All Forum Posts by: John Fitch

@Sean Sloop how long was a long time?

@Bruce Lynn Thanks Bruce. I appreciate my fellow Texans wisdom and experience. I was looking at some Resales that were struck off over 2 years ago. So those look even better now since the redemption period starts after it did not sell and not start the day we get them, if I'm understanding you correctly.

Looking into Tax Sale Properties but are a little confused on the rules. Some Counties state that the ex owners have a 1-2 year redemption period after the sale. What exactly does that mean when it comes to using the property for renting and making improvements? Do you just have to hold on to the property untouched until the redemption period is over? Does anyone have any personal experience with this?

@Jason DiClemente I agree with you. I would definitely not buy the 183,000 dollar home and rent it out for that much. But like I said in the original post a Refi is out of the question due to the wife's stipulation. So does that effect the equation. Luckily I only spent 90,000 on it

@Michinori Kaneko I probably should have written my post better. The home I was describing was my paid off home. It's valued at 183,000 if I put it on the market. I'll see if I can edit my post to be more understanding. Sorry

@Jason DiClemente Thanks for the straight forward answer. I like it but would you mind going over what makes those numbers bad or just a little more detail on your thought process?

The House is valued at $183,000 according just to the realtor.com app. Houses in the immediate area with the same square footage are renting for $1700 min. the taxes are $4000 & insurance is a little less than $2000

So I have decided that I want to invest in real estate. But in order to get my wife on board she does not want to use any equity out of our Paid Off 1976 4-Bedroom 2-Bath 2100sqft Home in Kingwood, Tx. She likes the secure feeling of having it paid off. So I guess my options are to Rent out our Paid Off home and use an FHA or 203k loan to buy our next home(for a hell of a deal of course) or should I just take a loan out to buy a rental home and stay put?

Hello World! I am happy to have found this forum. And look forward to hearing different points of view. I'm am doing my research and trying to set a massive foundation to invest in real estate. I am giving myself 2 years to come up with a killer business plan before investing anything (wife has 2 years left of college). Looking at investing in tax sales & foreclosures to either rent or flip. Would love for any advice on getting started.