All Forum Posts by: Luke H.

I live about 1 hour from Galveston beach in Texas.  I've thought about beach front property and Condos...

What's crossed MY mind, 

it will sit empty most of the time. 
might be vandalized.
my understanding, is the government can take your property if the beach starts to wash up to a certain distance.
salt'water' destroys things quickly.
I suggest you talk to your potential neighbors extensively, look for a forum to ask as well, look on the city government website, maybe even local insurance agents

Good luck, send  a pic!

Could use a home builder supervisor in Houston...

Anyways, I'd say find work with someone, even as an intern... Example:  look for bandit signs and call them with your same offer. 

Good luck

I did it after many years, but looking back, it probably would have been better to establish my business presence.  Including business account, D&B number to establish credit, and have a longer history as a business entity. I just drew up the deed, notarized it and filed with clerk.

Good luck

I'm curious to know what the 'high' interest rate was? 
Did you shop it around?
Is it break the 'rules' if you use home equity loan to buy a house? Haha.
ME: I'd look for a private loan with the house as collateral.  Having partners can be a hassle. Try crowd sourcing that property.

It reads like good analytical skills, and good judgement on your part. I'd send ALL the tenant's stuff back with tracking# or signature required mail ASAP.

I always run situations by them, they have great ideas, feedback, and 'outside looking in perspective'. Now, if they say something like, "Be a good person and give them a chance". Even though they don't qualify, I kindly say, "Mom, Pops, I thank you for your counsel, and will take it into consideration. Love you!" <--in Spanish of course, lol. 

Good luck, keep me posted!

thx for your vote: SOMETIMES, you can put your money in a bank, or escrow and then try to get a line of credit based on the fact that you already have 20K.  
See, in business, there is the strange 'truth' concept that is contradictory, but makes perfect business sense.
something like: Banks won't lend to people that don't have money and need it.  Banks will lend to people that have money and don't need it. They will lend it once you prove you don't need it.
BUT- if you put money in a account, CD, escrow, something (you'll have to discuss with a banker), they MIGHT lend you another 20K. Now you can borrow money and have a SORT OF nest egg in case you need some cash. If you borrow some, pay it back, over time your credit with grow.
OR, you can do the same thing with family and friends. You let them know you have 20K in an escrow, something they can SEE and monitor, then you ask them to match it so you can use 40K for your deals.
Again, my OPINION, what I would do.

@Andre Turning-Araujo, LOL, Parents, gotta love their wisdom... That should answer your question then. 
Note: When it comes to MY BUSINESS, I hardly follow what my parents say ANYMORE. They are very generous and giving and in the rental properties biz, that is not good business practice.

my OPINION in no particular order of importance:

1) see if you can borrow 20k on your 20k. 

2) get you wholesaling up so get steady income

3)scope out long terms deals

4)network, partner up on mid term deals to use and reuse your cash

Good luck

All though both of my brothers own or have owned condos...They swear up and down not to buy them. Cons: Appreciates slowly, neighbors on all sides, STRICT rules, fees. 
I only do single family and i don't have a shortage of applicants.

Good luck!