All Forum Posts by: Chris Holmes

 She has been foolish and you know it so it's too late to be kind. She had no idea what she was doing eh? Perhaps she went for some of that FREE education that some folks at BP are always peddling. Now she has a gorilla in her closet, a 80,000 lb one.

Filing BK is NEVER a good idea and $80,000 is not a good enough reason do file now IMHO.  But I was never one to follow the crowd on this topic. I've talked to enough people in the know that has formed my judgment on this. The only people that benefit from BK is the attorneys. Well of course they are going to advise going bankrupt. 

She now has experienced a $80,000 seminar. It's a huge lesson learned and eventually she will get over it. She should try to rebuild her life and credit history. It will take time and it can be done. I've seen it happen many times and I've known people to owe more than that and now have perfect credit. BTW they never filed BK either......

Good luck.

Nope, has nothing to do with them thinking you cant pay. FYI it's Big Brother mentality and the US Govt is really putting the screws on individual freedoms when it comes to what you want to do with your money. It's getting more and more difficult to moving your money around. 

You should Google the word FATCA.....I've studied this new law and it's outrageous what this Govt is doing with the rest of the world. Bullying tactics pure and simple.

They are doing their best to restrict the movements of everyone's money so it doesn't surprise me that your bank is asking this.

IMHO knowing what I'm like, I'd tell them in no uncertain terms, it's none of their business.

It's an outrage really, but someone who maybe a little more adroit would offer an answer of, well it's for personal reasons. I've never been asked but you have to wonder....what is next??

I would also question that perhaps you should consider changing banks. After all, they are there to look after your interests. Snooping is not cool.

There is an old saying.....the easier it is to find a property available to buy, the more you will pay for that property. You've got lots of competition with the MLS. Thus, invariably in many markets, people will overbid on houses and end up with skinny profit if any.

Sure there are markets out there that are still good, but in my market for instance Austin TX, it's very difficult to find a juicy deal.

Try to find other avenues in order tind deals.

I live in Austin and always appeal my property taxes. Wait until you get the bill and then challenge it. Get some comps and be well prepared. There is a time limit so go down to the tax office and have a meeting with the staff there. Sometimes you can prevail, sometimes not. I once had a challenge rejected by a lady who was rather stern. So the next week, I went down again, saw another staff member, and he gave me a reduction. Be persistent.

Texas is notoriously high on property taxes so you have to save where you can.

Good luck

You need to give us more info. What was your winning bid. What was the ARV. What are the comps in the area. Why didnt you consult your investor on the bidding. Sounds like you are not on the same page. What about the deposit.

Well if you didn't do it, Steven, somebody else would. So you might as well press on and offer a good service. To me, its a win/win situation. Just as long as you take care of your tenants then everything will work out nicely.

You can't compensate for your parents shortcomings. That's their problem, not yours.

Maybe they are trying to protect you in a weird way and they don't want you to fail. I got that from my dad, but that's not realistic. 

Failure comes with success. You can't hit a home run all the time. Don't beat yourself up on this. Just be glad you took the initiative to make a better life for yourself.

Don't give up on your dreams. Ignore all this negative crap that we are fed everyday.

Ok young man. Yes, it would be a good idea to get a job, because you have no chance getting a conventional loan if you can't prove income.

But what makes you think you need to apply for a loan to buy rental property. You will be at the mercy of the banks. Not good in my estimation. You can only apply for so many loans before the banks will shut you down. 

You need to educate yourself on the merits of owner financing, creative financing. There are lots of people out there buying investment property with no or very little $$ and using non of their credit.

If you have not heard of this revelation, then it's time you found out. 

Good luck.

Yes, ignore them. Why listen to ignorant people who have no clue about being a landlord, or investing in general. Just keep going and invest in more properties. Stop listening to folks who love to destroy dreams and you are on the right track. 

Family in my estimation are the worst and they ought to be ashamed of themselves.

Maybe they are just jealous and don't have the balls to do what you have done. 

But don't waste your breath debating them. What good would that do. They will see they have you rattled. Just go and do your own thing.

Good luck.

David, you look like a young lad. Don't bother investing in bonds. Waste of time and $$ in my view. Bonds invest in debt and give you much lower returns but are just as risky. It's one of the great myths of investing that you should have some of your money in bonds for diversification. 

Stick to stock funds which historically give you much better returns. If you ever leave your job, it's best to move your $$ with you and place it in a self directed IRA, preferably a Roth. Any stock broker can help you with that.

Didn't mean to be insulting in a previous post. and I hope the feedback helped you in some way. 

I just recently stumbled on this site and I'm glad to be here. British national. Lived here since '84 and have lived in CA, FL, before moving to TX, in 2005. 

Looking to meet up and network with like minded, enthusiastic knowledgeable people/investors for SFR. I'm open to invest in cities other than Austin and I operate another business, which is not RE related, out of Houston.

I will be specializing in many facets of creative financing and the occasional rehab/flips. Austin is hot right now, but we all know that can change very quickly. I'm also interested in out of state deals, especially in FL. A state I'm very familiar with. I own 2 properties in the Austin area and I've done REO deals in the past in Orlando, FL when I lived there. So I'm looking to expand my holdings, and knowledge.

Any introductions,  ideas, proposals and feedback will be appreciated. I'm starting to gather some very good RE contacts in TX. I'm very interested to see how things develop within BP. 

Good luck. Hope to meet you soon.