All Forum Posts by: John Thaxton

Thanks Eric, I love it. Very pithy and applicable post.  I can put that straight to work!  I was just sitting here wondering if I had time to surf bigger pockets tonight and yours was the first post I hit.  

Thanks for all the input!

I wound up buying and rehabbing all cash then immediately after rehab was completed I took out a mortgage under the delayed financing guidelines.  I basically took out a mortgage for the entire purchase price and am only in it for rehab plus closing costs. 

70 purchase

17 rehab

100 appraisal

70 "Cash out" mortgage 4.875% for 30 years. 

PITI of 610 a month and rented at 1200 since Dec 13. Rent goes up to 1250 in July 15 for last year of lease. Very satisfied, thanks BP!

Under what circumstances can a title company do a blind or split HUD? Only when being assigned to cash buyer? Private or hard money loan also I suppose?

Can anyone compare and contrast Champions Real Estate Group and Realty Associates?

Look similar in concept.  Yearly fee and a per transaction fee rather than commission split.  Champions local office is more convenient for me but that's not super important, all things being equal it might tip the scale.

I just satisfied requirements for Texas RE license and will use it to facilitate my investing as well as traditional agent work. 

How goes it Dusty?  I finished the online tests back in May but only took the license exams yesterday. I finally just scheduled the test to make myself study in a more disciplined fashion.  Passed both. National was pretty easy but I wasn't as well prepared for the state test.  Maybe my study guide was out of date:)

I have noticed that often people calling in response to my letters will not have a great idea of how much they want for the house.  Sometimes I can work with them for a bit on the phone and get them to suggest a market price for the house and then a lower price taking into account an as-is, fast, cash close. 

Does anyone out there then set a range of possible offer prices before going out to look at the property? I hate to throw a price out there myself too early but I also don't want to waste time looking at a house when there is no chance of the price.

I don't have Michael Quarles mad house whisper skills yet but I'm working on it:)

Sherwin, do it! Make the calls knowing it gets easier and easier. Even when there's no deal you're still moving forward and taking action. You will be surprised at how soon you become comfortable with it. Keep us posted!

Oops, posted too early... Was going to say I see your point with respect to not getting involved in non essentials to the expense of doing deals. Offense is my main focus but just wondering about a little defense.

Arlan Potter Hey thanks for the reply! I'm all for simple and definitely prefer that. I'm definitely using the building block approach but as I expand my activities I would like to build in some asset protection layers that will be as simple and minimal cost. An entity seems like a very low cost and prudent consideration at some point in the process.

I'm creating an LLC to be my management/operating company. My holding company for my long term rentals will be a Texas series LLC. I am wondering if my operating company should be a series also. I plan on keeping my marketing, wholesaling and flipping in this operating company. I will use separate DBAs for each activity. The operating company will hold title to properties I am flipping, hopefully for 6 months or less. I do envision the possibility of having more than one property on occasion. Should I hold these properties that are being rehabbed and sold in the operating company, each in its own series, or do I go with a traditional LLC since I won't own them for very long? Alternatively, should I hold title to these properties in my holding company which will definitely be a series? My original reason for NOT doing this is to keep my long term portfolio as distant as possible from my ongoing business dealings with the public. Thanks for the input!