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This is the actual process after you have executed a contract in Texas.  These next steps are usually what happens while the contract is sitting in escrow at a title company. Opening Escrow: The buyer and seller typically agree to use an escrow agent to facilitate the transaction. The escrow agent is a neutral third party who will hold onto the funds and documentation for the duration of the transaction. Initial Deposit: The buyer will usually make an initial deposit, also known as “earnest money,” which demonstrates their commitment to the transaction. This deposit is typically between 1-2% of the purchase price and is held in the escrow account until closing. Title Search: The escrow agent will perform a title search on the property to...

The process of taking a home through probate in Texas can be a complex and time-consuming process. Here are the basic steps involved: Filing the probate application: The executor of the estate or a beneficiary of the will must file an application for probate with the county clerk of the county where the deceased person lived. Notifying heirs and creditors: Once the probate application is filed, the court will issue a notice to all interested parties, including heirs and creditors, informing them of the probate proceeding. Appointing an executor: The court will appoint an executor to manage the probate process, pay any outstanding debts, and distribute the assets of the estate. Inventorying the assets: The executor must prepare an inventory of all the assets of...

Equity: Homeownership is a great way to build equity over time, as you pay down your mortgage and your home value appreciates. Investment: A home can be a good long-term investment, with the potential for a return on your investment if you decide to sell your home in the future. Stability: Owning a home provides a sense of stability and permanence that renting cannot match, and can provide a place to raise a family or retire. Tax Benefits: Homeowners may be able to deduct mortgage interest and property taxes from their income taxes, which can result in significant savings. Pride of Ownership: Owning a home can give you a sense of pride and accomplishment that comes with achieving a major life milestone. Control: When you...

A 1031 exchange, also known as a like-kind exchange, allows a taxpayer to defer capital gains taxes by exchanging one investment property for another. Texas follows the same federal rules for 1031 exchanges as the rest of the United States. Here are some of the important rules to keep in mind: Property Type: Only real property held for investment or use in a trade or business qualifies for a 1031 exchange. Personal use property, such as a primary residence or vacation home, does not qualify. Time Limitations: There are strict timelines that must be followed in a 1031 exchange. The taxpayer has 45 days from the sale of the relinquished property to identify potential replacement properties and 180 days from the sale to complete the...

This is my version of Aaron Franklins famous and revered Brisket.  And yes, I capitalized Brisket.  If you’re from Texas or planning to move to Texas, you need to learn how to make breakfast tacos, and a Brisket.  I get my briskets at H-E-B trimmed with the deckle removed.  This is a personal preference and many will differ, but this has worked for me.  You will continue to craft your process, as you start to cook.  I have ruined a few, and even had my version of Lincoln Riley’s, (google OU Lincoln Riley’s Brisket J) so don’t beat yourself up if it doesn’t come out perfect the first time. Pick your Brisket and trim to liking. If it’s your first time, I wouldn’t trim too...

Buying a home can be an exciting but overwhelming process. Here are some of the first steps you should take when buying a home: Determine your budget: Before you start looking for homes, you need to know how much you can afford to spend. Consider your income, debts, and other expenses to determine what you can comfortably afford to spend on a home. Get pre-approved for a mortgage: Once you have a budget in mind, it’s a good idea to get pre-approved for a mortgage. This will give you a better idea of how much you can borrow and will also make you a more attractive buyer to sellers. Find a real estate agent: A good real estate agent can help you find homes that...

When buying a home, there are several fees that you should be aware of in addition to the purchase price of the home. These fees can vary depending on the location, type of property, and other factors, but here are some of the main fees to keep in mind: Down payment: This is the amount of money you pay upfront when purchasing the home. It is usually a percentage of the purchase price, and the amount can vary depending on your lender and type of mortgage.  The range is from 1% – 20%, sometimes more if it’s an investment property. Closing costs: These are fees associated with the purchase of the home, including fees for title search and insurance, property appraisal, loan origination, and other...

Typically, home improvements that provide the greatest return on investment (ROI) at resale include: Kitchen remodels: A well-designed kitchen with updated appliances, countertops, and cabinetry can add significant value to a home. Bathroom remodels: Like kitchens, bathrooms are key areas of focus for homebuyers and can also offer a good ROI. Adding a deck or patio: Outdoor living spaces are popular and can increase the value of a home. Painting the interior or exterior: A fresh coat of paint can do wonders for a home’s appearance and value. Installing new flooring: Updating flooring with hardwood, tile, or luxury vinyl can also help boost a home’s value. Finishing a basement: Converting unused basement space into a functional living area can add square footage and value to...

Get pre-approved for a mortgage: This will give you an idea of how much home you can afford and will make you a more attractive candidate to sellers. Research the market: Look at home prices, property taxes, and crime rates in the areas you’re interested in. Find a good real estate agent: A good agent will be able to guide you through the process and help you find homes that meet your needs. Make a list of must-haves and nice-to-haves: Determine what features are essential for you in a home and which one you can live without. Be prepared to move quickly: Once you find the right home, be prepared to make an offer and move forward with the buying process quickly. Be prepared to...

Yes, it is possible to use a self-directed IRA to invest in real estate. A self-directed IRA is a type of individual retirement account (IRA) that allows the account holder to invest in a wider range of assets beyond traditional stocks, bonds, and mutual funds, including real estate, private businesses, precious metals, and more. The Internal Revenue Service (IRS) has specific rules and regulations that must be followed when using a self-directed IRA to invest in real estate, such as not using the property for personal use and not engaging in any prohibited transactions with the property. It’s always best to consult with a financial advisor or tax professional before making any investment decisions with a self-directed IRA. The process of using a self-directed IRA...