All Forum Posts by: Raky Patel

I went to the Expo as well. I wanted to go to it last year when it was in San Antonio but had a conflict. This year with it in Houston, there was no excuse for me not to go. It was a great event and I think that later this year when I buy more real estate I will be using some of the vendors I met. Face to face time with some of the vendors was definately worth the $39, better for those that got in free.

Belinda Lopez thanks for your feedback. I will check out RICH club. I have heard about it in the past but have yet to sign up. Are all the meetings free to attend with the membership? I looked at the calendar on the website and it seems there are several events each month, are those included?

Hi Marco Santarelli, I actually don't think I need a subscription. I am just curious as to whether anyone has any experience with them and if it is indeed subscription based. I hate when people try to sell me something and I usually question everything that seems too good to be true. BP has all the info I likely need and the community here can probably answer any question I have better and faster than any service!

Hey guys, I did a search but could not find anything within the forums regarding Liberty REA out of Houston, TX. Does anyone have any experience with them? Are they an operation similar to Lifestyles Unlimited whereby they try to sell you a membership? I listen to their podcasts and they seem to be better than Lifestyles but then again I am just basing this on what I hear on the podcasts. They offer free classes but I am assuming that is a hook to get you in the door to sell you on something.

Bill Gulley Thanks for your response! Definately not looking to conduct any fraud! Just had some questions so I thought I would ask the pros on this board :)

Jeff S Thank you so much for your reply!

Hi all, I tried searching but could not find the answer. I have two questions that have been on my mind for a while and hopefully someone here can answer them.

1. Is interest from hard money loans tax deductible?
2. Do hard money loans typically affect your debt ratio when looking to purchase other homes with conventional financing or perhaps even a new car? I guess what I am really wondering is if they go on your credit report as outstanding debt (I assume so).

I am opening up my mind to the idea of hard money loans but still am not at the point where I would need to go that route since we still have plenty of conventional mortgages that we should be able to qualify for down the line (only have two properties currently between my wife and I). We will be buying a new primary residence towards the end of the year and renting out our current home. After that big purchase is done I will be free to look at getting other properties. Of concern is that since our w-2s don't reflect 2 years of landlording experience we still will be carrying our other mortgages in our debt ratios so until that income starts to count it may be increasingly difficult to fit another 1 or 2 homes within the debt ratios if we go the conventional route.

Thanks,
Raky

Michael F. I have a 1 bedroom townhome rented out on westheimer and jeanetta (0.2 miles from fondren). It is on the good side of westheimer (north) and in a nice community. It is probably 3 miles or so from the energy corridor but I have been getting great returns on it. I previously had a tenant for a short term lease that paid a premium of $200 per month for it. Now I have a new tenant moving in in April for a 10% return and they signed a 2 year lease. I have a great property manager if you are interested, just PM me.

Jon Holdman Thank you so much for your help. I really appreciate all your responses and I can see you are a great asset to this community!

David Krulac that is a great idea however I think we need to factor in both of our incomes because of the rule of 36. Doing a quick calculation on the gross annual income based on the rule of 28 we are more than ok. On the gross annual income based on the rule of 36 we are off by $40,000 based on a $360,000 mortgage factoring in all our other liabilities and including both our mortgages. This is crazy to me because for the sake of numbers we make enough to cover all our liabilities, both mortgages + a 3rd mortgage (with all associated costs) and still have 40% of our gross monthly income left over or 20% after tax and max 401k contributions.

Jon Holdman thanks for your opinion. Quick question for you - my mortgage on the property that is rented is FHA. When I got it it was owner occupied since 2008. Does it make a difference if the mortgage is FHA vs. Fannie or Freddie?