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Showing posts from 2015

Real Estate in The Wild West of Amarillo circa 1880

Pamela Madore
Keller Williams Realty

Real Estate in The Wild West of Amarillo circa 1880

I get curious a lot and I wondered what real estate sales looked like when Amarillo first came about.   I got this information from a lot of different places so I don't guarantee it is all accurate.  Louis L'Amour is my favorite author, too, so you never know what could pop up. Let's just say it is an overall composite fact and fiction (mostly fact).

Potter County was organized August 30, 1887 at which time it had 164 voting citizens.  It is 30 miles square and contains 630,000 acres of land of which 325,000 are school lands that can be taken up by settlers and prospectors in tracts of from 160 to 640 acres.

I always wondered why we have this Potter/Randall line in the middle of Amarillo but I didn't find the answer.  A guy named Randal named the county Randall.  In the register they spelled his name wrong.

Amarillo was the hub for the railroad and cattle, therefore it grew. Hotels and b…

10 Reasons To Become A Real Estate Agent

Pamela Madore
Keller Williams Realty
Tongue in Cheek

1.  You thrive on rejection.  Time after time after time people say no to you.  Sometimes they say it nicely and other times they use words you wouldn't say even outside of the church.

2.  You love to be made looking stupid.  "is that a wood floor of is it laminate?"  "No darling, it is imported Brazilian Bamboo."  Like I see that all the time so I would be sure to recognize it.  

3.  The  comparables  blatantly show the house is worth $300,000.  Seller calls you an idiot, subtly of course, because any idiot can see that the fireplace is stone not brick and the master bath has double sinks. He is stuck on $350,000 for his upgrades.

4.  Your buyer finds the perfect house.  Everything they have been looking for.  It is $400,000.  We go back to the office to write the contract up and the buyer says because of the fact the master doesn't have double sinks and the fireplace is rock instead of brick he wants to offer…

Amarillo TX, 79110 How To Get A Loan To Buy A House

Pamela Madore

Amarillo TX, How To Get A Loan To Buy A House

Getting a loan to buy a house can be scary. It seems as though everyone you talk to about getting a loan tells you a different story.  Lots of them are nightmares.

Back many years ago it was quite different to get a loan to buy a house.  You went to the local bank where everyone knew each other and you said, "I want a loan to buy a house."  And the banker mostly said "sure".

Wow!  Is it so not different now. If you went into a bank today and said that they would first tell you that  they they need every piece of paper that has anything to do with you in the last however many years.  And when you come back bring a pint of blood.
It doesn't have to be that way.  The first thing you need to know is to find someone that knows what they are doing.  (call me).  The hard part about that is that each loan officer at each bank or lending institution knows what they c…

Historic Route 66 in Amarillo TX 79106

Pamela Madore
Keller Williams Realty

                     Historic Route 66

US Historic Route 66 started in 1926 and ran through such cities as Chicago, Missouri, Kansas, Oklahoma, Texas, New Mexico and Arizona. With the advent of Interstates, Route 66 slowly died and in 1985 was removed from the United States Highway System in 1985.

Since then little pockets of Historic Route 66 have begun to pop up and offer an eclectic array of antiques, bars, and churches.

Amarillo is no different, we have begun the process of cleaning
up a portion of Route 66 and bringing back the charm of the old Historic Route 66.  As time goes on it is beginning to stretch on both sides and lengthening  the street.  Recently, I took a walk up and down Route 66 and took some photos.
I had been wanting a spider plant and the owner of the shop for kind enough for let me take some babies.
You can find graffiti and a tattoo parlor next to a church and a church school.
Or perhaps you would like to poke around in an …

Houses For Sale Between $100,000 and $200,00 in Amarillo

Pamela Madore
Keller Williams Realty

Houses For Sale Between $100,000 and $200,00 in Amarillo

In the last 6 months there have been 932 houses in that price range that has sold which calculates at 155 a month that have sold. There are 467 houses for sale in that price range right now.  In Realtor math, that means that we have 3 months of inventory on the market of houses between $100,000 and $200,000.

That is good news for both sellers and buyers.  For sellers it mean that houses are selling faster and for buyers they have more houses to choose from.

Not all price ranges are the same but for houses between $100,000 and $200,000 it shows that we have a robust market.  

The numbers of solds break down like this:

NW Amarillo inside city limits---98
NE Amarillo inside city limits--13
SW Amarillo inside city limits--416
SE Amarillo inside city limits--210

The disparage of the numbers is because any houses outside the city limits were not in the calculation.  

Without question, SW and SE Amarillo are se…

Want To Buy 5 Rent Houses In Amarillo?

Pamela Madore
The Pamela Madore Group
Keller Williams Realty

Owning rental property is not for the faint of heart.  It can, however, be a very lucrative business, According to City-Data there are currently 24,847 rentals in Amarillo.  In this market you will have very few vacancies.

So how would you start to buy a rent house?

The first thing that you would need to do is to determine what profit margin or monthly cash flow you want.  You also need to determine if you want the rental property for pure cash flow or if you are also interested in the appreciation of the real estate itself. 

Vacancies and repairs can eat up your cash flow pretty quickly.  It is nice to have great, long-term tenants that pay on time.  That is not always the case, however.  Therefore, you will need reserves.

If you pay cash for the property then you will have no debt service and the reserves aren't as important.   If you have debt service and a tenant moves out leaving repairs…

6 Years In My Rent To Own And They Throw Me Out---Can They Do That?

Pamela Madore
The Pamela Madore Group
Keller Williams Realty

Six Years In My Rent To Own And They Throw Me Out---Can They Do That?

Let me preface this blog by saying that I am not an attorney and the only advice I will give is to see an attorney.  

This is the question that was asked:

Hello, I have a few questions and hope anyone who knows the real estate laws can answer, anyway, I'm purchasing a house from another person, we had an agreement on price and I have been making payments for 6 years, all of this with hopes I'd be able to put the house in my name and get it financed to pay the person off the balance. Well, things happened and I haven't been able to secure a Loan. So now this person wants to start over completely and make me pay starting Jan the same amount monthly and price of the house and got a lawyer to draw up a letter saying this, giving me 8 days to comply or move out. Can they do this?

My reply, of course, is to see an attorney.

If you "purchase" a ren…

A Visit To Lawyer's Title, Title Plant--The Pamela Madore Group

Pamela Madore The Pamela Madore Group
Keller Williams Realty

If you are a layman and you hear the words "title plant" what comes to mind?  Me either.  I could think of nothing.

Since I am in the business of real estate I have heard of a title plant.  And I had no idea what it was.

Lisa Bray, a closer at Lawyer's Title was kind enough to take me to and show me their title plant.

The first thing I didn't know is that it is a secret.  I was able to get a few pictures but just cursory ones. Why is it secret?  It is proprietary information.  Lawyer's Title has paid for all of the information over many years to have it in the plant and in order.

All of the information is public record, but try going to the court house and find an easement that was filed through a 100 acre tract of land after the owner and everyone in the family died.  100 years ago. Good luck. 

Fortunately, it might take a little looking but it is all there.  While I was there one of the title examiners (Geni…