All Forum Posts by: Chris Holmes

yeah, and there's a whole lot of shakin going on in Tupelo. 

Let's hope it doesn't turn out to be heartbreak hotel !! 

Good luck with your investing. 

ha ha, should you be surprised when Govt meddling and interference takes hold. Perhaps you need to do further investigating in this nonsense. 

My only other suggestion is to let a management co to do all the screening. I don't mess with renters anyway with my properties. I've got better things to do with my time. I let the experts do the grunt work. 

Good luck. 

 How can you attach technical analysis to the RE market. Don't waste your time on such stuff. The vast majority of folks here wouldn't have a clue what you're talking about anyway 

TA is not an exact science. It works but only with stocks. Stick to what it's intended for. 

 At least you don't have to worry about banks on that deal. That's the good news. My input on any RE deal, keep banks out of your life. There are some good reasons why I say that. You just have to figure out how to do it. Creative financing is a very powerful way to buy RE. Why? You are not on the hook for the loan and you have zero risk,. But unfortunately the herd effect here will convince you to use banks to finance your deals. That's not good advice. But it's your life. Good luck. 

ok first question is, why so cheap. Is it in a war zone. 

Have you talked with the owner. How motivated is he? 

Will he just let you take over his mortgage balance ? 

Is there any fix up costs involved. 

I probably wouldn't wholesale this at all. I'd do a wrap, take over his loan balance and try to buy it with zero down. Turn around and sell it with owner finance with a sizable down. As in $30K down at least. You could make a lot more $$ this way than wholesaling it. You will have a nice spread on the payments 

But you need to find out more details as to his intent. If he's willing to go as I've suggested, you can make a killing on this deal

Good luck. 

 Just be aware that Austin is a hot market so good deals are hard to come by. So what's wrong with Albuquerque ? Can't find deals there? You certainly like to spread out, don't you. CA now here. I'm always curious/amused why some folks think TX is paved in gold with riches in abundance. Why don't you look at DFW or even towns like Amarillo....smaller places. 

Also you do realize that property taxes will make your eyes pop out of your head. Can we blame the greedy Republicans for that? Maybe.

I had a buddy of mine was paying over $6000 yr on his house in Pflugerville. As I recall it was only 1800 sqft. Nice!! 

The up and coming areas are cedar park and Leander where they've just opened a Costco. Thanks guys. Saves me a trip down 183

Enjoy appreciation for now but beware. Texas is notoriously fickle as boom or bust. You only have to look at its history. The missus and I are enjoying life here and our holdings are doing well.

I just bought a REO from a major bank in Leander. Some hotshot CA investment group lost their shirts on their investments so we snapped this house up. Caveat emptor

Good luck. 

I'm always amused that when this kind of thing happens, some know it all BP investor plays the blame game,.....yeah let's blame it on  the smart Alec scam merchant GURU.

Yeah it's his fault. None of their techniques work anyway...right? This poor lady is a possible victim of those callous Gurus!! Disgraceful !! 

My suggestion to you lady is take your lumps and move on. Be lucky you didn't suffer a huge "seminar" by going thru with it. 

My suggestion to you is don't believe everything you read here either. After all, this is just a forum with the vast majority a bunch of wannabes. Full of half baked opinions and theories. With fancy dialogue. Look beyond this place and try to find a mentor who does this thing week in week out. 

That's how I got going many years ago. Do NOT feel bad about it. Move on and take this as learning. You just have to get the right knowledge and meet the right people to help you.

Realize that BP is OK but like any forum, has its drawbacks. Don't put all of your eggs in this basket. Experience is a great teacher. Just don't get caught again 

Good luck. 

 Nope, that's stealing somebody else's listing. You've got to go and find your own listings. A good place to start is expired listings.  Good luck. 

your credit will not take a hit as long as you make the payments. But if you go to qualify and they ask for your SS# then yes, it's going to be there on your bureau. 

Too many outstanding high balances can affect your credit score. The terms that your bank is offering are pretty good. Must be a small bank perhaps. Too many enquiries can hurt you too. But that's probably a moot point. 

I'm always slightly amused when somebody asks about how much $$ will they need to invest in RE. What makes you think you need any money, or credit, for that matter to invest? Well at least that will get you thinking. LOL. 

That's one of the problems I have with this forum. Well meaning folks, who try to give you good advice. As you and I are successful business people, sometimes you have to think creatively in order to find the best way. There are massive dangers investing in RE by giving personal guarantees, by letting banks get involved in your business. But folks on here do it all the time, and the so called knowledgeable people encourage it. It's the herd effect. 

That's all I have to say on the topic. As you can tell, I don't follow the crowd. I've learned thru the school of hard knocks. But I know some very experienced and very wealthy folks who would say the same thing. I'm just glad I'm amongst good company.

Good luck. 

DFW, Austin, Houston. Great time for sellers. Even Junkers are selling for top money. The MLS is probably the last place you should look. Yes it's a tough time for buyers.

I'm hoping we will have a crisis like we had in 2008, then hopefully the deals will flow. This Govt is certainly trying its best to create another one.

One thing for sure. Real estate markets don't stay the same for ever. I can remember when people were walking away in droves from their homes in Austin. Ever heard of the RTC?

Good luck.