All Forum Posts by: Jeremy Godwin

I have posted on here before about how since my family lives fine off my salary we can save everything my wife makes which is about 35k, I have a good amount of savings and my plan was to buy a house every year but from what I have read/heard lots of people talking about a housing bubble in Dallas specifically Collin county that should pop in 2018ish when all the companies moving here are fully staffed and the builders catch up to the demand. I wanted to know what every body else thinks would it be better to continue my plan of 1 house per year or would it be more wise to take a break and save for the deals when the market tanks. Me personally I am skeptical of a bubble because even in 2008 the housing market in DFW was relatively unaffected. 

I am 24 just bought my first home in Mckinney Texas and my wife is a stay at home mom with our 2 year old son, I am only a paramedic and make about 45k per year. The American dream is really not hard to achieve and to anyone who is interested I tell them to read Dave Ramsey's book before you Read rich dad poor dad.

use the bigger pockets rental property calculator on the website it will help you. as far as specifics you would have to ask a mortgage company or bank what the closing costs would be, property taxes is public info and you can figure a mortgage by googling mortgage calculator.

I know I live in Texas and I have not heard a single person say they are wanting to move to Canada or anywhere else just because trump won. I think people are just blowing hot air, Americans say that after every single election.

Brandon one of the creators of bigger pockets has a great video on you-tube its called I how i quickly analyze a deal. he addresses things like 1% rule and why sometimes the 50% does not work. you should check that out.

I also live in Texas specifically the Collin county area, Texas is a great place to start investing and welcome to BP. advantage of the free courses on this website and the calculators its awesome.

for an investment property it is my understanding that whatever your offer is be ready to put 20% down, I do not believe it covers rehab costs that would be separate. so 100k home  would be 20k down and maybe need 10k in rehab for a total out of pocket cost of 30k.

I agree with edgar sulca, be upfront with your lease and rules up front. If you use a standard lease and add in stuff about pets and tenant liabilities for damages and the tenants do not like it they can go somewhere else. better to be more detailed then not, cover your own butt man.

have you figured in maintenance and property management into your numbers? what you have there looks good to me, Me personally 6 units for 200k is right up my ally in the collin county area single family homes built in 1960s go for 200k however I am not familiar with your area.

Thank you guys for the feed back, I really thought I was gonna ripped a new one for some reason