All Forum Posts by: Rick Pozos

All of the foreclosure information in at the county clerk's office. Every county in Texas will list their properties that are going to foreclosure. It is public information.

As far as meetings, Google it.

There are tons of meetings happening every week. 

There are no wrong things to do except doing nothing. Market to long term landlords, market to distressed owners, market to divorced people, estates. Go to local meetings where there are other investors. Meet and get to know others in the business.

Just being around others is great to get to know more parameters that are involved with investing.

I would definitely get on a plane and visit. If phone calls and emails are not working, get a hold of his broker and set up a meeting for all involved. If he is the broker, go higher. Show up to see his face when he tells you what he tells you.

Hey @Agustin Rossi I understand you completely. You dont want to lie and say something that is not true. BUT you also want to get the property under contract and make some money.

I hope to put you at ease. I have NEVER, and I mean NEVER had someone who is 8 or 10 months behind on their mortgage or someone who is getting divorced and NEEDS to sell their house ask me for a proof of funds letter. Never, Never, Never, Never.

I have had EVERY realtor ask for one, proof of funds or loan qualification letter, but never a motivated seller.

But I was afraid of the question also when I first started. What I did was talk with the seller so that I would know what the situation was and where they were on price. I would let the seller know that I was going to talk to some people who might be interested in purchasing the property. The way that I would get paid for my time was that I would have to contract the property and then assign the contract to someone else for a little more. 

I would bring my potential buyer with me to see the house.

If you have a really motivated seller, they just want to get their little bit out of the house and be done with it. They dont really care what you are going to do with the house, they just want their 5k or 20k or whatever.

Follow through with the eviction. You served her with 3 day notice, now go file with the JP court for that area.

You probably need to get the a/c fixed also. Texas heat in the 100s is no joke and a judge will not be nice about you NOT fixing it. One or two days is reasonable time to get it fixed. Dont make threats back to her. Just let her know that Mr. X will be calling you to set up a time to fix the a/c, thats it. 

The court will notify her that she is getting evicted. She will know that you filled the paperwork. If you do everything right, there is way less chance for her to win against you.

Hey @Lily Wang over time, you will learn all the little things that are going to increase your mtrs. Of course, you can pay someone to give you all the answers all at once. It is called having experience.

I would get around others who are doing rental arbitrage for str or mtr. Join Facebook groups, meet with others locally, listen to the podcasts, ask questions of others and share what you have learned also. Realize there are no 'secrets'. There are just things that people do or they do better than others. 

When interest rates shot up, the market seized. It happened to office, multi-family and single family markets. Now that rates have come down a little, maybe there will be a little easing up on the downward number of sales. There is another issue that this is causing, rental rate pressure. Rental rates are coming down due to some excess inventory. Also, when landlords can not sell their home because no one can afford 7% interest with 3% interest rate prices, something has to happen. 

One must realize that a 3% interest rate for a $400k mortgage will have a payment of  $1686 P&I only.

When that interest rate is 6%, to keep a payment close to under $1700 the mortgage is going to be about $283,000. 

That is about 30% drop in price to stay at the same mortgage payment. If homeowners or investors are not willing to drop prices fast enough, what are they going to do, RENT. This causes more properties on the market for rent, further pressure on rental prices.

The result is that prices are going down. More landlords are offering incentives to keep their properties rented. This is happening across Texas and the Southeast, but I think it will happen across the nation. What do you think??

https://www.expressnews.com/business/real-estate/article/zil...

Anything where a company makes it 'easy' for you, they are going to take some $$ off the table right away. How much, well that depends how good or bad they are.

It sounds like this is a turn-key type of company. 

Personally, I like to do the work myself to make the money for myself. I don't need or want a company doing this for me. Whose interests are they keeping in the forefront, theirs or mine? Probably theirs. just my .02.

Thats great that you pulled all the info, but what is going to keep sales slow is that current real estate prices are based on 3% interest rates. At 6 or 6.5% Prices are still WAY too high!!!

Prices have to come down 20-25% just to be affordable at the higher interest rates. MOST of that appreciation was due to lower interest rates. Sure, some people will pay cash, some will bring plenty of equity from their last house, but there will be plenty(way too many people) who still cannot afford 6% at this level of prices. And what happens when houses dont sell, prices come down. Sales are going to stay slow due to people not wanting to lower prices.

As a realtor and broker, you know people think their house is worth 300k even though they bought it for 100k 5 years ago and dont want to sell for 225k, which is the same mortgage payment with 3% @300k vs 6% @210k. This just makes houses take longer to sell. But over time prices will come down.

That is almost the only way that I fund my deals. My friend Carrie, Victor, Daryl, my sister, ex-brother in law and my father in law have all lent us money to buy and rehab properties. They did not ask us for one tax return, credit report or bank statement. They just said, how much do you need and then wired the money to the title company.

THAT is private money. They know me, they know what I do, and they know that I have been doing it for 20+ years.

I have used a few hard money lenders also when friends were tapped out.