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Showing posts from November, 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.

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…