All Forum Posts by: Mary lou L.

@Tim JohnsonI have a contractor who I am working closely with. He is great about keeping costs down!

The plan is to refinance in 6 months, I would hope at least to cover some repairs, and have some leftover to get another one!

I finally got the closing documents, and deed is recorded!

I found this property on Craigslist, 3bd 2 ba 1500 sqft owner financed. Terms are 46000 at 9.5 at 20 years. ARV is 80000. I plan to hold as a rental. Rents are from 700-900.

This property is in Iowa Park, Texas.

This property was attractive because of the cost to get into it , 1000 down, 400 closing cost. I already have a property in the same town.

Roof is good, all brick siding, newer AC. Plumbing is good.

Property was full of stuff as well, but clean out was done before seller listed it. Thank goodness!

Now the fun starts with the rehab. I have budgeted 15000-20000.  

Plans are:

Replace flooring with tile throughout.

Rehab bathrooms replace vanities and massive cleaning where needed we will try to salvage tile on icky shower.

Repair drywall and paint all rooms replace doors. install new ceiling fans.

Replace/repair cabinets in kitchen, new countertops, sink, faucet, backsplash.

Here are the before pics!

Yeahhh its pretty bad

The houses are out there!!!

HI there! Currently I have one home and waiting to close on another near Wichita Falls!

I would keep on learning about the areas you want to invest in. Look at the completed listings (if you have access) to see what property is selling for, Craigslist for rentals and homes for sale. (You might even put an ad up yourself!)

Make a map of different areas, mark where schools (boundary maps), universities, hospitals are. If you can make a trip to the area and get familiar with different parts of town, so when you do get calls you aren't scratching your brains trying to figure out where it is.

How far are hardware stores, plumbers, a/c business? The house might be a real bargain but if all of those people are an hour away it might make a difference.

Google Earth! The first thing I do is  take a look there, most info is at least 2 years old. so you have an idea about the area if you cannot drive it.

I,ve found so far Wichita county has friendly databases to get tax information, appraisals, and map information. Get familiar with those, that will really help in your analyzing properties.

Owner financing seems to be big in Texas as well. I am completing my first and I am sure to learn a lot about it!

Print out this!

https://www.biggerpockets.com/files/user/svornholt...

I wish I had this sooner! I have so many pieces of paper/notebooks with scribbles it isn't funny!!

Get with a lender to see what they might do for you. It will help to have a name to go to when you find a property.

Get all your documents in pdf in a folder so you can send them quickly to the lender, (DL SS card if needed, tax returns, bank statements usually you can get current ones from your banks website)

Pay off as much debt to increase your Debt to Income Ratio.

One thing I understand in Texas is they need a survey to refinance or bank finance. If there is one available you should be able to use that, if not its about 5-600 to get one done.

I went with AMP Lending out of Katy, they were great and they took the time to educate me on a few areas!

These have been my experiences so far, and things Ive learned or wish I knew (I do have lots more to learn though! LOL)

Good luck to you and if I can help in any way let me know!

Watched it last night on Apple TV. 4.99. Its also on Amazon for rent at the same price.

The movie had the typical "disparate guy sucked into some shady stuff" story line.

Pretty good, the scene with the old man was sad :(. 

He did good in the end...really did feel for him at times! I kept thinking "what would I have done in the same situation?"

Love it! Love it Love it!

Of course my first concern is cost and time. I would take the first two rows at the transom (that will take care of the stained ones) , and just fill that piece in with whatever you are putting in the next room carpet or tile. (If it can be done)

As others have suggested just stain it a nice dark brown. I think hardwood or tile is better next to a fireplace anyway.

Here is a link with some pics!

http://www.houzz.com/dark-stained-parquet-flooring

It looks pretty sharp!

I was stationed at Sheppard as an Instructor in the late 90's. I bought a house in Iowa Park, which is about a 20 minute drive (at least back then.)

I still own that house, now rented, and will close on another there hopefully next week!

As far as taxes, verify your homestead exemption, that may change after you leave the house and rent it out.

Congratulations on finding a house!

As @Rick Pozos mentioned, owner finance is one of the ways to go! It seems in Texas (I am in California) this is a very common way to get into properties.

I picked one up near Wichita Falls, I was looking on Craigslist, and it popped up, 1000.00 down, closing costs, and title insurance. The trade off was the rate of 9.5. I will refinance in 6 months once the tenant is in.

It needed some rehab, but mostly cosmetic 4-5000.

The purchase was 46000 and ARV is 78000.

Keep looking and something will come up!

@Mary Ann Casey Unfortunately no. That looks like a wonderful place!

I'd like to get some leads on places to find cabinets countertops, and bathroom fixtures.

We do have the big box stores, but I'm looking for other places to price compare.

We are in the Modesto Merced area. Not ruling out driving to Sacramento or  San Francisco to find great prices!

Thanks!