All Forum Posts by: David Perkins

@Christopher Weller

Hey Christopher! I’m a realtor in Longview and own a brokerage in town. I’m familiar with white oak and I’d love to help you out. Give me a shout!

@Chase Keller

I would recommend Eastman Credit Union

I have previously bought bank owned properties online at Auction.com, but I have never bought one from Auction.com in person on the county court steps as a foreclosure. Is there any due diligence I need to do? Because when I’ve bought the bank owned properties, the bank has wiped out any liens or problems. When buying on the county court steps, is it the same where all liens are wiped away? I do know you need a cashiers check for the money, but I didn’t know what the difference was from buying online bank owned versus in-person foreclosure auctions. I’m in Longview, TX. Thank you!!

Hey everyone! So I am a real estate agent in East Texas and I've sold 5-7 investment properties to clients. My clients usually always get 15-20 year loans that are on a 5 year ARM. Our local banks all tell me they don't do 30 year fixed on investment properties. I keep hearing people on these forums talk about getting 30 year fixed loans. How are you getting 30 year fixed rate loans without "house-hacking?"

@Justin Harris

Good luck! You’ll love it! I just got my 3rd property under contract today!

I currently have about $12k in a SEP IRA and I was wondering if I could take that money and use it as a down payment on a duplex?? The duplex would be a long term rental. I would never live it in. Is this legal? If so, what would my next steps be? Thanks BP Nation!

@Anthony Wick

Will do Anthony. It is my dad who is giving the loan, so it’s legit. He’ll get an attorney or CPA to draw up the paperwork. If I did the lawn care myself, then that would save me another $50-75 a month!

@Daniel Kong

That’s actually at 15% down! I would love to do 20-25%, but I’m a little cash poor right now since I bought two other properties this summer... I have gotten bit by the bug and want to keep buying every good deal I find! I own a NextHome real estate brokerage, so I’m constantly looking for deals.

@Scott Passman

Thanks Scott. I just always wonder what other investors minimum cash flow is. I always want $400 minimum, but sometimes that’s not always attainable. I don’t think I would go less than $300. Also, it depends on the deal. Like they say, you make the money when you purchase the property. Both my rental homes I purchased at auction well below market value, so it’s hard to me to pay close to market value even if it is cash flowing well.

I currently own 2 single family homes and they are renting great. I found a duplex I am interested in. Cash flow looks promising, but I want to know what YOU INVESTORS out there look for. What is the minimum cash flow for you to buy a deal??? This property I’m looking at pulls in $1,725 a month and after taxes, insurance, water bill, principle, and interest my payment will be between $900-$975 depending on how much I decide to put down. The duplex has been redone down to the studs literally, so there won’t be much maintenance.

What is your minimum cash flow you look for in a property? Also, does this sound like a good deal?