All Forum Posts by: Reagan Stephens

Thanks REI and All Cash, the main reason for doing this is the 1031 exchange. I work have a normal job, so I am not trying to be a landlord for a living. If I have to settle with less than 1% than that is fine, or more that 1% that is great too. Appreciation over time would be nice too.

I have been comparing rents in the area on rentclicks.com, and it looks like rents are comparable to what I would want. It turns out to be around 1%-1.2%.

Can anyone recommend any good books on being a landlord?

all cash thanks for your reply. I am in Austin, I see you are in the Hill Country. So you think 1.5% should be my starting point on rent. Do you think that would work in the Austin area. My houses would be up by dell and parmer lane. Thanks for any info.

I am going to be buying some houses to rent in the near future. I have some raw land on the market right now that I bought to put a house on some day. However during the past five years they have put a toll road in front of it, now it is worth about 9 times what I paid for it. It is on the market now and I expect it to sell within a few months.

To avoid taxes I am going to do a 1031 exchange and roll that profit into rent houses. I have NEVER been a land lord and am reading up as fast as I can about the subject. I have a close uncle who is a atty. so he could do my leases.

I have heard to try to get 1% a month of the property value in rent. Is this what most people shoot for? I am not buying slum properties and want good people for tenents. 3-4 bedroom houses with 1400-2200 sq. ft.

If anyone can offer any suggestions please respond. Any information about being a land lord would be helpful. ANY!!

Thanks for the tip on realquest.com. I will use them to find mortgage amounts due. $2.00 a report isn't that bad. I am running into difficulty finding comp sales. I live in Texas and it is a non disclosure state. So all values are estimated based on mortgage amounts. Any info on the most accurate comp sales without having to bug the crap out of my broker?

I guess I could find one that sold near buy and run a realquest report on it.

Brandon that was a awsome bit of info! I too hate realty trac and cancled my membership after the second day. How does someone access the mortgage record? Are there online sources? Any information would be a great help.

Thanks!

thanks for the reply. I would be comming in with a cash offer, no financing. I guess all you can do is offer what you want it for and if they reject it, move on to another one.

Would it be better to come in witha lower offer as soon as they list, or try to find houses that have been on the market for a while.

So back to my original question. Does anyone have any experience offering 10-15% below the list price on REOs

Thanks,

RCS

He mostly deals with HUD forclosures, but also does bank forclosures. He removes all the junk that is usually left behind like swingsets, old cars, tires, mows the grass all kind of general stuff so that it will look ok once it goes on the market. He is always busy, and doesn't really have time to get into the flipping part. Plus, he makes a killing. HUD pays him $250.00 to remove an old camper from the back yard. They pay $150.00 to move a car from the driveway or garage to the street so it can be towed away. He does anywhere from 15-30 houses a month.

I am so glad I found this forum. I am new to investing in real estate and found out about REOs from a neighbor who is paid by banks to get them into selling condition if need be.

I have been searching for REOs in my local area (Austin, TX) and have found some "good deals" comparing listing price to other houses selling in the area with same square footage and general characteristics. My biggest question is how flexible are banks on taking lower than list offers. Is offering 10-15% lower that list price a good idea, or will they automatically reject it? If the 10-15% less meets the total they have in the property wouldn't they accept that?

I would be comming in with cash and be doing small upgrades on nicer homes to cell for a 10-30K profit after commissions and all costs. I'm not looking to blow up my bank account. Or do this for a living.

Thanks in advance to anyone who can offer any guidance

RCS