All Forum Posts by: N/A N/A

Yeah, it's scary. Especially if you have a family that counts on you. But, I knew what I wanted. The wife and I scraped together about $11k. I went into about 100+ houses making who knows how many offers, and finally got one. Rehabbed it with a lot of help from my father-in-law. And actually would have come out pretty good (probably about $15k to $20k profit). But, then my *** ended up here in Baghdad, and that damn property is still sitting with a for sale sign. I actually had a contract signed within the week I put it on the market -for full asking price. Jerk decided 3 days before closing that I needed to make him a substantial deal, so I told him to stick it. He knew I was at Ft Dix, prepping to leave, and he thought he could take advantage. I'll eat that house stud by stud before he gets over on me! Anyways, I'll end up losing money on holding costs, but I'll still get a decent check when it sells. With a long term capital gains rate savings, plus some decent deductions, I might still do OK. Regardless, no matter how much I lose overall, I'll still end up with a check for around $20k to $25k. Which is going immediately into the next house (probably within a week of getting back home).
I won't gamble money that my family needs for the necessities, but the money I'm using should go to paying off bills and filling an IRA. However, I decided that this is my future financial security, and it's do or die.
You're going to have to lay some money on the table, and you have to accept that you might lose it. Don't lay money that's supposed to buy groceries and pay for rent. If you lose it, it'll hurt, but it shouldn't get you evicted. Do your due dilligence.
And no I didn't have a mentor. I really thought I needed one, but I ended up getting everything I needed from books and people on this site (whether they knew it or not).

Now shut the hell up and move out!

Hey Ryan,

The info on partnering with HUD for rehab costs -is that easy to find on their website? Is there a pecial name for the program? Haven't been on their site in awhile, but I remember always being frustrated. It feels like they had 5 different guys programming the site at the same time...

-Dean

andrew,

out of curiosity, how old are you? i'm asking, because that would make a difference in how i'd approach him.

-dean

Are you offering?

Do I have to pick property from your inventory?

What are the loan specifics (on avg)? Term? Points, etc...

This is a great deal! Please, someone try it and let me know how it works. I'm pretty sure I'm not the only one thinking this...

-Dean

I've never rented to people, though I have rented from them. I live in Texas, so I'm a little familiar with some civil law from these parts. What I've always gone with is that the renter has essentially the same right to privacy as if he owned it. If the owner provided for random inspections in the contract, that's one thing. But just because you own it doesn't give you free access -no matter how BS that may seem. Of course, necessary repairs must be done. There's a big differece between necessary and preferable. Personally, if they pay their bills on time, and it doesn't look like they're selling crack, who cares if they don't want you to improve it. Fix it when they leave, and then maybe you can rent it for more.

-Dean

dfw,

how do you feel about rehabbing competition in dfw, and specifically in the north dallas/carrollton/the colony area/frisco/plano area? i did my first rehab in this area, and i'm hoping to do my second one by the end of the year.

-dean

i think r2d2 has the best solution. next realtor contract i sign is going to have a "ball kicking" clause in it. and i'm gonna make sure i have 180 days to collect!!!

-dean

oh yeah, also juzamjedi, and the bank of america loan officer from plano, tx - whose name escapes me at the moment...

josh,

reporting for duty. i don't know why the spamming drives me so nuts, but it turns the forums into a bad swap meet.

btw, while i'm writing this i'd like to thank ryan webber, all cash, and a couple of other guys that have really put in the bulk of the solid info that i refer to. from time to time i've searched the site for all posts from these guys, just to see what kind of advice they're giving. there's a handful of these guys out there - sorry i can't think of any other names right now. you guys know who you are.

thanks again,
dean