All Forum Posts by: Michael Morrow

I was looking for more info on this, glad others are already using it! Good point about potential HELOC issues in my Houston market...

For Etrade: 50% value of your non-retirement accounts. LIBOR + a % based on total account value. Still comes out to around 5% for less than 500k account value. Of course they will revoke the ability to trade on margin and options if this is setup. 

The tax deduction for HELOC interest would allow a HELOC to compete at about ~1% higher rate vs SBLOC in my case.

Seems like a great option and I can leave the money in the market in the mean time.

Hello BP, We've door knocked on a VA loan that was in pre foreclosure but the numbers are way off. Auction is next month. What are our options to help this vet? Maybe just advice to him... Mortgage amount: 229k Reinstatement Balance: 23k Escrow: 7k ARV: 241k This years tax appraisal has the house at 252k. But it is not in an appreciating area. He's getting divorced and having some bad times. Any helpful guidance on how we can direct him vs eat the foreclosure? Thanks! --Michael Morrow

Hey @Sarah Payne, 

We were at the REIA meeting last night as well and have done the 3 day event with Phil and Shenoah. My short answer opinion is that it is worth it at our level of experience.

The three day event was worth my time as someone starting out and being not overly familiar with the basics yet. If you have the three days to spare and have not already done a few deals, then there is definitely knowledge to be gained and questions you can ask.

I did not sign up for anything else past this event and Phil does not spend too much time talking about the Big Dog program either. We've been to Than Merrill's three day event as well and we liked Phil's better. 

Feel free to PM me if you'd like more specifics or have any questions!

-- Michael Morrow

Hey Bryan Pham , Being native to Houston, I would say your numbers sound great to me. (I have only been at this for a few months.) With reference to your financing plan, I would say since Houston is such a sellers market we usually have to get into a deal fast with cash just to lock up the deal. If you have the time and can manage to use conventional financing then use that cheap money and keep your cash for the next deal. Feel free to PM me if you'd like a local opinion that has no skin in the deal on the property or area of town, etc. -- Michael Morrow

Howdy BP!

I was driving for dollars and noticed a large 4000+ ft^2 house that looked disheveled. After looking it up I saw the deed was transferred to the United States of America with a mailing address of a marketing group auctioning seized/forfeited properties. I have not seen any posts on this subject on BiggerPockets, but does anyone have experience along this path?

Is this an opportunity with a motivated seller or will they manage to auction the property for a significant value of it's ARV?

I have not been able to find the property for auction / listing yet on the government auction sites. 

Thanks!