All Forum Posts by: David Edgerton

Learning more about tax auctions is on my to do list. Missed the auction today, but went last month. One side of the building (that faces Congress) is the tax auctions, and on the other side (that faces Franklin) is REO and Trustee foreclosures, and Auction.com has a big presence there.

Thanks for sharing Jeff. I appreciate hearing about your thorough due diligence!

I'll be there! Thanks Charles.

Welcome to BP Wayne Cook ! What I like about BP is that it's free. If you spend some time each day on the site, like reading the forums, using the tools and links, and listening to the podcasts, you will quickly gain a ton of knowledge. I appreciate hearing you say that you want to help improve Pasadena! Investors and Landlords do a lot of good for the community. I've been watching Deer Park, but there is probably less expensive entry to Pasadena. You will hear about hundreds of strategies in real estate, but if you have a plan and stick to it, chances are you will be successful.

RedX

As the others have said, HML are not long term loans, and are considered "bridge" loans or "construction" loans. The Lenders that do HML analyze a deal based on two factors. First, they analyze if it's a good investment and make sure your construction costs and potential rent and ARB all add up. Next, they have to understand your long-term positions, meaning, what are you gonna do have the HML. It sounds like you are buy and hold, so maybe your plan is a 30-year fix lean. The thing is, these lenders are not normally a "portfolio" lender- meaning, they won't keep your loan for 30 years, rather, they want to sell it as a conventional loan. This means you have to be qualified for a Qualified Mortgage, and meet DTI standards. You are NOT getting approved for the long term loan, based on our DTI.

You should absolutely go to this Expo! It will give you encouragement to think like an investor, and see wealth creation and retirement differently. There probably won't be a huge sales pitch to join, so don't be afraid of the hard sell. It's a chance to listen to great speakers, network, talk to awesome vendors, and participate in some classes that focus on what you're interested in learning.

Hi Chase Hayden Welcome to BP. This is a great site for the RE investor community. Looks like you are located in a good area of Houston. There seems to be strong rents in Tomball, Cypress, Magnolia, The Woodlands, and Conroe. Start studying the characteristics of each neighborhoods. Learn the sales and rent price, and if there are distressed properties, and competition. Start building your team, and practicing your numbers on a spreadsheet. I could go on and on.... Good luck!

Hi Manzur, Sorry to hear your agent isn't working out. Try calling or emailing them, and simply say that its not working out. Using a Realtor is like dating, sometimes its a match, and sometimes it isn't. Most brokers have a policy to honor the client request to cancel, so just ask them to complete form TAR-1503 and you'll be done.

For a Realtor to help you best, it's critical that both you and them to know exactly what you are looking for. Also, you have to have your money situation ready at all times, since you'll be making offers at a moments notice. A pre-approval letter, or proof of funds is essential. Then you'll need to know your exit strategy: flip, buy and hold, etc.

Please contact me if you'd like to set up a meeting. My information is on HAR's website.

Sounds fun!