All Forum Posts by: Curtis H.

@Michael Evans

My main goal is to have as many free and clear properties in 12-15 years as I can when I plan on retiring from my 9-5. I figure if I pick up just one per year, and use the cashflow to pay down the mortgage quicker, and refinance when I have a good equity position in them, I'll be in good shape. Now, I don't want 12 properties in Ohio worth $70K each, as I don't think that will get me where I want to be. But if I have 3 in Socal, 3 in Ohio, 3 in Florida, and 2 in Texas, it may get me where I want to go. Then I 1031 my portfolio into a couple apartment buildings and live off the cashflow and interest from buying notes. Maybe I'll do a flip per year to have some play money and something to do, but really I just want to spend my 50s and beyond helping those less fortunate than myself and teaching my kids to do the same. 

@Joe Splitrock

@Jerry W.

@Joshua D.

Just wanted to update everyone on the process. In addition to the above post showing how the appraisal went, I also just got accepted into Navy Federal Credit Union. Had to do some interesting things to get in, but it worked. After some research they have some pretty aggressive and attractive HELOC numbers that I liked. The main being loaning on 90% LTV. That is not easy to find, and none of the credit unions around me had anything over 80% LTV. That's a big difference with a home valued at $625K.

So I assume within a month or so, I will be approved for a HELOC and have $200K or so to play with to invest. I am very torn where to invest. Round Rock, Texas is familiar and I KNOW it will appreciate if I buy right, but those taxes just haunt me. And they are aggressive about increasing your value to tax you more since its their main source of income. Almost seems corrupt to be honest. Ohio seems great as true buy and hold at under $100K for properties, but probably not much appreciation in 12-15 years. So I am thinking the affordable parts of CA (Palm Desert, Palmdale, etc) may be a good choice. Low property taxes, reasonable appreciation, and driving distance.

@Ken R.

Really appreciate the honest feedback my man! All I was waiting for was someone that was not biased to give an honest review for me to give it a try. I already use Agentpro 247 and I'm not ready to kill the subscription, as it has landed me a deal, so I know it works. Since I couldn't justify paying for two services, I said I will sell some old crap on ebay to justify not "taking away from the family" playing around with new software. I have now sold $1300 worth of crap on ebay in the last 2 months!

I think I'll start with the trial and try it out. If I like it I will start the $109 a month. If it still works after 2 months I will switch from AgentPro. I just really like the education they provide on myreipro. Agentpro I feel like I'm on an island, and although I get what I need, I feel like I've wasted an hour figuring out simple things. 

I also see you are in Oklahoma City, and that is one of the areas I am looking into investing in. How are the property taxes there compared to Texas where they are sky high?

Hello all, 

Just wanted to update everyone and say that the appraisal went fantastic and I was able to get an appraisal for $625K!

$400K mortgage amount, $625K appraisal. Next up, get approved at a credit union for a HELOC at 90% LTV and start looking for deals! Either here in L.A. if I find the right one for the right price, or elsewhere in a state that is tax friendly. I love the Austin area to pieces but the ridiculous tax prices are making it harder and harder to justify for cash flow. I'm starting to think investing in the outskirts of L.A. where it's cheaper is a smarter move (Palmdale, Palm Springs, etc.) You can still find sub $200K homes and the taxes are half as much as they are in TX.

The key for me is finding a place that has decent cash flow, but a good upside for appreciation. I like Ohio for cash flow, but not appreciation. I like Austin area for appreciation, but not cash flow. At least not anymore. The place I have there now is cash flowing nicely but that's only because I bought it over 10 years ago. The taxes are killing me at $4.5K a year for a home valued at $190K. It's crazy.

I'm always really intrigued at retirement destinations like Florida, Palm Springs, Scottsdale, etc. Those seem like great places for flippers, but not buy and hold. 

Thoughts?

@Nick Coonis

I'm curious what company you used for your modular home. I've always read that there is nothing really wrong with these homes, just the confusion of them being manufactured vs. modular. The ones I have researched seem to be getting more and more expensive though. 

@Andrew Postell

That may not be a bad idea. Loan amount is $415K so that fee may be hefty. 

Hello all, 

I am refinancing a Sub2 into my own name. I am expected to close before month's end, and they aren't due to pay the taxes until March out of the escrow account. Of course I would have closed by then so a refund check will be sent to the old owner with the money in the escrow account. Well while I am trying to get the old owner to sign the check over (should be fun) I will have taxes due immediately.

Can I call the current lender and request they just pay the taxes a couple weeks early? I was told by my escrow agent that lenders usually pay all the taxes for all their loans at once to the county, so it's unlikely. She said my only chance is to delay the closing until after they pay the taxes so the account is depleted. If I delay, I lose the lock on my rate.

@Jay Hinrichs

So I called the bank and they said there is $3500 in escrow account and taxes are due to be paid in March, which is right after we would close on the refinance. So my thought is to call the bank and request they pay the taxes NOW to empty the escrow account and whatever is left is what I would have given them anyway to say thanks. Question is can I do that? Will the bank listen and pay the taxes now?

Jay Hinrichs Yes I just read it and it pretty much says they give all power to me with anything related to the property. I remember I told this to the lender when I simply tried to get the statements mailed to me, and they said the name on the loan has to request it. I assume I was talking to a 19 year old clerk so I didn't push it.

@Jay Hinrichs

I think a simple conversation and some pocket money will take care of it honestly, but I have just read so much conflicting info in the threads. I read one person say they use POA to change the address of all communications to go to them, then when the check comes, they use the POA to deposit it into their account no problems. Obviously that is ideal as it does not involve the seller.

Regarding the transaction, I took VERY good care of the seller. I made sure that I went above and beyond to get them moved, gave them walking money they did not ask for or expect ($7K), hired a moving company to help them move, and even got them a fridge and television for their new place off Craigslist. Lastly, they were supposed to leave the house empty, and it was full of 30 years worth of junk in the backyard and attic. I told them I would take care of it and not take it out of their walking money.

I also see the owner every other weekend, as he does the neighbor's yard for extra money. We never talk, as to be honest he isn't wrapped too tight, making it awkward to have any type of conversation. He was not happy about losing the home that his parent's left him, but his brother whom I communicated with is very level headed. But the brother isn't on the mortgage...