All Forum Posts by: Gary Wong

I am definitely interested as well. I don't know if I can get off work on time but I will try my best to make it.

I bought a house in allen last month. Had to bid 20k over asking price to win ONE bid. I lost all the other ones. When I bid on my house that day, I also bid another house that was 20k over the asking price. I end up losing that one. From experience, I think you will need to bid 15 to 20k over asking price in plano, allen area to win. I know the market is crazy. From just spectating, I know frisco is worst. I was so fed up with bidding on house, I planned to rent as my plan B. 

 Thanks for awesome idea.

Thank you for all your responses, it helps me understand a lot more.

sorry for the confusion, I forgot to put down I am the one taking on the new loan. I will  be the main person and she will just be the cosigner.

It's just like taking equity out of any existing house, i understand there is always risk. Worse come to worse, she can live with me. I am not too worry about the risk when it comes to investment. I won't pull the trigger on the investment unless I am super comfortable with it.

She got the mortgage like 15 years ago. She got bad credit a couple years ago. My most recent mortgage is 4.125% so I am trying to get her mortgage to be around that. 

My mom and I have been living in North Texas for more than 15 years now. The home I live in growing up is now worth around 180k. She still owe about 70k in it. I am thinking about helping her refinance for a couple of reason.

1. Her interest rate is 6% which is really high and she has really bad credit. Helping her refinance can lower her monthly cost.

2. If I take on the mortgage, can I use the 80k equity on the house to obtain a new investment? or possibly use it for a flip.

I just want to get other people's opinon on this. Whether this is a good idea or bad idea.

I am a pretty new real estate investor in North Dallas. I currently only have one SFR rental . I been looking around DFW real estate listing and listening to podcast while I am accumulating money to invest. I heard Texas is a great place to invest but I am just not feeling it personally.

A question that pop in my head is that I notice other state have way lower property tax compare to Texas, so is Texas a good area for investment? Most the property I find only have the 1% rule. Almost impossible for 2% rule. And property tax is taking up most of the expense making it seems like a 150k house would have the escrow payment of 250k house in other states.

What are your opinions on this?

I am looking to purchase a home with a garage conversion. Anyone know who can convert a room back to a garage in Dallas area? And how much should it cost? 

Thanks for the advice!!!