Exit strategies in Texas - Posted by John DFW

Real Estate Investing
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Posted by Terry (Houston) on July 30, 2004 at 16:02:35:

Can’t give what you don’t have. I would never do a CFD without having the deed to give them. If the seller never gives you one, which you should have got to begin with, you don’t have one to give.

If the seller decides to back out of the deal then you have 2 lawsuits to win. One from the seller and one from the buyer who is demanding his deed and house. UGH…

Terry

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Exit strategies in Texas - Posted by John DFW

Posted by John DFW on July 30, 2004 at 08:41:16:

Hey all,

I’m still trying to figure out this selling part… Those of you in Texas, which methods do you use to sell? I know of: cash, lease/option, and a wrap (where you give the buyer the deed)… anything else out there to research and learn knowing that CFD frowned on here… is ‘land contract’ the same as CFD? Which of these can I use if I don’t have the deed myself.

Thanks!

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Re: Exit strategies in Texas - Posted by Terry (Houston)

Posted by Terry (Houston) on July 30, 2004 at 11:14:36:

Try Bryan Dunklin at www. maxpages.com /law
take out the spaces it should all run together.
He is a lawyer that has some thoughts on selling here.

Terry (Houston)

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Re: Exit strategies in Texas - Posted by Randy (SD)

Posted by Randy (SD) on July 30, 2004 at 09:59:07:

A land contract is the same as a CFD. Another underutilized method is a “note sale” (Terry Vaughn is an expert on Notes) in this type of transaction the seller financed note or CFD is sold for cash simultaneously at the time of closing or a short time thereafter. The advantages are too numerous to mention but generally private investors allow lower credit scores, lower down payments (5%), higher debt to income ratios (50%), title seasoning is generally not a concern. So it’s a win/win situation where the seller gets all-cash, the buyer gets easier qualifying and if you’re flipping a property you can do so with a note sale transaction. If you have questions post them here or e-mail me off line.

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Re: Exit strategies in Texas - Posted by John DFW

Posted by John DFW on July 30, 2004 at 11:21:12:

Terry,

Funny you should mention him, he’s my lawyer… just spoke with him the other day. I know he has some info on his web page about land trusts… not %100 on knowing that yet… but isn’t that basically an anonymous way of holding title and not necessarily a selling method?

Thanks.

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Re: Exit strategies in Texas - Posted by Terry (Houston)

Posted by Terry (Houston) on July 30, 2004 at 11:32:22:

I was trying to give you his contact information.

Give him a call and ask him his selling thoughts. He has some interesting thoughts on buying subject to and owner finance selling in Texas.

I went to Dallas a month or so ago and he talked to me about it.

I use him as well sometimes. I have known him for about 4 years now.

Terry (Houston)

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Re: Exit strategies in Texas - Posted by John DFW Too

Posted by John DFW Too on August 01, 2004 at 04:34:06:

Care to Ellaborate? Curious?

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Re: Exit strategies in Texas - Posted by John DFW

Posted by John DFW on July 30, 2004 at 15:54:03:

Terry, let me ask you this: I know I’ve heard it said around ‘don’t buy on l/o’, well I did… Is my only choice without the deed to sell on l/o?

Thanks!