All Forum Posts by: Rick Pozos

I can not see how a title agent would not want repeat business. Just make sure you ask if they will allow for assignments. 

Hey Scott,

You want at least a 15% discount from Retail price, probably more. You also want to subtract the repairs from the already discounted price. The 30k in repairs might be 50k or 100k in repairs from a licensed contractor. Make sure your numbers are right before you go into contract.

Hey Andrew,

It sounds like you are doing pretty well. You put money aside for retirement, live the good life, kids get pretty much whatever they want, spouse gets new stuff all the time. That is all great. 

I really dont believe people need to sacrifice. I think you might need to have a serious heart to heart talk with the spouse and teenagers. Let them know that they are going to have to start paying for things themselves. Expenses are going to have to be cut, just a little, maybe 10%, 15%. Put the 401k money from now on into real estate. Instead of contributing to retirement at work, put that money into the next house. Keep it up.

Keep the car until it hits 100k miles instead of 40k miles before you get a new one.

If a man has 10 pairs of shoes in the closet, thats plenty, women 30. My wife had over 50. I just told her, "I am not trying to control you, and I would never say that you can NOT buy something. Just really think about what you are doing and do you really, absolutely need that next pair?"

Just be a little more frugal in life. 

ps I dont think you need to be creative, just cut back "un poquito"

Hey @John Salcedo do you live in SA?? Could not tell from your profile. Wherever you live, get out to some local meetups. Talk with some members and see what things people look for in buying, renting, selling. Talk with others to find out the ins and outs of investing.

You might be able to get your lender to do a partial release of the lot from the mortgage. They may want 10k or 50k or whatever to release the lot from the mortgage. They may even want an appraisal to verify that they have plenty of coverage on their loan. 

I would start with, "If I paid you 10k would you release the extra lot so that I could build on it?". They may come back with a higher number or they may say NO. It is worth a try.

Think of the house as a retirement fund. You are putting a little money into it every year. In 12 more years it will be paid off with only minimal input from you. You will have some great cash flow after the mortgage is paid off. OR think what kind of equity you will have. A paid off house that is worth $XXX. That will be some big number.

There are investors in small towns and large metropolitan areas. They all make money if they buy right. They lose money when they do not know the area and they dont know what the right price is that they need to buy at.

What city are you in @Arvind Mohan? That is probably a good city to invest in. It might be higher priced or lower priced, but you have to do what you have to do to make it work.

All of the foreclosure information in at the county clerk's office. Every county in Texas will list their properties that are going to foreclosure. It is public information.

As far as meetings, Google it.

There are tons of meetings happening every week. 

There are no wrong things to do except doing nothing. Market to long term landlords, market to distressed owners, market to divorced people, estates. Go to local meetings where there are other investors. Meet and get to know others in the business.

Just being around others is great to get to know more parameters that are involved with investing.

I would definitely get on a plane and visit. If phone calls and emails are not working, get a hold of his broker and set up a meeting for all involved. If he is the broker, go higher. Show up to see his face when he tells you what he tells you.