All Forum Posts by: Rick Pozos

How long has it been on the market? Maybe include a link so that others here can see the listing. Where else are you listing the property besides Zillow?

If you apply for a business credit card, you will have to have a business EIN which means you need a business set up. 

If you are going to start a business, then start a business. If you are going to have a friend help out with the payments, I might not start a business. AND if you are NOT going to start a business, there is no need to have a business checking account. You can have another regular personal checking account. You can keep track on an Excel spreadsheet of income and expenses for your non-business house hacking. That is probably how I would do it.

Get involved in some real estate groups or Real Estate Investor Associations (REIAs).

Meet some people and get to know some people who are really doing some investing.

FIND A DEAL!!

Present the deal to the people you know and make a few $$.

If you keep your expenses low, increase your income by helping other investors, you will have money to keep some deals for yourself.

You probably need to look at that lease again. I dont believe in any state that you can just cancel a lease with 30 day notice. Maybe after the lease finishes, but not in the middle of it. The whole reason for having a lease is that both sides have agreed to the time period of 6 months or a year or whatever.

If the contract does allow you to do that, It would be a very $hitty thing to do to someone who just moved in. They agreed to be there for the lease term and you are going to up end their lives?? Bad move. They are going to be upset and either not pay and stay or not be friendly and cause some damage to the property.

I would definitely talk with the trustee and let them know that you just bought the 2nd and you want to catch it up. Ask them how much. Go borrow on a line of credit or get a friend to lend you some money to catch it up. Start paying on the 1st. NOW you have time to refinance after the loan is not in default anymore.

Hey @Brian Willie I live in the Jefferson NCD neighborhood conservation district. I purchased a property, rehabbed and have been here about 5 years total. We are moving just a little farther northwest to Oakhills next year, but we love the area. Lots of residential, but close to downtown, 410 and 10 to get around quick. I feel pretty safe, I know almost all my neighbors on my block. They all watch out for each other.

That's great that you are helping others. You should be making commissions off of them, great.

There are only 1 or 2 things that you need to do to start investing past 1 house. Make more money or spend less.

More income: Meet more people, get more listings, hire more people for your team, work harder!!

Less expenses: Stop going out to eat so much, trade your car for a cheaper one, sell the $5000 golf clubs for $1000 ones, 1 vacation a year instead of 2 or 3 a year because "I deserve it", cut the grass yourself.

I am being a little silly, but seriously get on a budget and see what you need to do to cut expenses or where you can work a little harder. You will find that there is plenty of fat. The question is do you really want to cut the fat?? Its tough to live a little leaner if your WHY is not strong enough.

There is Alamo REIA on Tuesday if you are still here.

What are you looking to do here in SA? Are you moving here in a few years?

I am always ready to chat for a few minutes. My number is on my profile.

Hey @Seini Vi, if you have a regular property in a city that fronts a drainage ditch and is in the flood plain, YES that drops the value WAY down. BUT YOUR property fronts a desirable river. ANY property that fronts a river is going to be in the flood plain. Thats ok. 

Now if all of the property is in the flood plain, thats probably not good either. You have to have some land that is higher elevation so that you could build newer buildings. You can not put septic tanks below flood plain so there is no permanent building in the flood plain unless you put it on stilts or raise it up significantly. 

I would say that the property is definitely worth more than 200k, but probably not $1mil unless that building is bringing in a bunch of money everyday.

Start with a price of say $50k per unit or $750k. At that price, figure out what the mortgage payment would be. If they are currently making 70k per year, subtract out the mortgage payment. How much is left?? What is your return on what is left??

You would have to figure what kind of interest rate he wants, what return you want, etc.