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Author Topic: Calling Tim Randle  (Read 8775 times)

Offline Eric

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Calling Tim Randle
« on: January 10, 2003, 07:52:38 pm »
Hi Tim,

I come to this site for the first time at the recommendation of John$Cash$Locke.  I'm in the DFW area and do a little rehabbing and flipping, but have questions specific to owner carry legalities in Texas that I thought you might be able to help with.

My interest lies in selling a couple of properties I have and wrapping some sort of device to carry it myself.  I'm speaking of my primary residence and one of my rentals.  I've been through courses that speak of selling using an AITD, CFD, Land Contract, Wrap-around mortgage, etc., but I've never done it and I don't know which instrument is legal/best to use in Texas.  I expect my pursuit of a Real Estate Attorney will help, but I wanted to jump the gun a bit.  I have existing mortages on both properties and am familiar with the DOS implications.  That being said, I want to sell for max profit and avoid the whole appraisal game.  I'd be interested in carrying back for 2-3 years and don't think I'd have a hard time finding buyers.  Can you help?

Offline Admin

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Calling Tim Randle
« Reply #1 on: January 10, 2003, 08:41:32 pm »
Eric,
An AITD is one of the instruments you can use here.  Generally, you wouldn't want to sell a property on a CFD due to burdensome reporting requirements and other rules which were put into place about 18 months ago.

I would suggest sending Charles Brown an email or private message through the board.  He's an attorney and can help set things up for you.

Hope that helps.

You can find CB's info here.
http://www.texasrealestateclub.com/forums/phpBB2/viewtopic.php?t=28
There's Only Two Things in Life: Reasons and Results.  Reasons don't count.  - Anonymous

Offline Eric

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Calling Tim Randle
« Reply #2 on: January 11, 2003, 01:13:01 pm »
Many thanks, Tim.  I've emailed Mr. Brown at your suggestion.

 




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