All Forum Posts by: Ryan Huebinger

@Wayne Brooks Thanks for the help. I thought that would be the case that it would revert to the beneficiary I know it is not worth 180k I thInk Full retail is probably 150-160k That makes my decision on whether to go to this auction to watch. It’s the only one on the docket for this county at the next auction

Looking at a reverse mortgage foreclosure that will sell on the courthouse steps. The owner is deceased. Loan said it was for 181k. And originated in 2011. Given that the bank has not given out the full value of the loan yet given the 7 year time frame. Is the bank bid Normally for the full value of the loan (181k) or is it closer to what they have spent on the reverse mortgage? I am assuming that it would go for 181k since this would be how the bank makes their money on reverse mortgage. Is this correct?

@Jenna Stark 

Welcome Jenna! And congrats on starting this investment thing early. My one rental is my old house from grad school in North Bryan (Tabor road area). I look back now and wish I would have started investing in real estate when I graduated from the greatest university in the state of Texas from my undergrad in the late 90s.

Man have things changed in that area, even since I left almost 8 years ago after grad school. The one thing that will not change, is the university is not moving and there will always be a robust rental market, especially with Blinn having such a large presence in BCS.

There is a lot of great knowledge here, and it sounds like you have already taken advantage of the resources the BP group has put together.

Gig'em

Ryan

Class of '96 and '07

I am with @Brandon Holtzinger 

I wouldn't make a big deal of it. But I would just give him a call and ask him if there are more kids. You want to make sure your records accurately reflect who is living there, in case of an emergency situation, etc., etc.

It sounds like they have been responsible by paying on time and are not destroying the place. They way I see it, the family is likely to stay for a while. I can imagine it is fairly difficult to find an affordable place to live for 7 people. And I would think they have a higher probability of staying longer than other tenants, which if they continue to pay and take care of the place is definitely positive for you.

Good communication, even if it is one-sided is always beneficial

If there are no issues, I would let it go

Welcome to the forum! A lot of knowledge and experience here

Several years ago I got to visit St.Kitts for 2 weeks. I was there for the International Whaling Commission Scientific meeting. I think the year was 2006. Stayed at the Marriot.

And got engaged at Cockleshell bay......

@Account Closed 

The property is in Ft. Worth (612 Luxton) East of 35 W and South of I-30 off of Rosedale

The google image date is Jan 2013. And the deed date is 3/2013 from the Tarrant appraisal district.

Here is the description from MLS

"

Excellent income property. Easy to rent! 13.68% CAP rate. 10 Unit Complex, six 2BR & four 1BR. Low maintenance ceramic tile and vinyl floors. Completely remodeled in 2013. Rewired and replumbed per code. Sub-metered for elect; master metered for water. Area is Historic District; revitalization in area. Near downtown and major highways. DO NOT DISTURB TENANTS. DRIVE BY ONLY! Contact Agent for appointment. Agent related to seller.

Read more on REALTOR.com: 612 Luxton St, Fort Worth, TX 76104 - Home For Sale and Real Estate Listing - realtor.com® http://www.realtor.com/realestateandhomes-detail/612-Luxton-St_Fort-Worth_TX_76104_M88947-35491#ixzz381U8qfu4
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Thanks everyone. This echoed my thoughts as well. When I found out the info on the residents, I decided that I didn't need to do anymore research

I know these people need a place to live, but I don't plan on being their landlord

Found a complex on the MLS recently

10 units. 6 are 2/1 and 4 are 1/1

Recently rewired and replumbed. Google street view actually shows it all boarded up from the image in early 2013

Price tag $300k

MLS states NOI is around 44k a year

90% occupancy

I look at where it is located and it is in a lower income area, which I could deal with

Then I look up the crime stats for the area. And 3 of the current residents are all registered sex offenders. One low risk, one medium risk, and one high risk. And I get to thinking "crap if I did actually buy this, I couldn't bring my wife or my kiddos by the property"

SO for most of you is this a deal breaker?

Thanks everyone. Unfortunately at this point and time moving or changing jobs is not really an option. There are not a large number of job opportunities available for what I do (genetic research). And we have to live in my wife's district, so we are a bit restricted on where we can live in that regard. I would no doubt love to live close to work, and as someone said @Pete_T. Said it is about priorities. Once I am home, it is all about the family until the little ones head off to bed. And most weekends are spent with family time as well.

Luckily part (half) of my commute is riding the train from Fort Worth to Dallas. This allows for me to work and surf the web (i.e. reading biggerpockets). Thank goodness for mobile internet hotspots.

I do need to make more efficient use of my driving time listening to podcasts and the such. Recently I have grown tired of the same music, and I can only take so much of talk radio........

Hopefully in a month or two things may slow down a little more and I can focus on procuring a SFR.

Until then it is more time reading and studying