All Forum Posts by: Jonathan Towell

Just about any local bank should be able to use that equity to secure a line of credit or cross collateralize another loan.

The 2% rule is just a way for you to be able to scan through 100 deals in 5 minutes to pick out potential winners. Some good deals will not be 2%. Some 2% deals will be bad deals. That is why it is always good to run your own pro forma for every deal. That said the 2% rule is monthly rent / purchase price. Equity or a down payment in the deal does not affect that ratio.

The cash only plan is a great way to go to reduce risk. I wish you he best!

Beautiful. Sounds like you are having a lot of fun. Great stuff.

Better to look for the lump of coal in the field of diamonds. See what I did there?! :)

A good banker ought to be able to cross collateralize the equity in those properties. Or, you could use the equity to secure a line of credit.

Usually the county courthouse records are accessible online. Those records will have the owner's name and address.

If the owner still has deed to the property, then it is a foreclosure auction, not REO.

There is still time, though you have to move quick. The owner cannot negotiate a sale. You can negotiate a short sale with the lender, but only with the owner's permission. You could do this part on your own, however, given the tight timeline and the fact that all the steps must be completed quickly and accurately, I would recommend you find a realtor who is an expert in short sales in your area. They'll take a cut, but you're more likely to get the deal done if you have someone doing all the right paperwork at the right time.

Time to evict. Texas is landlord friendly. If the tenant is not paying rent, the judge will almost always issue a verdict in favor of the landlord.

If you start the eviction process, don't accept a partial payment or payment without the late fees.

Time to practice your amazing marketing Nd sales skills. Get you an awesome sign, take some great pics, and get that thing on Craigslist, Trulia and everywhere else you can think. Call the dean of students and the campus housing committee. Ask them where you can advertise on campus. Ask them if they have students in need of housing. In short, get out there, hustle, and sell those rooms. You can make it work.