothing to do with my question. 


 All the best Kim. Not looking to argue with someone who can't see the forest for the trees. 

Post: Need Help! Extended vs Standard Title Commitment

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

With no disrespect meant, experienced investors don't forget to order a survey and they know when a survey is needed and when one isn't. If you had a checklist in place, you wouldn't have missed this and the whole point of your post would have been moot as the survey would be completed by now. 

@Kim Hopkins

Post: Need Help! Extended vs Standard Title Commitment

Guy GimenezPosted
  • Investor
  • Corpus Christi, TX
  • Posts 2,065
  • Votes 1,672

1.  The title company does not represent you...they represent the underwriter. YOU represent you and presumably YOUR ATTORNEY represents you. Consult with your attorney who should have your best interests in mind. 

2.  Every successful business runs on systems so that things aren't "forgotten."  Learn from this and get a checklist developed immediately. 

3.  Never step over a dollar to save a dime when purchasing real estate. It'll more often than not come back to bite you.