All Forum Posts by: Becky Spivey

@Michael Lee, thank you for so much detailed information.  I'm working on doing the analysis from the J Scott book I ordered yesterday.  I hope to get this down soon and be well on my way.  Thank you for your encouragement and offer with assistance I may take you up on that. 

Blessings, Becky

My passion over the last several years has been to help people be successful in homeownership.  I've been a licensed REALTOR in Texas since 1994.  I've had many ups and downs and many times when I wanted to throw in the towel but I've persevered and I've achieved success with many clients.  In 1996 I had a young man call me who was referred by an investor I was working with.  This guy was a roofer and he wanted to be a real estate investor.  He said, Becky, I want to buy 50 houses, he said "like Monopoly".  Now I laughed to myself thinking, really?  But today this guy is sitting pretty.  He achieved his goal.  He worked with many realtors to get to where he needed to be but he had a plan and stuck to it.  This young man who is 20 years younger than me can retire today if he wanted to but I can not.  I am working, I am pleasing people, I am doing real estate everyday!   I know I need to make some changes I'm focusing more on how to help investors, how to help people achieve their dream of retiring.  I know that first home will get you started but I need to teach people how to grow from that point.  I need to be an example!  Looking forward to learning lots from the BP group.  If anyone in the Abilene, Texas area or DFW want to connect I would love the opportunity to see what has made you successful.

Be blessed everyday!!

@Wesley Allen, this is a lender question but I believe that you have to occupy the property and sign an agreement at the closing table that states that you will be occupying the property.  Since it's already tenant occupied already I'm thinking you could have a problem with this.  It will be interesting to see the other responses.  Good luck!

@Joe Abughazaleh, would you mind sending me that information as well.  I'm ordering his book today.

Owen, I'm very new to BP but I've been in real estate since 1994.  The wisdom I can provide is that typically lenders will allow lower down payments to owner occupants.  I have not heard of a program with a fixed rate for 3% down for investors.  I agree with you that giving out a huge loan to borrowers with weak credit histories is weird.  Sometimes when things don't sound right it's because there is something they are not telling you.  Read the fine print. 

Wonderful words from your grandpa!  I would cherish those words of wisdom.  The right property must have to do with location, location, location and you're in Lubbock, TX you should be fine with that big university! 

You can sell an investment property that is tenant occupied.  You just need to find an investor who is willing to buy your investment.  I'd find a good realtor in your area who works with investors they may have someone ready to buy.