All Forum Posts by: Account Closed

@Randy McDonald @Cassi Justiz I will say that my husband and I drove through Lubbock a few weekends ago to check it out and about every other house near the college was up for rent and vacant. Maybe due to student turnover? But there was A LOT available. It made me wonder how much you could really get for rent when there is so much available.

@Randy McDonald have you considered house hacking as your first investment? Maybe a duplex and you could rent out the other side?

Ok, one more update in case anyone else runs into this. The title company said that as long as it's ok with the lender, the title company will set it up to where both spouses are on the title but only the one with the loan is on the deed of trust.

@Cassi Justiz Thanks so much for taking the time to respond. As an update, I called the lender this morning and they are not concerned with who is on the title, only who is on the loan. So basically, if you are on several titles, they do not count that against you as how many mortgaged properties you have, they only count how many mortgage loans YOU are on, if that make sense. In my case, this lender says they will do up to 6 mortgaged properties per individual. Apparently adding someone to the title, at least in TX, is just a matter of letting the title company know or adding the person at the courthouse.

My husband and I want to be able to get as many mortgages as possible. That being said, can we both be on all of the titles but only have one name on each of the loans?

 I totally agree with you. My dad did the same thing, put every extra dime into retirement accounts and lived very frugally. He passed away before spending any of it. That started my journey into looking into other ways of preparing for the future. I also have a tenant who is on a fixed income and it is a shame to see a hard working person retire with next to nothing. 

 Thanks for the advice. That's what we were thinking but it helps to hear it from someone else!

 So what would you do? Walk away or ignore the 70 percent rule and leave some cash tied up?

Hello everyone. I have a question about applying the 70 percent rule to BRRRR properties. We found a property that has an ARV of $72,000, needs repairs of about $12k. Rent will be between $900 and $1000. The BRRRR calculator shows a cash flow of $261 after all expenses and refi with an offer of $38,400.

Our goal is passive income.

So with the way the market is here, influx of oil field workers, price gouging on rents (could get $1100 for rent on this one now), etc, if we stick to the 70 percent rule for our offer we probably won't get a response. How do we analyze this? 

If we offer $38,400 - $7000 of our cash in the property.

After refi we would be leaving 16K of our cash in this deal. Do we offer more because our market is pretty hot right now? What would you do? Please help!

@Marjeanne Fields congratulations!