All Forum Posts by: Charles Morgan

I wish my taxes were that low. I'm paying $1500/y on a $57,000 home in El Paso Tx. Of course we do not have state income tax here.

Beth Declercq Excellent strategy and if I had started at 23, I would have probably gone the same way. However at 60, I don't have the time to do things the slow way. Leverage is the only way I'm going to be able to insure a "comfortable" retirement, meaning not working until I die just to leave maybe a house and a car paid off.

I used a hard money lender for my most recent purchase, 14% interest can add up fast on a flip. Try to have enough cash to complete estimated repairs plus about 100%, later you will get better at estimating repairs.

From the webpage:
(all of this and more is covered here in BiggerPockets for free just by reading. IMHO) {check next to last paragraph, "How to Marketing Properties", bad grammar is dead giveaway for spam email}
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200+ Page Manual (4 Modules – Find, Buy, Fix, Fill) 10 Disk Audio Set Bonus Materials – 80+ Pages (30 Sample Deals, Motivated Seller & Telephone Scripts, & Negotiating Techniques ) Additional Bonus Materials; “The Power” (How to get the power out of your power of attorney, -no money down creative finance strategy that allows investors to control other people’s property without the need for banks or ownership)

“The Secret to Success is to Own Nothing, but Control Everything” –John D. Rockefeller
The Keys to cash Flow is a creative financing course that focuses on building cash flow using low risk investments(Mobile Homes, RV’s, Automobiles, Boats, Heavy Machinery, Etc.) This course provides all the creative marketing, creative financing, and cash flow fundamentals that real estate investors use to buy houses and commercial property. The Keys to Cash Flow is the missing link between single-family residential and commercial investing. With this material you will learn;

All the Creative Marketing Techniques used by experts… (Signs, Notes, Craig’s list, Motivated Seller language, Identifying motivated Sellers, Sales and Telephone Scripts

All the Creative Financing that the experts use… (Lease-Options, Rent-to-Own, Subject-to existing mortgage, owner finance, 0% Down, 0% interest, and more…)

How to fix properties for pennies-on-the-dollar. (Creating a budget sheet, Rehabbing, Cheap fixes, the best materials, what NOT to use)

How to Marketing Properties to tenant buyers, creative financing fundamentals to create win-win situations for both tenant buyer and investor. (Marketing, Negotiation, and Finance)

Property Management and Maintenance. (Evictions, How to Manage Effectively, Late Fee Policies, Hiring property managers, and more)
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But then what do I know?

I am one of those with Student loan, and two car payments, all close to being payed off because of my "good debt" in the form of three mortgages on rental houses. Sure I could have payed off the "bad debt" more quickly by not taking out the mortgages but I feel that the "good debt" has more than made up for still having the "bad debt". I will soon be free of "bad debt".

Alamogordo N.M. has a Military base close by and a Casino in town, the town is nearly dead in spite of both.

Found my first one in the MLS, the second also, my third was the First Preston/Bidselect search site (my best one by far).

Congratulations. Sounds like you have a great start. Don't forget that most of the money you spend on repairs is deductible from your taxes, don't scrimp on repairs.
I am currently in something similar in my fourth home. Renting it out while living there and loving it, hard to beat having someone else pay your mortgage then getting all the deductions for yourself!

I once towed a mobile home out of a park for someone. I had a suburban with a 350 and 11,000lb. tow package. Fortunately only had to move it about two miles because it was a rough pull. I sympathize with Joe Dirt in his F350.

I had a girlfriend who was special needs (epileptic), she got her money on time every month, and had someone come in who cleaned and cooked every day, the house was always clean,(unlike any of my other renters), rent was always paid on time, no damage. When I remodeled I seriously considered wheelchair friendly but in a 79 Y/O house it was just too much to spend.