I am a new member to the DG Family and Have a question

Read the book , Read and reread. When you know this by heart it will make things a lot easy.

Randy

Glad too hear you made the first step toward financial freedom. This is my opinion , I would read the book through many times until I gain some knowledge and visit this site daily (more then daily). I keep this site up all day, you have people on here that have sooo much knowledge. I would also join your local Real Estate Investors Association (Group), but read, read, read and gain knowledge, remember knowledge is POWER !!!!
Check out everything on this site, just click on something and read about it, read the success stories etc ..I hope this helps, again glad too have you in the DG FAMILY. Take care

Curtis Fillers
(Charlotte,NC)

Don't even look at a real estate office. Its kryptonite to you. You'll open your mouth, come off as an amateur and you'll be on the neighborhood 'Real Estate Investor Fraud' list.

Seriously, you have no idea what you're doing; real estate and deals, and concepts aren't going anywhere. Just relax, read, understand at least the bare minimum. And then read some more.

But after you've read the book 3X over, DO NOT ask "what do I do now???" We will then know you really didn't read and then ignore your posts.

Good luck to you.

Calm down and relax. You are going into overload here. Here is my advice before you jump into the trenches and get bloodied.

Read the book front to back
re-read the book, front to back
Stay on this site and read the posts for your questions
Re-read the book again
Ask questions on this site, but most of them have been answered in forums which are on the front page top left corner, Just type in your question, hit enter and you will find all posts on your question.
Join a Real Estate Investors Club to market with investors just like yourself. Worth every minute of your time

Then come back and ask questions. That simple. The clock is running, so go read. Talk soon and much success...Jan

I want to thank all of you for your valuable input. That is exactly what I needed to hear, that helped massage my mind. May you all have a prosperous year and thanks again !

Does anyone know if L/O are legal in Texas?

You are going to stay SO excited. You will not be able to even sleep.

Just do EXACTLY what you have been told here!

You are already off to a better start than many of the new people are. YOU FILLED IN YOUR BIO!!!!! Congrats for passing the first test

Karen

Here are a couple of paragraphs explaining this situation:

Texas Lease Options
Published on: Monday, February 23, 2009 Written by: David J. Willis, Attorney at Law

Lease-Options have always been a favorite tool of residential real estate investors. It is easy to get tenant/buyers in and usually easy to get them out through the forcible detainer (eviction ) process. However, changes to the Texas Property Code Sec. 5.062 et seq. made in 2005 define lease-options for longer than 6 months as “executory contracts” which are subject to strict regulation under the Code. But what exactly is an executory contract and why should sellers and investors be concerned about it?

Look carefully at Section 2(a)2 of the Property Code: “An option to purchase real property that includes or is combined or executed concurrently with a residential lease agreement, together with the lease, is considered an executory contract for conveyance of real property.” There is an exception for lease-options for six months or less - otherwise, the residential sales contract promulgated by the Texas Real Estate Commission would have violated this provision if combined with a temporary lease. Note that options not combined with a lease as well as options on commercial property are not affected.

So why not simply use lease-options anyway and accept falling within the definition of an executory contract? Many requirements now exist that did not apply before the 2005 revisions to the Property Code. The option must be recorded; an annual accounting statement must be given; there is a right of conversion; lender approval is required; and there are specific notice and disclosure requirements that must be observed, including 30 days notice and right to cure in event of default (60 days if more than 40% of the purchase price has already been paid). Executory contracts are no longer advisable or even feasible in Texas unless the property is paid for or used exclusively for commercial purposes. In addition to stiff penalties, certain violations of the executory contracts provisions of the Code are defined to be DTPA violations, which can result in treble damages plus attorney’s fees.

The whole article can be seen at:

http://www.nuwireinvestor.com/articles/texas-lease-options-52598.aspx