"The Laws have changed in Texas... - Posted by James A. ~ Houston, TX

Posted by JT - IN on October 07, 2001 at 13:59:42:

Your post is ALL too realistic, about the “steering with the knees”, bit. This can make the RE investing game, quite dangerous, at times.

Congrats on getting the hands free device.


PS. Had dinner with John and Carolina Hyre last night. He mentioned your name in a postive way, more than once. We had a great time together.

"The Laws have changed in Texas… - Posted by James A. ~ Houston, TX

Posted by James A. ~ Houston, TX on October 06, 2001 at 07:43:47:

…so you can’t do any of that creative stuff here." Or so I’ve been told by several realtors, bankers, etc. since I moved here last year. The reference, of course, is to anything (sub2, L/O, wrap) that involves current financing. Does anyone have any experience with this “law change”? What Texas Code are they referring to? Does it completely disallow this stuff or are people going on hearsay?

Re: "The Laws have changed in Texas… - Posted by William Bronchick

Posted by William Bronchick on October 06, 2001 at 10:55:51:

They are referring to the change in the contract for deed laws.

I have outlined a summary of the new law and how to comply with it.


Re: "The Laws have changed in Texas… - Posted by Eric C

Posted by Eric C on October 06, 2001 at 08:48:50:

Hi -

Terry is right. Listening to folks is one thing, letting them control your destiny is quite another.

Yes, some laws have changed. So what?

Something is always changing or is about to change. You should learn to accomodate change into your business plan and into your life.

Take your eyes off your hood ornament long enough to decide where you want your investment vehicle to go.

Take care,

Eric C

Re: "The Laws have changed in Texas… - Posted by Terry (Houston)

Posted by Terry (Houston) on October 06, 2001 at 08:35:01:

Kepp on listening to the E’s and the S’s and you will stay one.

The Law they are stating is the Contract for Deed Law. They are right in that most investors will not use that to buy or sell. Has nothing to do with subject 2 or L/O.

But if they think that is the only way to buy or sell they are sadly mistaken.

I picked up 2 houses yesterday on subject to and am supposed to sign another up tomorrow.

People hear what they want to hear, if they are not doing investing don’t listen to them.

Best of luck


Thanks for the Info - Posted by JamesA~ Houston, TX

Posted by JamesA~ Houston, TX on October 06, 2001 at 15:25:44:

VERY useful, I appreciate it. Due diligence, a primary tenet of being an “I”, is extremely important when navigating the dark parking garage of the law.

Most people don’t know… - Posted by JT - IN

Posted by JT - IN on October 06, 2001 at 09:20:06:

That you can drive, and not “look at the hood ornament”. This is a revelation to them, and considered a “risky scheme”. That is why there is so much opportunity abounding, due to “most” of the “can’t do” attitude throughout.

The next thing you will be trying to tell them is that you can drive with “no hands” Yikes!!! LOL


Of course, JT… - Posted by TRandle

Posted by TRandle on October 06, 2001 at 11:59:05:

Hands are supposed to be used to hold the cell phone and take notes on the seller’s situation, correct? We’s got two perfectly good knees for driving. One eye on the notepad and one eye looking for the exits (pun intended).

Actually, I finally sucked it up and bought a car kit for the phone (yesterday) so I’m a little less dangerous now. Gotta mitigate my risks you know…