All Forum Posts by: Nick Weidner

If you owner finance a SFR for a year then refinance it using conventional financing - will you still have to put 20-25% down? Assuming there is equity in the property? For example seller wants $90k / house is worth $110k. Convention lenders I have used require me to put 20-25% down to finance the house. If I was to set up Owner Financing. Sell price $90k ...$10k down interest only then refi the remaining $80k after 1 year. When I refi the $80k, will I have to put any money down because I own the property? Or will I just need to just pay closing cost?

I am going through the same issue.   We are selling my grandmothers house (she passed away 10 years ago with no will).  My grandmother had two sons, my father and my uncle (who passed away last year also with no will).    We had to get and affidavit of Heirship.   The affidavit is not that difficult, they will need to sign it the. You have 3 witness (non family) sign it as well.       We had to do the affidavit for my uncles death showing he had 1 minor daughter.

Talking out loud - you would need a Affidavt on the deceased sister.  The two kids sign it and then get 3 witnesses.    The two kids should be willing to do this since legally they get half of the  proceeds from the sale of the house.

I started this proccess back in May and we are just now getting in to the clear.   I had to clear up back Medicad bill my uncle had.  But since he had a minor child the State of Texas pulled the lien of of the house.    We are having to set up a Trust to have my uncles proceeds go to for his minor daughter.    

Jerry Ta This is 100% true! One of my properties tax appraisal went up $20k front last year to this year. Time to fight it

Jerry Ta This is 100% true! One of my properties tax appraisal went up 20% front last year to this year. Time to fight it

I purchased my first rental property in 2014. I have a few questions on Income Taxes. Can I claim the closing costs? Can I claim the 25% I put down? Can I claim the insurance, property tax, property management fees? Thanks in advance

Tim Shin I am also in Houston and had the same question. In the past I have got to the Harris County District Clerks website. You can search for records there Civil and Criminal.

What area is your property located in Houston? I am little surprised at the rents the Triplex is pulling. I bought a Duplex in SE Houston back in September, I had to put 25% down. There was no way around this (other than a private lender) - trusted me I tried! My credit rating is over 800 and I have no debt other than my house I live in. Around summer time I ran into the same issue when I tried to pick up a 10 plex, I ended up not getting it due to the Banks wanting 25%. From my experiences, banks want 20% for SFR and 25% from Multi's --- this is if you are buying as rentals and not living in the units.

Where abouts is your MF? I used Guidry Agency for my MF. Contact Brad Guidry 713-781-8111 If he can't write the policy he will point you in the right direction for a quote

Those figures seem about right. I purchased my Duplex back in August. My rental is over in SE Houston. Mine rents for $800 per unit ---tenant pays water and electricity. I was "wowed" with the rent your units are pulling, I wasn't expecting it to be that high in that area. Are you paying for utilities or is the tenant? Keep us posted on how it goes. I recall seeing some duplexes in that area - I may have been viewed yours online. With the rents you are getting, I may have to circle back around. Beat of Luck Nick

Curtis Curley I was in the same boat as you about two years ago. I was "Anti" debt with a nice corporate job that I really enjoy. We paid off both vehicles, credit card / school loans to become debt free. Also refi our house to a 10 year note. I have multiple friends who do "Buy and Hold". After numerous conversations and running numbers my thoughts started to shift. I am looking at "Buy and Hold" as more of a retirement vs replacing my job. This past year I purchased my rental (Duplex). I look for properties that cash flow $500+ after expenses. I am looking to pick up my second rental (another duplex) around summer time. We are also in Houston (SE Area).