All Forum Posts by: Tyler Austin
Tyler Austin has started 6 posts and replied 35 times.
Originally posted by @Mitchell Rusten:
@Tyler Austin
Get the contract. If you have a contract on a property where the numbers work, you’ll have no trouble finding a buyer, especially in this market. On a good deal nobody will be trying to go around your back or wait out option periods because they know they will just lose out to someone else. If you have the contract recorded, typically the seller won’t have much option to get out (nor will they really care to) and you’ll be able to go ahead with the deal.
Great response. Thanks. Exactly what I was looking for.
Originally posted by @Robert Tinker:
Not a wholesaler but wouldn't you have it under contract? That would give you some legal power.
Possibly. It might just be a mute point. if you had a pre existing relationship with a buyer it should take care of itself.
Originally posted by @Brian Pulaski:
You run this risk. Also assume you have to disclose an address... how else would you wholesale the property?
I get it, I’m just stating this is an obvious risk. I’m asking how people who wholesale get around this, if possible.
Originally posted by @Nina Hayden:
Are you licensed or not?
"am licensed in TX."
What prevents your end buyer from waiting out your option period and going direct to your seller?
This implies that there is an option period - isn't there? To rephrase my question, if I put a house I intend to wholesale under contract for $100k, and find an end buyer who agrees to pay $130k, what prevents said buyer from doing a little digging and contacting seller and waiting out whatever option period me and seller agreed upon and saving $30k? In an unlicensed transaction, what recourse do I have to prevent this? Do I just not tell them the address? This is a hurdle I'm facing I still can't figure out.
I'm in Austin, from DFW, and am licensed in TX.
Post: Austin landlords - 2 bed 2 bath under $1400?
- Posts 40
- Votes 24
I’ll have to get on the Facebook!
Post: Austin landlords - 2 bed 2 bath under $1400?
- Posts 40
- Votes 24
Originally posted by @Cristin Andrews:
There are some Facebook groups that post Austin rentals and sublets.
Post: Austin landlords - 2 bed 2 bath under $1400?
- Posts 40
- Votes 24
I'm looking for a centrally located (not Round Rock, etc.) Austin rental starting July 31-August 1. Do any members on here own relevant rentals? I'm looking to cut directly to the source and avoid the Zillow overwhelm. Thanks.
Post: Ready to take action--new investor looking for DFW agent
- Posts 40
- Votes 24
I'm a local real estate agent in DFW, based specifically in Grapevine/Coppell. I'd be happy to help @Emily Horton
Post: FHA loan Downpayment for Duplex in Dallas - first time
- Posts 40
- Votes 24
Originally posted by @Anthony Wick:
@Tyler Austin I still have my FHA loan, even though it is rented out. There's a requirement with FHA that you must "intend to live in the house for 12 months". If you live there less than 12 months I believe the loan "could" be called in. My loan was at 3.75% for 30 years. At today's current interest rates, it will not pay for me to refinance. PITI would be higher than with my current MIP. But generally speaking, every area is different as to how long it will take you to get 20% equity, not to mention every deal. If you fix a place up, you're obviously more likely to gain equity quicker. And while I've heard most banks require at least 1 year of seasoning, I've also seen local banks refinancing in as little as 6 months. It pays to shop around when you believe you're close to that 20% equity mark. Run the numbers.
Thanks for your advice