All Forum Posts by: Mark S.

hey @Charlie Vess, I haven't heard that before.  That is great information.  Do you know why a different lawyers name would be listed on the substitute trustee document then?  I checked one and he didn't belong to the firms you mentioned, but it did say he works for the National Default Exchange which must be related to the foreclosures as well.

On another note, do you happen to know where to get code enforcement lists in Texas do you?  The county said to talk to the city but I don't think there is a site with the listings.  I am trying to do an open records request....  

HI @Chai Jonn.  I think it is hard to get good rentals in either Plano or Frisco depending on the area, hitting even a 1% rental rate can be challenging with the home prices.  The homes are selling quickly with multiple offers the same day it hits the market.  Little Elm I know is a decent rental market, lots of demand out there.  

If you are going for appreciation I think all three are great bets.  The main thing is being really specific with the location within the cities.  You might also check out the property tax rate increases they have had year over year.  One of the hardest parts of being cash flow positive in Texas is your property tax monthly payment.  Plano and Frisco both have highly assessed properties and will prove to be quite expensive come October.  

Good hunting!  

I had a question regarding the biggerpockets.com/events page.  I have an event today at 1p, Central time, and it is showing as a past event now.  Is there a way to fix this?  Thx

Hey @Bryan Kahlig they usually last 1-2 hours; some people who are on lunch leave around 1 and other people who have more flexible schedules stay a while longer.  I hope to see you there tomorrow.  Thx

Hi @Kyle Adam

Welcome to BP.  It is a great place to learn from others and get support.  

I think it is a pretty good idea to start with a lender as well.  Getting pre-qualified for your home will be a requirement for most of the realtors you work with and it will give you an idea of how much you want to spend every month and what your options are.  Also if you plan on purchasing multiple properties with mortgages it is a good idea to have a plan about how you are going to do that.  I work with a lot of investors and can help you walk through it if you are interested.

I am hosting a RE investor meet up next Wednesday for lunch at Henry's Tavern in the Shops at Legacy.  If you are able to join it is a great place to meet with other RE investors and ask some questions.

Best of luck!

Hey @Josh L.

It sounds like you are in a good spot to get started, having that much extra cash every month you should be able to qualify pretty easily for your mortgages, leveraging your investments will help you generate higher returns albeit with more risk.

Since you do not have a history of renting out properties you will have to jump a couple more hurdles.  If you purchase a rental property that currently has a lease you would be able to use 75% of the rent to help you qualify for the mortgage.  If the property is not currently leased than an appraisal would have to determine the market rent for the property and then you could use part of the rental income to qualify for the loan.

But if you are able to put $3k per month into savings I doubt you will have a problem with qualifying even without rental income.  If you don't need the rental income to qualify it will make everything easier for the mortgage process.

There are a couple other things to be aware of though.  You eventually will be limited in your purchasing power because it becomes harder and harder to get mortgages the more you have.  Also you would need to pick a loan program geared towards your goal of purchasing a primary residence next year.

I think a good place to start would be to create a plan for how you can most effectively leverage your investments over the next couple of years.  Too often new RE investors do not understand how their ability to qualify for mortgages will change depending on your situation.  This can end up being a real problem a couple of years down the line.

Let me know if you have more questions that I can help with!
Thx

HI @James H.

Typically if you are looking for the amount of equity in the property, ie how much of the mortgage has been paid off you will need to go to the county assessors office and look at their records.  The county websites dont offer a ton of information, at least that I have been able to find, on the balance or the original amount on the mortgage note.  Good luck!

Hi @Ariel S.

It is definitely something that is possible.  There are going to be a lot of factors to consider when trying to get a mortgage in this scenario though.  I will PM you and I can let you know a couple of things.

Hi @Aaron Guthrie welcome to BP. You are definitely in the right place to find some like minded individuals for your real estate investing. There are some great people on BP and everyone goes out of their way to help each other. I am have a meetup next Wednesday July 6th at Henry's tavern in the Shops at Legacy at 12p. If you are around it is a great opportunity to network with some other BP members.

If you are interested in coming the event can be found at www.biggerpockets.com/events when you search Plano. Have a great week!

HI @Zane Kilpatrick welcome to BP.  You are definitely in the right place to find some like minded individuals for your real estate investing.  There are some great people on BP and everyone goes out of their way to help each other.  I am have a meetup next Wednesday July 6th at Henry's tavern in the Shops at Legacy at 12p.  If you are around it is a great opportunity to network with some other BP members.

If you are interested in coming the event can be found at www.biggerpockets.com/events when you search Plano.  Have a great week!