THIS NOT LEGAL ADVICE - Just a recap of things I;ve donein the past. You arfe advised to consult a lawyer if you intend to rely on past experience or experiments (grin).
Two possbile options cold be:
if the error is simple (non-material) typo - Google "Scrivener's deed" &/or "Scrivener's affidavit" for ideas. Depending on your state, it may only need to be signed / noartized by a party who has knowlege of the immaterial typo and can attest to the right information (thus an affidavit).
Here's example text of what one migh thypohterically look like:
Scrivener’s Error Corrective Affidavit to Correct Clerical Error in Deed
CORRECTIVE AFFIDAVIT TO GIVE NOTICE OF TYPOGRAPHICAL OR OTHER OBVIOUS MINOR ERROR(S) MADE IN AN INSTRUMENT AS ORIGINALLY RECORDED IN THE OFFICE OF THE County Clerk of Xxxxxxxxxxxx County, Texas.
RE: BOOK: ___________
NAMES OF ALL PARTIES TO THE ORIGINAL INSTRUMENT:
Grantee: X. Y. Land Company, a Texas Corporation
I, the undersigned, hereby certify that the following errors appear in the above named recorded instrument and in, accordance with the provisions of Sections 5.027 through 5.031 to the Texas Property Code, are hereby corrected.
DESCRIPTION OF ERROR(S): Grantee’s name appears as “X. Y. Land Company, a Texas Corporation” rather than “XY Land Company, a Texas Corporation” as registered with the Office of the Secretary of State of Texas.
XY Land Company
STATE OF TEXAS §
COUNTY OF ____________________ §
BEFORE ME, the undersigned, on this day personally appeared Xxxxxxxxxxxxx, known to me to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that he executed the same for the purposes and consideration therein expressed.
Given under my hand and seal of office this: _____ day of _____________, 2021.
Notary Public, State of Texas
My commission expires: ________________
If it is a material error you should be able to do a Corrective Deed, This will likely require the notarized signature of the other party (i.e. the Seller to you). Google "corrective deed form" and you'll find examples. Or go to deeds.com.
I have a self-directed 401K LLC with checkbook control. It is much easier than constantly contacting the custodian. Also, you have access to all investments, such as crypto, stocks etc. You still have to make the initial contribution to the custodian, which is then transferred to your LLC bank account. I am using it for cash flow properties that I hold which is cleaner in my opinion. >> Short-term land flips, consulting, and other business I am using the LLC Scorp and operate as a business. Furthermore, the LLC Scorp can have a solo 401K and you can stuff it with Employer and Employee contributions while offering a strong tax mitigation strategy. >> I agree with the Roth ira strategy too, especially if the property is going to have massive appreciation.
Greg Morris Some of this might already have been said, nonetheless here is my 2c!
Take your condo[refi out some cash] and convert to a nicely furnished semi-long term rental 3-12 months,. higher cash flow great tenants.. [corporate, nurse, educational etc] - Not Airbnb hassle.
$70k equity in current home ($120k value) - Refi at 80% LTV = $70k or so
$50k cash for down payment of SFR rental- Add to the above =$120k - Good
$60k salary - W-2 good for qualify [other units help you qualify]
$30k income from land biz - yearly or equity - Exchange it in 1031 = $30k or more?
$50k student loan debt at 4% fixed - Let it ride for now
SO then you have almost $200k? Leverage that into 2-4 Units!
House hack into 2-4 units FHA with 3.5%-20% down, even better house hack into a fixer rehab loan with FHA 203k - The more down the better and less PMI.
fix and furnish and live in a unit for a year. Refi then repeat. Buy the best 2-4 units you can get in a decent or up and coming area. Think schools, hospitals, tech, corporate etc
You might be able to buy 1 4plex a year x 10 years = Nice portfolio!
I have other ideas to really goose the property too.
Leave the student debt alone as long as DTI is below 43% For Conv and 50% FHA or so
Or even sell a piece of land and do a 1031 Exchange. See above, Land is usually dead equity and not earning any income. Unless you can improve it, entitle it or get plans etc. If it has utilites, figure out all the costs to build and lay that out for the buyer, get bids and create value.
Use those funds to grow [appreciation and depreciation] is going to go faster than that debt, use future dollars to pay off and make a principal payment from your new cash flow from units.
T. J. Hearnsberger Part of your answer is in the question. You need to target places that have properties selling for inexpensive prices. (Whatever that is to you)
Other than that you probably want to select an area where property is easy or at least not difficult to sell. Is there a lot for sale and how long has it been for sale? (Competition) Are there a lot of recent sales? (There must be buyers)
Andrew Flanagan that turnkey concept makes perfect sense. I'm not even an RVer, but if I was, that would look and sound a lot more appealing than a raw piece of land with ZERO improvements made.
If someone just wanted to do the bare minimum, do you think the concrete slab and crushed rock driveway would be enough to add significant perceived value relative to the cost of doing those things?
I'm not handy at all and I don't want to mess around with utility piping, so I'm trying to think of which improvements would have the biggest impact. Maybe I could get away with just doing the slab and driveway?
Seth Williams I think my concern would be not being able to use my own PA and having to use the agents PA. Which I assume they are required by law to use their PA but I could be wrong. And I assume assigning the contract would now be out of the question with an agent. Please correct me if I am wrong about these assumptions.
Sly Cooper I used to use AgentPress Pro for this, which is a pretty basic theme that you can pay for once (no ongoing payment) and then tweak to your heart's content IF you know how to do that sort of thing.
I put together a video on how to set it up for a buying website years ago. All the same information should still apply for the most part.
If you're looking for a template for the questions to ask on your submission form (in the case of a buying website), you can get the exact form I used on my site here: https://retipster.gumroad.com/l/nCEiI
Seth Williams thanks seth! Happy to hear it. I was just thinking to myself that an LLC might be less likely to have inherited the land, or to have purchased the land to build a house, etc. But as you said im sure theres a myriad of reasons an LLC may own a parcel of land.
Seth Williams Thank you for your reply. The parts about this form that bother me are:
This is the only document we have received from Ticor Title.
We have not received escrow instructions yet. So I don't want to sign a form that authorizes the release of funds since it is not stated who they will be released to and how much they will get,
Shouldn't I receive other documents from Tico Title?
When should I sign this document. They asked me to sign it now.
Also the part about disbursing funds including but NOT limited to and without further approval. Wouldn't they be able to disburse funds to anyone and in any amount since nothing is shown on this document?
Sorry about so many questions but I do not know much about real estate. I am refinancing a home and this document concerns me. I have tried to find more information on this form on the internet but I have not found it. I have found other forms that show the information about who will receive funds and how much.
Happy for you that everything turned out great! Still, if there's anyone searching for help, here's the solution. Back in the day, I needed help with one project including a topographic survey. I looked for a good value for money type of service and found a company, which helps with community participation strategies. I decided to contact them and I didn't regret it. I got my request done surprisingly quickly and at a high-quality level. If you're considering getting help with such questions, do not hesitate to take your time and make the right decision. Hope this helps!