All Forum Posts by: Clifford Paul

If you are single get a second job and live well below your means. Use all the money to save up for a house hack.  What's your current side hustle? 

I'm curious how you put a house under contract through a realtor without proof of funds or preapproval? I don't buy in Lubbock but in other markets in Texas this is impossible. 

Yes, taking the cash out is a great way to build your portfolio.  Just make sure you leave enough room incase you need to lower rents and still cashflow.  Also start building your cash reserves early. You want to have a sizable cash reserve set aside for emergencies.  As your portfolio grows so should your cash reserves.  

This story is not relevant to your situation but you might get a good laugh from it.

We were stationed at Eglin AFB for a year so we didn't even consider buying a house.  We somehow was able to secure a on base house on the commander's row. My wife was only a  lieutenant at the time. House was a nice 3/2 ranch on the bay with a private beach for only the commander's row of houses. 

All the house's on the street had very large beautiful trees.  So every Sunday I would do my yard work and Monday morning my front yard would be filled with a foot of leaves. Every Monday I would get a letter on my door from base housing reminding me that per base housing requirements no leaves can be present in front yard.

So for a whole year I removed leaves from my front yard not just on Sunday but all week.  But every Monday like clock work I had leaves in my front yard a foot deep and a nice your in violation of housing standards letter on my front door. So I affectionately named the guy that left the violations on my door every Monday "The Leaf Nazi".

When our year ended we were doing our exit inspection and the guy asked me if we had any problems over the last year.  I said the only problem was the Leaf Nazi leaving a letter on my door every Monday.... then he says I am The Leaf Nazi! LOL 

Have you calculated your holding cost. Just a quick look at listing shows current houses for sale in Portales NM range from 52 to 180 + days on market. Most of them having decreases in price.  Maybe this house would make a better rental but I didn't look at that.  

1. You can offer less than asking price 

2. You can close in 7 to 10 days

3. Your agent knows you are a cash buyer and will bring you off market deals (pocket listings)

4. The word gets out that you are a cash buyer... no joke people will hunt you down with deals 

5. You have no mortgage = more cashflow 

6. If the economy tanks and you have to lower rents you still cashflow 

That's just 6 off the top of my head 

 This is one of the saddest things I have ever read.  I wish you luck on your journey. 

I bought a foreclosure that was unoccupied for 7 years. The insurance inspector looked over the house and wanted to know what I was going to update.  That was it, they never came back to confirm I did anything.  

The  20 year @ 6% loan sounds like a in house loan for investment properties. These are very common in small Texas banks mostly used by investors that have exceeded their 10 loan limit. It doesn't sound like you have any mortgages so call some loan brokers. A loan broker usually can get you the best  30 year rates. 

Congratulations! Sounds like you are moving on up.  Enjoy the ride!