All Forum Posts by: Bruce Lynn

I like North too.  Numbers probably make more sense today, but they will grow.  One of the hottest growth spots in the country now is 380 corridor between Denton and McKinney....so may even need to get a little north of there.  

Do more work than the next guy or the average guy.  Research more properties, visit more in person, know what your buying, know your rehab costs inside and out, plan for contingencies, buy smart.   Don't get tied up in bidding.  Bid what you know, and know your exit strategy.   Some people can out bid you, but you never have to let them out work you.

I often say....the house you buy for rental is/should be entirely different than the house you buy to live in.  Some people try to combine these things and I think that's where lots of investors run into trouble.   Just an example is that you might want vinyl floors in the house you buy for rental.  You may not want granite counters.  I like the solid surround bath enclosures for rental.  Less costs, less maintenance.  However for my primary residence I might like tile with grout on the floors and bathroom walls.  I might want granite in the kitchen and bath counters.    I might want a sprinkler system on a rental, where it might not matter as much on my primary.  I trust myself to water, I don't trust tenants to water.   Hope that makes sense.

Are you sure your MIP drops off at 78%? Some FHA loans have MIP that never drops off the life of the loan. If your FHA loan was made after June 3, 2013...they don't allow you to drop. You have to refinance to get out of it....then if it is an investment property you might need 25% equity to get investor loan. Just something to think about. I hate MI too and whatever you can do to get rid of it, probably makes good financial sense.

WOW....good one....I had one similar in Duncanville something like 25 affidavits.  Lucky title company did it for me for free, but price was much higher.

Maybe you through a family reunion for them...every one of the heirs gets $100 for attending, but they all have to show up and sign to get the money.  If one is missing all they get is dinner. 

Not sure it is worth it for you....but that's one idea....or maybe make it a drawing for $1000.

I believe you can only use VA for owner occupied homes. Have you checked with your lender to see if they will allow you to buy investment property?

I believe VA loans are for owner occupied residential property only.

There may be a couple of exceptions, but you'll want to check with your lender.

I had it listed a few years back....see the picture on my Linked in profile.
https://www.linkedin.com/in/rbrucelynn/

It's for sale about every 4 years.   Price is probably about $1 billion.  It's not freehold though, more like short term lease for 4 years....but due to the price and the benefits...it feels like you're buying it.   There is also an option to renew the lease for an additional 4 years for another $1billion or so.

Go to your local title company and they will walk you through the process step by step.  Typically from what I've seen they will not issue title insurance before 2 years from the deed file date.  Your investor client may not need or want title insurance.  You probably want to use a special warranty deed, not quit claim, but you can discuss that with title or your attorney.  You may also want to address redemption rights in the contract you use with the buyer, so that is fully disclosed if timing is such that redemption rights are still in place.  Title co can still do title research for buyer, perhaps just not issue title insurance, or add as an exception the redemption rights.