Texas Investors - my brother needs help. - Posted by Ben (FL)
Posted by Ben (FL) on June 29, 2001 at 07:33:21:
My brother owns a house in Georgetown, Texas, just outside of Austin. He’s moving to KC and the people who were about to close on the purchase of his house just got fired, so they backed out. Now, I’m getting all this from my Mom. He knows I’m into RE, but I’m the “little brother”, so he has not yet thought to ask me for help.
He has already bought some land in KC to build a house on, and just paid deposits on a townhouse to live in during the construction. He needs immediate debt relief. I’m thinking Lease/Option time. Knowing him, he will resist, at first, because 1) He’s only heard me talk about a little during Christmas, and he thought it sounded pretty risky (I need to show him my income statement) 2) he will feel he has no control, and 3) he thinks he will have no recourse if the t/b’er bails.
I’m looking for an investor in that area that may help, either by doing a sandwich lease for reasonable terms (Payments = PITI for mortgage balance + 1/2 closing costs), or providing some management-type services (t/b’er screening, eviction if necessary, occasional drive-by’s), for a modest fee, of course. If an eviction became necessary, and you were to do it, then of course you would be first in line to scoop up the house at mortgage balance. Of course, any efforts will be compensated - although I am hoping to avail myself of the good natured, cooperative atmosphere this site promotes.
I don’t have all the details on the house, but I do know it’s in a newer subdivision, construction was completed in 1998, 4 or 5 BRs, 2.5 baths, and it is assessed at $180,000. Knowing my brother, he probably put 20% down on the purchase, so at least ther will be that equity to work with.
Don’t worry about motivation. He’s motivated but stubborn. I can handle him though.
If anyone wants more info., please respond.