All Forum Posts by: Ken Hicks

Most inexperienced investors "I think" went for that crazy financing and hoped appreciation would bail them out for a big profit. It would have worked but they got caught with their hand in the cookie jar :crying:

I went and looked at a house the other day. The Realtor wanted to check out a development, the sale mans guy was telling me how he could get me into a house easy with this crazy financing. I told him I can't afford it. It was like talking to the devil. I almost went for it.

buyandselllv, I am not sure were you get your intel from. I get calls all the time and emails about properties from Dallas and Houston. They don't send me deals, they send me their problems. I would look at mcallen TX if your bent on TX. I try to get at least 10% return on any property I look at, what ever makes your numbers work go for it.

If you don't take a risk then you might miss something really motivating LOSING YOUR OWN MONEY.

I agree with the above statements. I would look at wholesaling to start out with. Rentals are good but you need to take care of todays debt. nothing like owning a property and the furnace goes out and you don't have any money so you put it on a credit card with 18% interest and are now in a negative cash flow for a few months if not years. Something to consider is to live in a house when your rehabbing it. Live there 2 years and I think it's tax free. I know a few people that have done that and now have no mortgage after 8 years.

Word of the wise. save your cash flow. Put it in a money market till you get at least $3k+ per unit.

Does he really do 30 rehabs at a time? I didn't think Charleston was that big.

I looked at their website an there are only about 6 or 7 guys listed for the investor area. Looks like Trade Mark is just a company like Remax Realty. I'll guess we'll know more on the 27th.

Exactly It's a TV show. If someone said they made $70k in a week I would watch it. If someone said they made $5k in a week I don't think I would watch it. A lot of the events seemed staged but Hey thats entertainment.

I am sure he made his fair share of money.

How much does it cost to refinance?
How long will it take to make that money back?
You do the math to see if that would work out.

you could do a line of credit. Lenders might lend up to 90% of a drive by appraisal for free, but it's at prime which I'm sure is around 8.25%, and you will get a penalty if you pay close the equity line out with in X amount of months or years usually $400 or so. You can pay it off in a month and be fine you just can't close it out. What I did was purchase a property cash with my equity, repaired it rent it out for 3 months then got a HELOC on that rental and I was still able to take an extra $3k out to put into my rental fund savings account. Some banks won't do that much, the ladies at mine love me. I think :roll: that was just a way to get my property funded but you have to use a higher rate about prime. Yes you can fix the rate for 20 years. I also am set up with automatic payments and I get .25% of my interest rate. Just my say..

I agree with REI, you really need to read past post. At the top of the page use the search tab.

As for land lording, Don't expect to get rich fast. Take care of todays debts first.

weekendmillionaire.com I recommend

I remember when I had an attic that could be a bedroom I need 2 forms of exits sense it was above the second floor. The basement also needs 2 forms of exit. Check with your local code enforcement. I never heard of a 1 1/2 story home :mrgreen:

If you come up with a cap rate of 10 I would get off my couch and investigate it. anything under 10 it's hard for me to move. Warning, most Realtors or even owners might not think that snow removal plays a factor but it does. Do your homework double check it twice or 5 times offer low. Maybe ask for owner financing and in 6 months you will finance the rest (If this guy thinks the deal is good)