All Forum Posts by: Clifford Paul

Do other states not require a second non keyed deadbolt on each entry door? It's a state law in Texas that all rental properties have them. I guess our state isn't as backwards as the media would have others believe. 

I have 6 new homes that are crash pads in A neighborhood. Have a deposit on #7 with my builder. Just rented my primary residence in A+ neighborhood for $4800 a month.My other rentals are all B neighborhood's. 

I do buy C and D homes but they are all flops which I immediately sell to local buy and hold investors. Until this last Monday I have never keep any. Keeping these 2 because one is going to be a place for us to stay when in town. The other I gave to a house moving company because I'm building a new office building on lot. Closing on 2 more flops on Friday. 

@Caleb West

Welcome to BP!

Get a piece of dirt and build an RV park for oil field workers. You can both retire in 2 years. RV spots are going for $1200 a month. I'm currently looking for 20 acres. if you come across any suitable property send me a PM.

Sorry if this post is long and a little disorganized but the last 10 days has been really crazy for me. Plus I'm drinking 12 year Aberlour and smoking an AJ Frenandez New World. 

I  will start with the military is moving my wife. Because my wife works long hours she's a commander. I had to deal with all the move by myself including buy another house. 

My wonderful small bank gave us another 5% down 30 year loan with no PMI. That's 42 closed loans in 30 years.

If you have read my success story you already know that my bank gives me the same loan terms on my crash pads. Thank goodness we are only moving 3 hours away this time. In the last few days they packed our house and loaded and delivered.

My property manager got our house rented for $4800 a month with a September 1 start date. Not quite 1% rule but I'm fine with that. When my wife retires in 6 years we are moving back into this house.

Closed on 2 flops today (thank you HGTV). In the last 2 years I have been buying 3 to 4 flops a month. My agent sells these to other local buy and hold investors usually the same day I close. I make $5k a house after her commission and closing fees.

Now I have never keep any of the flops I have been buying, until now. Why did I keep these two? 

I paid $50k for both house's cash. The first house is a 1/1 546 sq ft. 80% complete remolded. I'm putting $25k into finishing it. I will move into it so I can be local to watch over the other project. Then it will become a weekend/Airbnb retreat for when we need to come to town.

The second house is a 3/1 1100 sq ft. I gave the house to a house moving company. They are starting on Thursday on moving it. Why am I doing this because the street this house is on is turning into all commercial.

My agent just completed a similar project and there are currently 5 other houses being moved on my block. She just sold her new commercial building for $690k.

After I closed today I went back to my wonderful little bank and completed a $300k commercial loan for 0% down @ 4.5% interest for 12 months. 43 closed loans in 30 years.

My agents architect only charged me $2k for plans because we are building same building with a change to the front facing.

Better yet my agent has a buyer lined up for the new building already. They lost out on the bid for hers. They already made a verbal bid of $700k. She's going to get a contract signed in the next couple of days. 

My project profit is $350k after holding cost, construction and her commission. 

For a retired guy I'm worn out! But I'm closing on 2 more flops on Friday. Not keeping them!!!

@Ashley Bieniek

Congratulations on your first investment property. After you been investing for 35 years you will look back on this and laugh. I know it seems like a mistake now but stay the course and it will all work out for you. 

Why not start a new website for real investors. Real Real Estate Investors.com

You can charge a 10k membership fee and require bank account numbers to weed out the fakes. LOL

@Charles Stubblebine

I'm retired military and I built my relationship with my hometown bank. See my success story below.

https://www.biggerpockets.com/forums/223/topics/58...

But I fully understand where you are coming from. It would have been hard to do that over and over again every time I PCS.

I was paying cash at first but soon realised I couldn't build my portfolio any larger without loans. Thankfully my father suggested using his bank so when I came home on leave I talked to the banker and told him what I was trying to do. 

That was 30 years ago and it's worked out great for me. I think it's never to late to start a relationship with a bank. Where will we all be 10, 20 etc. years from now. What if someone starts today building that relationship where will they be then. 

@Charles Stubblebine 

Like Omar said it's possible if you find the right lender. Lots of people ask me how I can buy so many properties and I tell them my lender gives my 30 year @ 5% down no PMI.

I bought 6 new houses for 1.4 million in the last couple of years with only around 70k down. Investors are always chasing loans, I say build a relationship with your local bank. 

I have a 30 year relationship with 41 loans closed. I don't know if I would be where I am today if I was always chasing loans.

@Mason Singleton

I started at 18, bought my first rental with $7800 cash from hard work. There's no quick and easy way to get a head in real estate investing. Check out my success story below. I think you will find hard work pays off if you have a plan.

https://www.biggerpockets.com/forums/223/topics/58...

Awesome success story!