Mark Podolsky's avatar image.

I help people build a massive passive income utilizing raw land.

My name is Mark Podolsky, I have flipped over 5000 parcels since 2001 and the host of the Best Passive Income Model Podcast

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  • Seller Financing/Texas Executory Contract Rules

    Mark,

    I really enjoy your podcasts and Facebook page. I hope to attend one of your bootcamps in the near future.

    I have heard you talk about investing in Texas on some of your podcasts, and I currently have a lot that I purchased for $400 and have a buyer lined up to pay $250 down and $250/month for 36 months.

    I have combed the counties files and see a lot of contract for deeds have been filed in the recent years, but I have read several websites that say Texas Executory Contract Rules create a lot of risk for the seller in these deals. If the seller is buying residential property (including vacant land that will be used as residential property), It looks like the buyer will be able to get 100% of their money back if the seller does not follow the rules to a "T".

    Another option would be a Deed of Trust, but I believe the cost of foreclosure will be higher than the price that I paid for the property.

    Have you had issues with executory contracts when investing in Texas?

    Thank you,Greg S.

    Mark Podolsky's avatar image.

    Greg,

    We hired a Texas attorney and have created a module in our investors toolkit how to structure a land sale contract in Texas.

    To Engineering Your Success,

    Mark

    Greg Srader's avatar image.

    That is great! And one more reason to buy your toolkit!

    Thanks Mark

    Greg Srader's avatar image.

    I see that the toolkit is no longer for sale. Would you be willing to sell this one module?