All Forum Posts by: John Reaves

If you are planning on paying off the note and holding it for 15 - 30 years don't forget to factor in replacing the AC, water heater, etc which is very expensive. If the tenant is only paying the mortgage then this will come out of your pocket. Or if they trash the place out, you will have to pay for more to fix it. Versus saving the extra income for a rainy day.

Thanks for the response

I have several houses that I want to buy that got foreclosed on Tuesday. I called the banks (Cite, Chase, etc) and they have all told me to go through a realtor once they assign them. Is there any way to buy them straight from the bank without the realtor auctions? I know there are alot of investors now buying in large bulk (10s of millions worth).

I just finished this book, I liked him stressing that you have to think outside of the box.

How many lenders told you that? I'd try and find them a new lender

To go through the foreclosure process does that cost alot of money with lawyer fees or any other fees from the city or county? Would that be factored into how much the property cost?

Can you double the depreciation and accerlerate it at the beginning?

oops hadn't checked my post in several days

Anyways, long term for real estate I would like to be a full time investor.
I like residential right now beecause it is what I am most comfortable with. But long term I would to develop warehouses, apartments, skies the limit :mrgreen:

But for my first one I am mostly concerned with learning more than making a huge profit. I have looked at some reo's but the numbers did not work, and some fsbo's which looked ok just have not found anything yet. I am about to get involved with the investors groups which hopefully will help me out to learn more and do a deal.

Also when I was looking at houses I started to wonder if there was a maximum amount of money that I should put into a house to fix it up say 30k and if the house needs more to just move on to the next one? Like an insurance company does when they total a car.

If you are thinking of leasing to them I would really research all of their rights as a tenant, I think they are different and you as a landlord are held to different responsibilities which may break into your profit.

Hi I'm John Reaves and live in Denton, Texas right now until I graduate from college in a year :D :D :D . I'm mostly interested in learning as much as I can about real estate investing right now so when I graduate I can start doing some deals. But in the mean time my dad will help me with financing to get started and I would like to flip a house or two this year.