All Forum Posts by: Jasen Miller

This is such a common misconception. In California, you pay 1% in property taxes. In Texas, I pay about 1.9%. BUT I'm not paying 13% in state income tax! If you're doing it right, you'll gladly make that trade for no state income tax!

2 Votes

Originally posted by @Jason Hirko:

Here's a link to some good info on the HUD process @Thomas Weidner

Great info!

0 Votes

Great advice @Jason Hirko

0 Votes

@Jonathan Kobler Welcome to BP! That is a great area to be an agent right now!

0 Votes

@Tarren Pettigrew Welcome! Where are you planning to focus once you get your RE license??

0 Votes

@Daniel Erdman deal flow. You can buy 1 house in cash for $100,000 or you can use that $100,000 as a down payment on 5 or 6 houses.

3 Votes

Originally posted by @Daniel Erdman:

@Jasen Miller Thanks for the feedback.

Are most people making profit on the properties in Killeen paying cash or leveraging? When I run several opportunities through my calculators, I get paltry profits. Perhaps I am doing something wrong?

Leveraging. They are buying and doing a moderate rehab with hard money, putting a renter in, then refinancing it later on. They are able to pull all their down payment back out, make $200/month after expenses including PITI. I would keep looking for properties that need a little work.

1 Vote

@Val J. Plenty of banks/credit unions in Dallas will do cash-out refis after 6 months. They will go off of a current appraised value and lend upwards of 80% of that appraisal. Just keep looking around!

0 Votes

Originally posted by @Shaun R.:

Most everything I've seen on hard money indicates that hard money lenders don't care about your credit or personal finances, only the deal. What I want to know, are there any out there that do care? I have a good income and a good credit score. I have a partner that has the same. Are there any lenders that will take those things into account when experience is lacking?

Yes. Each one has their own criteria, so just keep looking.

1 Vote

@Chris Chappell I wouldn't call that a failure - you are further along than a lot of people since you've got your first deal! Where is the house located? Welcome to BP!

0 Votes

All Forum Posts by: Jasen Miller

Jasen Miller has started 1 posts and replied 24 times.

Post: Best state to Invest ???

Post: Buying HUD Foreclosures

Post: Refinish existing hardwood or cover with carpet?

Post: New member in Fort Worth, TX

Post: Newbie from Fort Worth Texas!

Post: Killeen, TX. Would You Invest here?

Post: Killeen, TX. Would You Invest here?

Post: I've done the BRR now how do I do the last R?

Post: Question about and to hard money lenders

Post: Newbie from Dallas Texas