All Forum Posts by: Scott R.

I would agree with rich on alot of things, but especailly the fact that the whole texas market looks pretty good right now, I'd invest in almost any major (200k+ population) cities in Texas. I moved to Texas to invest, and currently invest in Amarillo, Tx, but have consitered most major cities in Texas. Id also say Buffalo and Columbus would be one of the cities on the BOTTOM of my list, while they may be cheap, i dont see them offering much more, many on these boards have made good money in these areas, but I wouldnt consiter them a good real estate market little alone one of the best. I'd also say the whole Phoenix Az Metro area would be one of the top markets right now with tons of CHEAP inventory. for once in along time you CAN CASH FLOW in these areas! I think Austin is an excellent area, and my investing is long term based...
-Scott

Awesome.. Good update.. sad to see he didnt go to Arizona! ;)
-Scott

$1000!? Crap! I need details! even with a hefty wholesalers fee thats a property i can probablly afford! :)
-Scott (really, email me details!)

Rich-
Are you still in Dallas!? I will be up there this weekend.. let me know if so!, I would say by FAR my answer would be Money.. Lots of deals, too much guts, but not enought funding to secure these deals! dang.
-Scott

You just have to disclose your an agent I believe.. Shouldn't be any problems otherwise, but everytime you advertise your buying and selling you need to state your an agent, and I believe in some states need to show the company your with or who your broker is.
I personally think individual homeowners are more curious as to you purchasing ther house cause your in the business.. But that's just my personal opnion, shouldn't matter on reos. I think the bigger problem is finding a broker who won't mind being your broker if your not very active, in Arizona atleast they have brokers with house fees monthly.. Here where I'm at in Texas I haven't found a broker with the same set up..
Personally I don't think it helps being an agent, just cause you have access to the mls doesn't mean you have any advantage on reos.. Only thing it's helpful for IMO is comps. I'm letting my license expire in ca and az as the cost to have it active isn't worth it and I'm tired of taking continuing Ed for no reason!

Mark,
I'm in the same boat, I'm new to stocks and didn't have much anyways, but everything was triggered to sale, pisses me off.. Plus I had never seen anything like that so I wasn't buying either.. Sucks..

Wow.. What a day..
Dow drops 997 points, and closes almost 350 points down..
So much for 11,000 being the new floor.. that floor disappeared in the last few days..

They claim there was a faulty stop order in that caused the markets major afternoon drop.. what do you think?

Greece riots were crazy.. all happened around the same time..

Only good thing is the Dollar is stronger (14 month high), and Gold spiked and made a new high.. bet Rich is happy!

Tim.. should of started that cash for gold store..

Whats gonna happen tomorrow.. I think tomorrows gonna be awful after today.. no one wants to hold all weekend..

Why cant she claim she is renting, if shes living with you, you might not directly charge her rent, but im sure she helps out in some way, and you could claim this as her "rent" I dont believe they ask for leases or anything like that. She would just have to qualify for the property based on her income and DTI.
I would NOT suggest putting youself on the property. Im currently doing this as we speak.. so far so good...

Acquiring 3-5 properties per year is definately doable, all it takes is cash.., cash down, cash for remodel, cash to cover vacancies.. If you have the cash, theres really nothing stopping you.
As far as the $145,000 propertie with 4 units producing $800 each in rent, which is i think what you were referring to, is doable in areas and not in others..
Where in Texas are you located?
and taxes and insurance are very high in Texas compared to most areas!

Charles-
Thanks for the super quick reply.
House is only 750sqft and doesnt have many outlets. Currently there is 1 in the kitchen. I didnt think to add the fridge outlet to its own, and like that idea, thanks. 6-3 will be used for the stove.
counter space has 2 outlets, its 8' long and has 2 outlets accessable. (this 8' includes where the sink is) luckly, there isnt a dishwasher!

Brian- I'm actually not sure what the local code says about the kitchen, there would be 3 circuits, 1 for stove and 2 for outlets/lighting and as pointed out above i might add another for the fridge. There is also not a garbage disposal. If i were to take the lights out of the circuits for the rooms, would i tie the lights together, lets say the porch light, livingroom and both bedrooms on one circuit??
Just and FYI there were only 2 circuits operating the whole house before we started..
-Scott