All Forum Posts by: Rick Pozos

Yes, great meeting you too. Hope to see you and a bunch more BPers Wednesday here in San Antonio to chat about what everyone is doing or wants to do. 

PS Nothing is being sold at this meeting, leave your checkbook at home. Just networking.

Sorry for the late notice, but the meeting will be moved from the first Wednesday to the Second Wednesday of the month. Same place and time, Luby's on Fredricksburg Rd, 6pm to eat and network, 7pm for the meeting. All experience levels welcome. See you on October 14th, 2015.

Round table discussion of whatever problems or issues that you are having.  Hopefully we can all help each other to become better investors.

There is already a group meeting on the first Wednesday of the month. So the Real Estate Group of San Antonio will be meeting the SECOND Wednesday of the month at Luby's on Fredricksburg Rd. at 6pm if you want to eat and network, 7pm for the meeting. All levels of knowledge invited. Call me with any questions.

There are a bunch of us in San Antonio. @Gene Livingston did you have a question about San Antonio?? I rehab, wholesale and have a few rentals here if you needed to know something specific about SA. Call me if you need something.

On the topic of Quest IRA, they have great classes and networking events. You can use your own funds to purchase, but also I have used owners of IRAs with Quest IRA to help me with rehabs in the past. Even the President of the company and his father lent me money for a rehab. Good size company, small town feel, very knowledgeable people and based in Houston. They will probably be at one of the RICH (real estate investment club of Houston) meetings

What you can do is buy your own home and use it for your personal use out of your own funds. Use it for 2 years then sell it for a profit.  IRS allows you to take a profit on the house tax free with certain conditions.

http://www.irs.gov/taxtopics/tc701.html

The great thing is that you can keep doing this by moving every couple of years and pay NO tax on the gain, until they change the tax law.

All Foundation 210.377.2244

I have used them several times. Quick, very reasonable, both pier and beam and slab.

Welcome, There is a good size group from SA.

Get some business cards that say you buy houses. Get them to every friend, family member, waiter/waitress, and anybody who will listen to you. Ask them if they know anyone who is behind on their mortgage, taxes or  if they know anyone who inherited a home that they do not want.  In return, you will give a $500 referral fee for that information if you close on the deal.

People would have paid at least $199 for a weekend seminar and lost 2 days of their life for that 30seconds of valuable information.  BUT here, there is lots of free info. Keep looking around and asking questions.

Ask friends, family and anybody that you come into contact with this question: Do you know anybody who is behind on their mortgage or taxes, or someone who inherited a home that they do not want??  You will be surprised at how many times someone will say that they have a friend at work or a cousin who is in that situation.

Also, get some simple, plain business cards that say you buy homes and have your phone number and email address on them. Pass them out wherever you go. It will take a little while, but the calls will start coming in.

Follow up with those people that you do talk with and you will have your first deal soon.

Once you have the property rehabbed and then you get a tenant in it with a year or two year lease, the bank or credit union is more likely to credit some of the rent as income to cover the loan for your DTI ratio. They really want you to be able to make two mortgage payments as if there was no tenant, ever. Having some cash in the credit union or bank that you ask for the loan will help also. Good credit score is always helpful.

Now for the other side. If the first one went so well, and hopefully this one does too, keep flipping.  Whatever you are doing to find properties, its working.  Deals tend to start flowing.  After you get a few rehabs done, you should be able to pay for the next house cash and dont need a loan. Or you could ask for a loan with 50% down for your first rental property. I dont think a credit union would be able to turn you down with 50% down and a tenant with a two year lease and a beautiful rehabbed home. Good Luck and more importantly, have fun!!!