Posted by Greg (TX) on November 14, 1998 at 23:36:40:
Where’d you get your info? I actually attended the class in Austin in March and if I’m not mistaken, I do recall that it’s one deal per year per person. So, if you have a spouse or a partner then they can do a deal and you can do a deal, thus arriving at two deals.
The other way to do multiple deals in TX without a license is to never put the home in your name, just become a financier and when you send off for the new title just put the home in the name of the person you sold it to and “Your Company” (your)as the first lien holder. Keep your lien on the title until they pay you in full. Quite simple and it also gets you off the hook for being liable for the property.
Be sure the home is habitable, because everyone deserves to live in a habitable home (no holes opening to the exterior, no broken out windows and all windows and doors must be functionable, proper plumbing, electric and gas if applicabe, then you must give your buyer a 30 day warranty of habitabilty. If they come back within 30 days and say they don’t want it because they claim it’s not habitable, if in fact it’s true, then they’re out of the deal, and should be out of your home relatively quickly, and they won’t have to fulfill the remainder of the promissory note (it would probably be a good idea to refund them their downpayment, or at least a portion of it). Then you can do what’s necessary to make the home habitable and resell the home. Do yourself and the industry a favor and don’t sell uninhabitable homes to people who plan to live in them , unless you put your buyer under contract to make the necessary improvements to make the home habitable by a pre-specifide date, then follow up. Don’t be lazy.
Try it out. Another good thing is to never let your buyer know that they’re making the payments to you. If they think they’re dealing with an individual they can sometimes become beligerent and not pay. Do yourself a favor and be sure to set up a bank account for your business and have them to make their payments to your business and not to you. Remember, never let them know that you’re the owner. You’re an employee of your company, not the owner (as far as your buyer knows).
It always makes getting them to pay or getting them out easier if they think they’re dealing with a large outfit.
Standard eviction verbiage when they call to try to make excuses to try to stop the foreclosure and eviction process: "It’s not my decision, it’s the company. If you don’t pay they’ll evict you in 3 days."
If they still say they can’t pay then: "I understand that things happen, but there’s nothing I can do about that. But I’ll Tell you what I can do. You go ahead and clean the place up and move your stuff out and then bring me the keys and I’ll give you $100 to help you out. You may want to write up a contract for this process too and have them to sign it, just in case they try to move back in.(You can offer more or less $$$, depending on the note; pick an amount that’s anywhere from half to a full monthly payment).
They’ll bring you the keys to get that money. Or you can arrange to meet them at the place at a time and date (just be sure to tell them to have it clean before you get there).
Many times this little technique will not only get them out faster and cheaper than if you have to take them to a JP court. It also insures that they won’t take a baseball bat to your property. It’ll cost you a whole lot more that $100-$200 dollars to fix the place back up once they’ve torn it up. Just consider this an expense of doing business (put it in the expense column and write it off).
Many Many Thanks to JP, Lonnie, and all the many visitors and other authors who make this the Greatest Real Estate Website On Earth!!!
Hope this helps. Happy investing.