Monday, December 28, 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
Real Estate Auction in Amarillo

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 brothels and saloons and all sort of shenanigans went on.  It was called Old Town then and is located in the Buchanan/3rd and 4th areas.  Somewhere along the line it was changed to Central City.


It was said that if a man of means and business minded and willing to work could build a house today that would be worth $10,000 in ten years.
#16 School Sections

The Amarillo Champion newspaper dated May 17, 1888 states the following,

"If an immigrant or a prospector desires to take up a section of land in this county, all he has to do is to come here and willing men will take him out and show him lands free of charge, and assist him in filing on a good section.  There are at this time 180 school sections taken up under the law of 1888"
The Public Sale of Town Lots is pretty self-explanatory.  I find it interesting that we still auction land and houses on the last Tuesday of the month.  It is an auction so no prices are registered.
    Section 16 of each township was reserved for "maintenance of public schools within said township." In the land ordinance, the township is not a civil township but a surveying unit: a six mile by six mile square, divided into 36 one square mile sections.

    Barbecue after auction


    Although the first name in the county records is not Henry Sanborn he is known as "the father of Amarillo:.

    Current Day Sanborn Park
    The Sanborn House


    Henry Sanborn

    You may be able to read some of the things in the old newspaper print but you can see that Town Lots were sold at a pubic sale in Amarillo.  You could take the train from Ft. Worth north to Amarillo or from Deven City south to Amarillo.  

    On the Panhandle Real Estate Exchange, there are a couple of interesting things in that article. First, you will notice that there was a real estate broker involved who weren't on commission.  You will also notice that there was financing available--at 12% interest.  That was the most allowed by law.  

    The next article was for an auction of lots.  The winner of the auction got his choice of location.  If the purchase did not exceed $100 cash was due that day.  If the purchase was over $100 , half was due at the auction and the rest was due in 6 months.   Anything over $200 required 1/3 cash at the auction, 1/3 in 6 months and the balance in 12 months.

    All deferred payments to draw 10% interest from date of sale

    The best part is the Free Barbecue On The Day Of The Sale


    Pamela Madore
    The Pamela Madore Group
    Keller Williams Realty
    3955 S. Soncy
    Amarillo, TX 79119
    http://pamelamadore.kwrealty.com/
    806-290-1920
    http://www.searchallproperties.com/propertyvaluation-plus-one/pammadore/Amarillo-359488



Wednesday, December 23, 2015

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 $350,000.  (#3 and #4 should meet.)

5.  Seller forgets to mention that the two pit bulls in the back yard are friendly.

6.  The house has an alarm.  I have the code.  We are good.  We go in the house and the beep beep is going while we frantically try to find the box.  The phone starts ringing and the police arrive.  The seller forgot to mention that the box was in the back of the closet in the third bedroom.


7. It is always polite to be exactly on time for an appointment.  So you always are.  Ten minutes after the designated appointment you call the buyer to see when they will arrive.  Oh my gosh, I totally forgot.

8.   Seller says that he is not leaving when the property is being shown because he breeds dogs and has to be there.  He wants no updates.  Don't call me unless you have a contract.  Don't put all those pictures in the MLS.  People don't need to know what I have.  Need 24 hour notice to show.




9.  Disgruntled overpriced seller storms into the office and demands to see whoever is in charge.  While waiting he explains  to anyone within ear shot all of the reasons you should not be a real estate agent and how very incompetent you are.  Maybe you shouldn't even be on the planet.

10.  My personal favorite.  You show a first time homebuyer a house.  They fall in love with it.  But they have to show moms and dads first.  We schedule to back a second time.  Dads trying to outdo themselves find countless things that are wrong with the  house and no one should ever buy it.   

But Dad's brother is a contractor so he should come look at it.  We schedule a 3rd appointment.  The contractor comes through the house and calls both dads idiots.  There is nothing wrong with the house.

 The first time homebuyers are elated! We write a contract and move on.  

In about a week you get a call.  The buyer wants to know if they could real quick show their aunts and cousins the house.   We schedule a 4th  appointment.  You are beginning to hate the house.  

