All Forum Posts by: Rick Pozos

I think the original poster is just getting very excited because it is something new that they did not know about before. I have to tell you, if you give something a name all of a sudden it is some fancy, proprietary type of thing that everyone wants to do. Its crazy. AND they will pay $1000s to learn it. Even more crazy. 

As Jay said, there is nothing new in real estate. It is just new if you just learned it. It has all been around for a long time.

This is plain and simple buy cheap and owner finance to someone else for more. I do this all the time. I dont have the same type of margins, but houses dont really sell for 30k much anymore around here. I buy for 80k with a private lender at 8%, maybe clean it up a little or maybe not. Sell it for 110k at 10.9% BUT with an RMLO and 10% down. Make a little money on the price and a little on the interest rate. If the buyer fixes it up it will probably be worth 160k. 

How big of a margin on price can you get?? 20k, 30k maybe 50k. Whatever works for you.

If 10 people want to get together and pay me $5k each, I will give them a weekend teaching with free  meals each day with steak in the evenings. I will teach you how to do this and lots more!!!

Just buy it from her now. The deed will be in your name, mortgage from you to her. You pay the taxes now, you pay the insurance now, you pay everything now. Make the monthly payments based on a 30year mortgage but with a balloon in 1 year, 18 months or whatever you can decide on with your Aunt. After 1 year you should have fixed up the house and it should appraise for much more than you owe your aunt. You would do a rate and term loan with a mortgage company.

@Shannon Dennis who owns the LLC? YOU do, so he is still dealing with you, prohibited transaction. If he pulls money out of the ira or takes a loan, then he can do whatever he wants with the money, but then its not ira money anymore.

Self directed IRAs are great. BUT Dad can NOT lend you money from his self directed IRA. There are prohibited people that the IRA can not do business with. Parents and kids can not borrow from, buy from or sell to parents and vice versa.

You can get an aunt or uncle, cousin, friend from work, Dads friend from work. Just not lineal: parents, kids, grand parents, grand kids or spouses of the above.

It's all about YOU!! Do what YOU want to do. I think you realized doing what everyone else is doing is not going to work for you if you dont like it.

Find out what you like to do and then be the best at it. You can see here on the forums what people do: STR, LTR, flipping whatever. See what you like to do and then go do it a whole bunch. THAT is what will make you happy and make you money.

@Keleisha Carter your house looks great. Lots of competition in the area for short term rentals. Mid term is tougher if you are charging 4k or 5k per month. We do our daily rate and then give about 20 to 30% discount for renting a month at a time. Maybe 3k per month would get better traction. I believe that $100 per day is what insurance will pay for families that are displaced.

I recommend JV, but next best thing would be to let the buyer know what is wrong with the property before you get it under contract. Ask them to let you know what they thought the rehab would be. Maybe talk with a few people and ask them what it would cost to do XX and XX and XX in a house. Get your rough rehab number from there. Maybe take a potential buyer to the property and ask them what they thought the rehab number would be and make your offer based on that.

Send us a link to the listing. Knowing the area might help. Some areas have lots of listings in the Lackland area. Depending on how close to Lackland also will make a difference. Rough areas right around the base.

Hey @Joshua Rowan the first thing to do is to post a pic and fill out your profile. Let everyone know who you are. 

THEN go to some meetups around town. It is always good to know people who are in the same field. You can trade contractors, lenders, etc.

Then fill in your keywords so that you will be notified of topics that interest you.

Foreclosure in Texas is pretty basic. Very Landlord and Lender friendly.

West and West is a smaller Law Firm that has done evictions and foreclosures for me in the past. Jason West.