All Forum Posts by: Nick Leamon

So I am currently in the process of re-renting a property, one of my potential applicants is a couple who run a day care out of their house. They are licensed with the state and have been for 4 years, they have provided 2 years of Tax returns, and carry extra insurance to cover their liability. They make over 2.5x rent per month, but not quite 3x they were in their previous rental for 4 years, the rent was $150 more than mine is, and they always paid on time and were never late. if you were in my shoes would you rent to these people?

Welcome to BP! I am in the north Dallas area as well, but have only been investing for 2-3 years.

Anyone know of a good emergency plumber in the McKinney/North Dallas Area that they would recommend, who is fair and does good work?

Thanks for the quick response!

Nick Leamon

I was 23 when I bought my first property. I used an FHA loan, and moved after about a year and rented it out. I had planned on doing that all along, and will soon be moving out of my new house and turning it into a rental as well.

Well obviously the property would still have to cash flow, but being able to put less than 20% down to me is a favorable term, even if that means i pay a little more, or a little higher interest rate.

Hey everybody!

I am a somewhat newbie investor, I have one SFH and have had it rented for about a year. I originally had the plan of moving from SFH to SFH and renting out the old one over and over until I had 5 or 6 rentals. I did not plan to cash flow very much, but hey other people would be buying me houses right?!?

Then I found BiggerPockets.

And have seen the error of my ways. I now know that I no longer need to wait to save up for a large down-payment to move and acquire my next property (thanks Ben Leybovich) So I have been learning all the different ways that one can acquire real estate without money and believe I have found a path that would work well with my goals.

So when Real Estate Investors want to "get out" to avoid tax on a large lump sum of money, I could buy their properties, they could owner finance them. I get a property for nothing (or very little) down. They get consistent monthly payments over many years and therefore pay less taxes.

What do y'all think? Is this a good idea? Am I overlooking something obvious? Has anybody done this strategy? If so how did you find owner financiers? What pitfalls should I be aware of?

Thanks in advance for all the great insights!

@Rhonda Moore Mitchell L. is right, and i would take it even once step further and say that your agent should be invested (or have invested) in the same kind of properties that you have. for example if you are investing in SFH buy and hold, you want an agent that has SFH buy and holds.

@Jeffrey Lester Hey I think that it is awesome that you are ahead of the curve and know you are going to be in REI after college and want to get a degree that will help you. I was in a similar situation a few years ago. I started as a finance major (all the Real Estate classes offered were Finance classes) and took all the Real Estate classes that were offered at my university. However I ended up switching to Economics, to learn forecasting (which is where my passion was not finance) which is a good tool to have in any investing especially RE, being able to forecast better than others lets you see opportunity where others don't. My only regret is that i wish I had taken more Accounting classes, I have had to learn accounting on a need to know basis while working, and wish I had taken more classes.

So I guess my advice just echos the others in, major in what you are passionate about, but take classes that will help you in life. Just because you are an engineering or CS major doesn't mean you cant take RE, FINN, MARK, ACCT, classes.

Also since it requires $ to start investing there is some logic to the fact that the highest paying job will get you started investing the quickest.

Hope it helps,

Nick Leamon

@Leon Trak Welcome! and Awesome, I am in the Dallas area, but may be looking to get in the Houston market over the next couple of years. Let me know how your investing goes!

Welcome, I am an investor in the frisco/mckinney area as well. Always good to meet other investors in the area.