All Forum Posts by: Daniel R.

MCK- 30 fixed for 4.8%, personal not LLC, once the dust settled the deal got escrowed- which i personally dont mind but i didnt request it, i figure they thought it best because im young idk..

Jamie, what area of town are you in?

Sam, yes first investment property

Bryan, PP was ~55K

i closed on a 4/2/2 rental yesterday. the house is in good condition, just needs a lot of cleaning up (the people had 3 big nasty dogs inside)and paint-n such. biggest expense will likely be new a/c unit. but overall nice place in a decent, developed area in east houston.

i financed about 40k at 4.8%interest with 20%down.

hopefully it will be ready to rent in about a month. rental comps are $1,100.

thanks BP for all the information that helped motivate me.

i dont know alot but i would say to these people- lower the cost of your living expenses.

i plan on a long term hold. market is saturated with renters. as you probably know houston has large oil and gas industry- specifically in my area there are many petrochem plants and such (ei: pipe yards, fabrication shops, drilling compnaies)

ya FMV seems correct.
property taxes are ~$2K.
not really sure about the lot size impact, you sparked me enough to check into more closely- why did they sell for 15K more.

good stuff, thanks,

Hi everyone, thanks in advance for your time.

im considering a 3/2/2 in Houston, TX for 60K; would like your thoughts and comments on the deal.

the house was built in 2007, it is 1500sf, in a decent developing neighborhood. the comps are 75K- both had bigger lots, like 3x bigger. the rental comps are $900-1100 per month.

I will be using Homepath to finance 10% down and ~5.25% interest. the estimate i received from the lender showed ~5K closing costs and estimated monthly escrow (taxes, mortgage, and insurance) around $650.

Mitch, the two airports in houston are Hobby and Bush Inter. i live about 15 miles from Bush. there are plenty of nice, safe blue collar neighborhoods around particularly south on the beltway 8 like around wallisville rd.

Brian- i am no expert but i know a war zone when i see one.

about a year and half ago real estate investing was not even on my radar. my pastor/mentor had convinced me to get out of the high rent district and cram into a small 3 bedroom house with 2 other friends- which allowed me to save up money ($800 a month to $250!!). with the savings he advised i pay off all debt (about $6,000)- which i did in less than 6 months. Finally, he advised i buy a house by taking advantage of 2 separate government programs (i was making less than $35,000 at the time which to the Fed made me poor). i closed on a 4 bedroom 2.5 bath pad Dec 2009. i currently make over $1,100 a month renting my spare bedrooms out to peers. i am single so i can do this but my point is use what you already have to make money or surround yourself with good people who will help you make good decisions.
yes i would like to have the cash to buy my first investment property. yes i would like to have the drive/time to go out and make great deals without tons of cash. however i am using what i do have to the max.

thanks everyone for your input. is everyone ok with closing this topic?
i would like to close this topic.