All Forum Posts by: Justin Fox

You usually get a discount on the home's taxable value for the different entities (up to 30% for some, 20% for ISD (here at least)) as well as a 10% cap in increased value, when homestead.  So when evaluating a property in Texas, always, always use either the purchase price or current valuation, which ever is higher,  and multiply that value by the collective property tax rate to calculate your property tax carrying cost.

I'm doing great in Texas, you just have to buy good deals and appeal your taxes every. single. year.  I don't even have a city or water district tax and my rate is 2%.

If you ever find that you can't increase rents and aren't happy with the flow, sell.  Or... sell your current home, move into the rental and sell it in two years. 

Yeah I would only do an ARM if I planned to sell before it reset. I wouldn't sink money in to the payoff. I've paid off a house in 4 years before. It's not as exciting as it sounds. You get a piece of paper letting you know your lien was released, aaaaaaaand then you cash-out refinance.

Can you not get an eighth loan but conventional 30-year fixed?  Lower DP and rate a little better.

1. Save up a personal emergency fund (6 months total expenses).

2. Save up a 6-12 month student loan reserve fund.

3. Save up for a down payment and 6 month carrying cost reserve for an investment property (based on your criteria).

4. Search for and buy property.

Instead of doing one extreme thing versus the other, set goals and learn how to balance, manage and hedge against your liabilities properly.

Just tear up the agreement and look for another tenant.  This one is going to vape/smoke/burn candles in your unit/property anyway.

This is why you send a copy of the application and tenant criteria prior to doing background searches, let alone signing lease agreements.

@Kevin Coggins

Was that an intro rate?  Or a rate from a previous bank they took over and still honor?  I only found .05% on their site.

Thanks

You start living in it.

Most lenders won't do a cash out refinance for a loan balance of only ~40,000. Every one I've ever talked to said no lower than 70,000. If all you want is the 40k, then the HELOC Is probably your best bet. Little higher interest but you pay on the drawn balance, you don't start paying for the cash immediately like a refi (following month). I think you pay on a HELOC like a credit card though (it's based on the balance) and you pay a minimum % of the balance and etc (i think). So that could end up being a pretty hefty note.

My rentals have been about 2 to 3 miles from me.  Anything outside a 45 minute round-trip commute would probably result in me interviewing management companies.

Wake up and go to work.
Work from 7 - 4.
Counting down the days until I'm 48.
Get home and jump on the trampoline with the kiddos.
If we're building a house at the time and it's at the finishing stages, go back to work.
If we're painting cabinets for someone, go back to work.
If we're making concrete counter tops, back to work.
Right now we're getting back together after Harvey, so back to work lol.
If not, play some guitar, listen to my oldest play guitar or piano or take turns with the kids doing pull-ups, maybe watch a movie or go to dinner.
If I have receipts to archive, I'll do that later or make a change to the management program I wrote if I'm feeling ambitious, or watch the tube.
If it's Friday (summer time) sometimes spontaneously book a hotel in Uvalde and go float the river.  Pretty soon it will be between that and ATV'ing in Arkansas which is probably the greatest thing ever!