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