All Forum Posts by: Luke Tamez

How did you find out what would be the going rate for rents per room. Was there other people around you who were doing the same? Also for the houses you purchased and your not living in them did they have to be non restricted houses? Wouldnt it be a multi family and if its a deed restricted community they may say something, How did you get around it ?

I actually built a "Rentometer for rooms" type tool you can check out that estimates room rents: https://CoLivingPro.io

Otherwise, you can look up what rooms are going for on places like Zillow, Roomies, and FB Marketplace in your city!

When buying houses I don't live in and rent out the rooms, the classification depends on the city/state. Everywhere I invest, the regulations say that a singlefamily home can have unlimited unrelated persons. So no issues there.
In some cities though, you'll find regulations that say a single family home is no more than 5 unrelated persons (or something similar). So you'd want to be mindful of the number of people in a market like that!

Cool thanks this helps.

0 Votes

Quote from @Peter Walther:

Quote from @Ken M.:

Quote from @Luke Tamez:

So I'm under contract on a lot purchase but the seller did the deed incorrectly from the owner before them and it needs to be corrected before we can close so that title can insure the property..... Well we've had to extend twice because no one has been able to get in touch with this guy. I'm wondering what we should even do now. Title told me without this guys signature they cant insure the lot. Should we keep trying or just move on and quit wasting time. Has anyone else been in this situation / what advise would yall give.

Since I don't know what the issue really is, it's hard to guess the solution. Titles get minor corrections all of the time. Are you reasonably certain the seller to your seller had the right to sell the land?

It may not be as big of a problem as it seems. The worry should be that the previous owner or an heir would pop up out of nowhere and file a claim of ownership. How likely is that to happen? If they can't be found, it's hard to believe that person would show up one day to claim the land. Your seller is likely closing with a Warranty Deed to you that they will defend their sale to you in the event that happens. Possession is 90% of ownership (the point is, it's a lot harder for someone to prove the property should not have been sold to you, than you might think).

If you fulfill the adversarial possession requirements, the problem goes away eventually anyway.

You could do a land contract until the title issue is resolved (ask your attorney or closing agent)

If the sale between them was years & years ago, it is unlikely. If it was in the last year, it's a little riskier. If the amount of money involved is small, it's probably not worth worrying about the missing seller. If it's expensive land, it's a little riskier.

You have to ask yourself, how much is at risk, what do I plan to do with this property, is there a better apparent opportunity I am leaving behind if I go forward with this one.

As Tom Gimer pointed out, the lack of a deed from a title holder is not a minor problem, it's a failure of title as to the percentage of interest held by that party. In my opinion, it's also not a situation cured by a corrective deed since absent some problem related to the execution of the seller's deed, there's nothing to correct. What you need is a deed from the title holder who did not convey. Whether they show up and claim an interest in the land or not is irrelevant, the fact is they hold title and until they convey, they, or their heirs, have an interest in the property. Possession of land without title is not 90% of ownership, it's a trespass, though if the seller did receive title from a co-tenant, then the seller has a right of possession, but not to the exclusion of the missing titleholder.

In addition, and also in my opinion and experience, adverse possession is not a panacea and getting insurable title by adverse possession is difficult and rare. You must possess the land in an open, obvious and exclusive manner for the statutorily required time. This is particularly difficult for vacant land since unless the person claiming adverse possession has fenced the land, notice of the exclusive nature of the claim of possession is difficult. Lastly, if I remember correctly, generally a property owner cannot adversely possess against a co-tenant.

Thanks

0 Votes

Houston, Texas

Quote from @Ken M.:

Quote from @Luke Tamez:

Okay this helped alot. Im going to renegotiate with seller, using the uninsured lot as the reason, because the heir issue is always a risk. I will talk to the sellers realtor and find out when the property was sold to them. Thanks for the help, i will keep you updated

I was under the impression since it is land, it's a cash purchase.

If it is cash, my suggestion stands. However, if there is a lender involved, they will require the title to be clear and the issue has to be solved or move on.

But I do think you should negotiate the selling price if it's a cash purchase.

Is cash purchase

0 Votes

Houston, Texas

1 Vote

Houston, Texas

0 Votes

Houston, Texas

1 Vote

I have a spoke to a potential seller earlier this week, they do not want to list their home but they want to sell the property cash and quick, I told them id reach out to investors I know. Property is located off 1960 and Jones. 3 bed 2 bath around 1700 sf. Seller said there are some repairs needed so I plan on going to the property tomorrow to check it out and see how serious it is, since I found the deal I expect to be representing the buyer as their Realtor in this transaction. If you are interested reach out.

Seller is looking for $225 or more
Comps are $270

0 Votes

Houston, Texas

Quote from @Ashlee Hutson:

How large is the lot/land?

0.28

0 Votes

Houston, Texas

Was doing my daily cold calls I'm a Realtor by the way. Came across a man who wants to sell his property in Magnolia, Tx. He does not want to list though so I told him id reach out to some investors I know. 3 bed 2 bath around 1850 sf, manufactured home built in 2002. similar properties are going for $165-180. Reach out if you want more info.

0 Votes

Houston, Texas

All Forum Posts by: Luke Tamez

Luke Tamez has started 3 posts and replied 9 times.

Post: Author AMA: What questions do you have about co-living strategy??

Post: Buying a Property but we cant find someone on title!

Post: Buying a Property but we cant find someone on title!

Post: Buying a Property but we cant find someone on title!

Post: Buying a Property but we cant find someone on title!

Post: Author AMA: What questions do you have about co-living strategy??

Post: Potential Deal Seeking Investors

Post: Potential deal need investor

Post: Potential deal need investor

Luke Tamez has started 3 posts and replied 9 times.

Biggerpockets Logo Post: Author AMA: What questions do you have about co-living strategy??

Biggerpockets Logo Post: Buying a Property but we cant find someone on title!

Biggerpockets Logo Post: Buying a Property but we cant find someone on title!

Biggerpockets Logo Post: Buying a Property but we cant find someone on title!

Biggerpockets Logo Post: Buying a Property but we cant find someone on title!

Biggerpockets Logo Post: Author AMA: What questions do you have about co-living strategy??

Biggerpockets Logo Post: Potential Deal Seeking Investors

Biggerpockets Logo Post: Potential deal need investor

Biggerpockets Logo Post: Potential deal need investor

Post: Author AMA: What questions do you have about co-living strategy??

Post: Buying a Property but we cant find someone on title!

Post: Buying a Property but we cant find someone on title!

Post: Buying a Property but we cant find someone on title!

Post: Buying a Property but we cant find someone on title!

Post: Author AMA: What questions do you have about co-living strategy??

Post: Potential Deal Seeking Investors

Post: Potential deal need investor

Post: Potential deal need investor