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UTPhil2006

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Posts posted by UTPhil2006

  1. On 7/14/2018 at 2:05 PM, MNLonghornFUKM said:

    Ok so my first open house is tomorrow. I'm gonna put together a flyer with info about it and a few pics.

    I have no idea how many agents or people will show up. Any pro tips if I'm suddenly swarmed by like 3 or 4 offers? I know Phil said make a deadline in a PM...but dont commit to anything obviously.

    Anything else?

    Update?

  2. 1 hour ago, RDCanecutter said:

    An alternative is to try to get him to stay. OP grabs all the cash he can and buys up houses from neighbors who want to move away. When OP has all the extra houses he can handle, then get the Aggy neighbor to confront the crazy guy. Once crazy guy is off to prison, then OP buys crazy guy's house and maybe Aggy's too.

    One layer of fresh paint, then sell the lot to California tech weenies. Name one of your kids after me and retire on the profits.

    I like this idea

    • Like 1
    • Haha 1
  3. 11 minutes ago, UTPhil2006 said:

    As far as the mortgage side of things, they would not consider the potential rental income for your DTI (debt to income ratio).  As far as the down payment, since it would be an investment property and not a second home you would be looking at 20% down.

    Now, there are such things as gift equity and such if you are buying from a relative.. I can get into that further with you if you'd like (PM sent)

  4. 2 minutes ago, Nice Guy Eddie said:

    Whats the story on buying a vacation home, from a relative, to primarily rent  to others?  Would a mortgage company consider the potential rental income in determining my mortgage eligibility?   

    As far as the mortgage side of things, they would not consider the potential rental income for your DTI (debt to income ratio).  As far as the down payment, since it would be an investment property and not a second home you would be looking at 20% down.

  5. 9 hours ago, 52-80 said:

    Just a bit of a rant here about the utter nonchalance and lack of urgency in the retail and professional services business in europe.

    I want to buy a house from my colleague-friend.  He owns it outright with no liens.  Seller-to-buyer, no agents employed.

    I have financing all set and ready.  We have move-in date all agreed and free. 

    Standard procedure is to get a notary to register the sale/deed with the county; register with tax authority (to collect property tax); and create escrow account to broker the sale (not really since needed in this case since its not a deal between strangers).  The notary collects a 1.5% fee for this.  

    ***

    Another colleague literally just bought a place this month.  His notary/lawyer executed the contract overnight because it's literally a copy-and-paste job of standard forms with a new buyer/seller names on it.  

    ***

    My bank referred me to a certain notary firm because "they do lots of deals in English so all of our international/UN clients are very satisfied with them".

    I contacted them and we had a few back and forth emails and then they just went on radio silence.  My office is 5 minutes from theirs and they never bothered to ask for a sit-down.  

    The aforementioned colleague said to use his notary instead, and I emailed them "we're ready to buy, we have the date, we have the funds, we have full agreement, just need to execute the sale"... 2 business days and 0 reply.  

    ***

    It's maybe 10 minutes of paperwork and sending 1 assistant to the courthouse in order to collect a 5-figure fee.... and these guys just dont seem to give a fuck.  I don't know if its just laziness or xenophobia or what but between us at the office, we have countless stories of examples just like this.  Like a few months back, I saw a car I wanted listed on 5 dealer websites as being in-stock... i emailed a short "i'd like to buy this specific car, in cash, can you give me the cash price".  1 dealer responded.  It's pretty much free money and seems like nobody in this country wants to take it.  

     

    Laziness (in this or any industry) no longer surprises me.  You'd be surprised how lazy (and rude) some people can be.

  6. 4 hours ago, UTPhil2006 said:

    Montrose/EaDo/Midtown/Heights.

    I'll PM you as we can assist you in the search at no cost to you.

    Just to expand on this we can assist in apartment searches here in Houston and Austin at no cost to you (apartment complex pays (most of the time) us) so if anyone is looking you can always PM or email me phil@reihomerealty.com

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