Things keep moving on and you are nearly at the end when the buyer wants to know if they can go back and measure for curtains.  You schedule a 5th appointment.  

Hallelujah!  Done and go to the closing table.  Unfortunately, it was a friend's brother that you did this for and they only qualified for $70,000.  You walk away from the closing table with just about enough to buy the gas you spent.


Pamela Madore
The Pamela Madore Group
Loves Being Rejected
3955 S. Soncy
Amarillo, TX 79119
http://myamarillohomes.com



Sunday, December 6, 2015

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

Pamela Madore
http://thepamelamadoregroup.com
806-340-7630

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

Call  806-290-1920 to get assistance in applying for a mortgage loan












Worry No More!!!
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.

Call or Text 806-290-1920
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 can do.  Not all banks and lending institutions have the same rules, programs, interest rates, etc.  So if you go to a bank and they say you don't qualify, you give up.


I run an ad about owner financing and investor financing.  While for some people that is the way they need to go to get a loan to buy a house.  My experience has shown me, however, that more than 50% of the calls I get about owner financing I am able to place them with the right bank or lending institution and they are able to get the loan to buy a house.


It is true that  you will need to provide lots of paperwork but a good loan officer will explain to you
why they need it.

Pretty much the first that happens when you start is to run your credit to get your credit scores. Banks live and die by credit scores,  The thing is one bank might require a 640 credit score and you don't have that.  Well, that is OK because I have lenders that will go all the way down to 580 on credit scores.

Call me!

Pamela Madore
The Pamela Madore Group
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
http://myamarillohomes.com






http://www.searchallproperties.com/propertyvaluation-plus-one/pammadore/Amarillo-359488









Thursday, December 3, 2015

Historic Route 66 in Amarillo TX 79106

Pamela Madore
Keller Williams Realty

                     Historic Route 66




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
Wedding Dress
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 antique shop or where tor you might find a wedding dress.



You will notice that all of the signs up and
down the street are named for states.  It would be 6th and Carolina.  6th and Maryland. That is the local way of describing where you are. On one end of 6th street is a 4 story mall with antiques and deja vue.






Smokey Joe's Texas Cafe
To say that this street is eclectic would be an understatement.   It is a favorite place for bikers to hang out and on a Saturday or Sunday afternoon there could be 50 or 60 bikes backed rear end in front of Smokey Joe's.  Across the street is Mexican food.


Over the last few years may people have worked to clean up the area and make it a tourist attraction.

If you are ever in Amarillo you must visit what is locally known as 6th street.



Pamela Madore
The Pamela Madore Group
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
http://myamarillohomes.com






http://www.searchallproperties.com/propertyvaluation-plus-one/pammadore/Amarillo-359488














Thursday, November 26, 2015

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.
Houses for Sale in Amarillo


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.  
Outside the City Limit


Without question, SW and SE Amarillo are seeing a surge of growth, even within the $100,000 to $200,000 price range.  And with an about $70,000 income (thousands of disclaimers on that number) could possibly be the time to do it.

If you are looking for different price ranges do it here.

Houses between $200,000 to $250,00
Houses between $250,00 and $300,000

For other price ranges visit here.  Scroll down for many price ranges.

We have many financing programs that can help, too.  If you don't qualify with one of the BIG boys, don't fear.  We can help.  Contact us today.


Pamela Madore
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
http://pinkhouseteam.com
806-290-1920













http://www.searchallproperties.com/propertyvaluation-plus-one/pammadore/Amarillo-359488









Tuesday, November 17, 2015

Want To Buy 5 Rent Houses In Amarillo?

Pamela Madore
The Pamela Madore Group
Keller Williams Realty
806-340-7630
http://pinkhouseteam.com

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 needed and it sits vacant for 2 months then you could very well have lost your profit for the year.  

Many people opt for several rental properties.  The theory is that if you have vacancies the cash flow from the other properties will cover the debt service for all of the properties including the vacant one.  

If you have 5 or more properties I would recommend that you get a commercial property insurance policy.  It is more comprehensive and less expensive than getting single policies. 

Remember to put aside money each month for the taxes that all come due in November.

