All Forum Posts by: Marci Mayes

Are you looking for single family or multi-family? What is your budget? Would you be able to do any rehab after purchase? If so, how much (full-rehab or just cosmetic)? Have you talked with a lender regarding financing? I prefer looking for long term rentals north of Beltway 8. Also, consider Montgomery County. I have picked up two single family rentals there this year. 

There are still deals to be found. Driving for Dollars and Door Knocking still work. Talking to an investor friendly agent can help too. Best of luck!

Is the 1987 home a double wide? How much work does it need? Is it habitable now? These are big questions a lender will ask.

I agree. There are plenty of deals out there for the small guy if you put in the work via Driving for Dollars and Door Knocking. You could also find an investor friendly agent to help you. Best of luck! 

I am not sure how tax bills are calculated in other states, but in Texas your primary residence qualifies for a homestead exemption. For a homestead, the maximum amount of appreciation for property tax purposes is 10% per year. In addition, any primary homeowner over 65 qualifies for the "Over 65" exemption. Most taxing jurisdictions place a freeze ceiling on the tax amount to help prevent seniors from losing their homes.

I will be attending the BiggerPockets Conference (BPCon) in New Orleans as well. It will be my first BPCon to attend. I am extremely excited. My son from Huntsville, Alabama will be meeting me there. He is just getting started in real estate investing. It will be fun networking with people from all across the country, but I would definitely like to connect with other attendees in the greater Houston area.

Great! I'll give them a try. Thank you!

I just talked to PenFed. They will do a HELOC on a non-owner occupied property only if you have 3 or fewer financed properties. Any suggestions for a lender to do a HELOC on non-owner occupied property if you have 4+ financed properties? All properties are in Texas.

Yes, I would wait on the Roth for now. 

I would use my savings to get current on my taxes. Next, I would use the money currently going to monthly tax payments to build up a 3-6 month emergency fund. After both of these are complete, I would start saving for a down payment on your first property. Once the taxes are paid up, your debt to income ratio will look better for a lender. You also need emergency fund/reserves set aside as a cushion before you purchase your first property.