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Are You A “Tired Landlord” In Texas?

by Feb 25, 2021

A tired landlord could be anyone with an investment property who is looking to exit the deal. For example, this type of investor may be experiencing one of the following situations:
  • Out of state or out of country owners.
  • The investor is tired of managing the tenants, the properties, or the Township’s requirements.
  • The investor/landlord has gone through a catastrophe or pandemic such as COVID-19.
  • The investor owns numerous units or owns property out of their area of expertise.
  • The investor has inherited the property, and he/she is no longer interested in the real estate business.
  • The investor needs to dissolve an investing partnership.
  • The landlord has little cash flow or owns an upside-down property with little or no equity.
We love working with all types of real estate investors. Working with us has its own advantages including finding a deal and helping an investor exit their deal.

Advantages of working with us

Are you a landlord tired of dealing with difficult tenant issues, forbearance or COVID-19?

Are you behind on your mortgage due to late rents or can’t make necessary repairs due to low cash flow due to the pandemic, loss of your employer income or any other reasons?

Do you consider yourself a motivated seller and are knowledgeable about real estate investing? Do you have a mortgage? Does your home need some repairs? Do you owe payments? Are you willing to work with creative financing options?

In other words, are ready to get creative with your deals? We are flexible and able to work with landlords vs. banks and real estate agents. We can do seller or owner financing, we can buy cash out on some homes. Give us a call to find out what we can do.

Also, there are no real estate commissions being paid so everyone is starting with a lower number. This means more money goes to the landlord seller vs mortgage fees and real estate agent fees.

We even consider properties that are rent ready or currently tenant occupied. For example, if the investor was having a hard time selling the property, it was already prepped for sale and so that means it would be rent ready.

Are you just ready to move on to other hobbies or investments requiring less time and effort? Ready to retire and live your dream life and want to cash out?

How can we help you the tired landlord?

Of the tired landlords that I bought from, I met many of them through networking with other real estate investors. Some just want to get out of the business. Some are wanting to downsize their portfolios. Some just want to move on to new adventures or investment strategies. Have you had a recent divorce, inheritances, a loss of job, or just need to get more cash flow with less headaches? Does that fit your profile, ready to find a solution to your rental nightmares? If so you came to the right place.

It may be you are looking for an opportunity to sell fast and sell easy. Are you the tired investor trying to find the exit for their deal that they’ve been looking for? Let’s see how we can make it a win-win.

Owner financing options for sellers in Texas

Pro’s for Sellers

N

Can Sell "As Is"

Potential to sell without making costly repairs that traditional lenders might require.
N

A Good Investment

Potential to earn better rates on the money you raised from selling your home than you would from investing the money elsewhere.
N

Lump-Sum Option

The promissory note can be sold to an investor, providing a lump-sum payment right away.
N

Retain Title

If the buyer defaults, you keep the down payment, any money that was paid—and the house.
N

Sell Faster

Potential to sell and close faster since buyers avoid the mortgage process.

Con’s for Sellers

M

Dodd-Frank Act

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, new rules were applied to owner financing. Balloon payments may not be an option, and you might need to involve a mortgage loan originator depending on the number of properties the seller owner-finances each year.
M

Default

The buyer could stop making payments at any time. If this happens and they don’t just walk away, you could end up going through the foreclosure process.
M

Repair Cost

If you do take back the property for whatever reason, you might end up having to pay for repairs and maintenance, depending on how well the buyer took care of the property.
For information help Eviction Diversion Programs for Landlords and Tenants see Texas Website.

Also find forms there.

Eviction Diversion Program

Overview

Established by the Texas Supreme Court, the Texas Eviction Diversion Program is a voluntary program that allows eligible landlords and tenants in Texas to agree upon a resolution relating to eviction and non-payment of rent.

When an eviction is filed, a landlord is required to review information about the program and attach an approved statement and brochure to the citation.

At the eviction hearing, the judge must discuss the program. If both the landlord and tenant are interested in the program, the judge is required to follow certain steps as outlined on the program website.

Effective February 15, 2021 for all counties and cities in Texas.

For more information, you can call The Texas Legal Services Center’s toll-free hotline at: 855-270-7655.

The Texas Department of Housing and Community Affairs also offers a website about this program.

Eligibility

For Tenants:

  • Household income at or below 200% of poverty.
  • Household has been financially affected by COVID-19 pandemic.
  • Tenants are INELIGIBLE if they are receiving tenant-based voucher assistance, are in a unit receiving project-based assistance, or are in public housing.

For Landlords:

  • Assistance for rent no older than April 2020.
  • Rent for the household assisted may not exceed the TDHCA maximum limits.
  • Must have a bank account and accept direct deposit.
  • Units that are already receiving project-based assistance or are public housing units are INELIGIBLE.
  • Units that are owned by a unit of government may be ineligible.

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