You have now done your homework and decided which direction you want to go.  I will add to that, also, that you will want to determine what price range you want to be in.

 

All of that done, time to find out how you are going to get all of these financed--if you aren't paying cash.  

You can start at your local bank.  Generally on investment property they will want 20% to 30% down payment.  The property must meet all of the guidelines and you will need to qualify.  You can do this with the bank until you reach 5 properties and then you need a new tactic.  Most banks won't go over five properties plus your primary residence.  





 

Some creative ways would be owner financing, investor financing, or private money.  The interest rates will be higher on these types of loans but usually you don't have to put as much as a down payment.

My advice?  Start small.  Buy one property and get used to the feel of it.  Learn how to screen for tenants and fill out a lease.  Collect a few months of rent and see if this is for you.  If so, keep going.

As with all landlords, you will have horror stories!

For information on putting your plan together, call me for an appointment and I will help you with the details!

Pamela Madore
The Pamela Madore Group
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
806-290-1920
http://pinkhouseteam.com

Sunday, November 15, 2015

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 rent-to-own house, generally you give the owner a sum of money toward your "down payment" whereas after a period of time you can purchase the house at a pre-set price.  

 

The title or deed remains in the owners name and you are really nothing more than a
tenant.  Tenants can get evicted for many reasons.  No matter what the original paperwork says, you are a tenant.

There are laws that protect people like the person described above.  Unfortunately, many times they don't have the funds for an attorney.  

The law actually leans toward the "buyer" and if the seller doesn't do a myriad of things they can be fined up to $250 a day, as I understand it.

I found a couple of very good websites that explain exactly what happens in a rent-to own/lease purchase.  As you will see the buyer is the one that is protected.

http://www.lonestarlandlaw.com/Lease_pur.html

http://codes.lp.findlaw.com/txstatutes/PR/2/5/D/5.077

http://codes.lp.findlaw.com/txstatutes/PR/2/5/D/5.081

If something like this has happened to you or you know someone that has had it done too start here:

https://www.usa.gov/state-consumer/texas

Personally,  as a  Realtor ,I won't represent a client that is the seller or the buyer.  There is too much risk and responsibility involved.  

ALWAYS make sure you get the deed.  When in doubt, see an attorney.  Or better still, use a Realtor and find a house you can qualify for.  Like me.  

Pamela Madore
The Pamela Madore Group
Keller Williams Realty
3955 S. Soncy
Amarillo, TX 79119
806-290-1920
http://myamarillohomes.com



Saturday, November 7, 2015

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

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 (Genise) was doing just that.  Looking for an easement on and older transaction.  She meticulously went through book after book and probably some microfiche until she had a list of about 10 places and one of those places should have the information.

One thing I learned from that is that when we say to a title company we have a "rush job", not all jobs can be rushed because of the manual labor that has to go into it.

Title Plant Documents

I got a chance to nose around in a couple of book but the most exciting one was the very first book of Amarillo.  It went all the way back to the first transaction in 1882 when "sovereignty" or a "patent" was issued by the state of Texas to last names Gunner and Munson.

Who were they?  What did they do?  I love history.









I was trying to listen so fast that I might have missed a couple of statistics but I think that everything since 1993 is on computer.  From 1972 to 1993 all of the documents are on microfiche and before that are the big tomes.

Every day there is someone at the courthouse catching documents as they are being filed and transfer them to the plant to be processed.  That is why title companies do an "update" just before closing.  To be sure no one stuck a lien in there somewhere.

Visiting the Title Plant gave me a new respect for what Title Companies actually do.  The work that goes into everything to make sure nothing slips by.  And Shana is right on top of it all.  If something is even a little bit questionable, she sends it to her underwriter just to be sure.

Do you want clear title to your property?  Make sure your title company has the ability to go back to Book 1.

Lawyer's Title Escrow Agents


For more about title insurance, call Lisa Bray  806-576-0481 at Lawyer's Title. And thank you Adam for taking our video.





http://pinkhouseteam.com

Pamela Madore
The Pamela Madore Group
Keller Williams Realty
3955 S. Soncy
Amarillo, TX  79119
http://pinkhouseteam.com
806-290-1920