You need to know what current comparable homes are listed for and how long they have been on the market.

There is some logic to this law change because most people under the prior rules didn't recognize a taxable gain because they rolled it over into another residence," says Trinz.

It can be cumbersome sometimes reading through the lawyer jargon, but that's the source.Thankfully in Texas the eviction process is rather quick (3 weeks normally, 4 if they protest it and put up the owed rent as deposit), and sometimes you don't have to go through it to get them out.I just had a house that I bought that I gave the lady a 5 day eviction notice (she hadn't paid rent to the prior owner in 6 months even though its half the market rate).

that I should just set up an llc right now, and quick claim my rehab to the company prior to selling it.

I was lucky that I worked as an assistant to an REO Broker for many years prior.

Questions for those more experienced.In the beginning stages of locating and securing property for investment purposes, confusion may arise as to what steps should be taken and in what order.My thoughts are that you should make every attempt to get pre-qualified by a lender, prior to even locating a property for investment.

Now, while they may make it sound risky to get a special warranty deed (which is standard for REO sales), in actuality, the title insurance you get should protect you from any encumbrances even prior to the seller's ownership.

Thats not the road I took but I had experience prior.

Generally, when you are comparing properties that are over 50 like these, it comes down to the property's condition and if the neighborhood is retaining desirability like in trendy areas or areas that will always be wanted like historic or garden districts.

I don't like these balloon loans, having said that I don't have other choices as my loan amount is less than 50,000 and I don't have 2 year landlord history for conventional financing like Freddie Mac.Here is the interesting point, I was told Fannie Mae does not require 2 year landlord history, but my loan officer said (today) that they don't require, but prefer to see it on your tax return.I am not sure if you could refinance it prior to one year.Did I miss anything?