Financing in Houston>Question Details

Kary211967, Home Buyer in Houston, TX

how can i participate in the acction?

Asked by Kary211967, Houston, TX Fri Dec 21, 2012

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If you’re looking to get started in buying property for investments, your going to need a mentor or a realtor that has done it for themselves, especially if you are looking at the Foreclosure Auctions. There are many variables involved buying properties at the court house steps.

If you are interested I would like to recommend someone to speak with. He may have some cost effective alternatives for you. Contact Raul 832-492-2387 and tell him Maria referred you.

Remember very few realtors, or agents make a living as investors. You may want to ask this question "How do you make a living through your RE investments, or selling RE for commissions?”

Good luck,

Maria
0 votes Thank Flag Link Wed Jan 23, 2013
I agree with Al,
Owning a rental property takes a lot of planning budgeting and preparation. Getting the right tenants is key to alleviate unforeseen major issues with the home, and prevent the occurrence of frequent late payments.
It is true that Investing is not an easy task, but like I said before you will have less risk involved if you can get inspections done, like in a HUD home, compared to buying a home from a "courthouse steps"auction, where sales are final before you can inspect the house.
0 votes Thank Flag Link Sat Dec 22, 2012
This post supports the common misconception about purchasing investment property using little or none of one's own money. I get several such inquiries a month, including a recent one from an individual spouting some convoluted financing scenario ... I don't even think that she understood any of it (I know I didn't). The residual effect of those late-night real estate gurus (ever wonder why they're no longer around?) still persists. I work with several investors ... and believe me, if there were a way to buy such property without a huge cash outlay, they'd know about it.

For those looking to invest in rental property, most lenders require 20% to 25% down, in addition to six months' cash reserve for each other home owned (not counting rental income), including one's residence. Needless to say, a solid FICO score and verifiable employment history are mandatory.

While the Houston rental market is quite active, there's so much more to it than sticking a sign in the yard and collecting rent. As an investor myself, I know firsthand. Even with a substantial amount in the bank, a foray into the wonderful world of rental property requires thought, planning, research ... much the same as any other entrepreneurial venture.

If it were as easy as some folks tout it to be, wouldn't everyone be doing it?
Web Reference: http://www.har.com/algeffon
0 votes Thank Flag Link Sat Dec 22, 2012
If you are simply trying to find a good investment home, there are many other ways to get a great deal with a more limited amount of risk. You could check out foreclosed properties or HUD properties. Many of these houses can be obtained at a good value if you do your homework before you make an offer.
If anyone would like a free list of good investment properties in your area, feel free to contact me.
jason@jgcypresshomes.com
0 votes Thank Flag Link Fri Dec 21, 2012
If you're referring to a "courthouse steps" auction of foreclosed property, you'll need to contact the tax collector's office for information. Be aware, however, that these properties are sold for cash, as-is, where-is, with no opportunity to inspect the homes prior to purchase. They're primarily for investors with deep pockets, and are not for the faint of heart. Do you have that kind of money? As an example, a home purchased for $25,000 could well need twice that much in repairs ... all cash. If you'd like additional information, feel free to contact me. Merry Christmas!

Al Geffon
(713) 213-6350
al@geffon.net
Web Reference: http://www.har.com/algeffon
0 votes Thank Flag Link Fri Dec 21, 2012
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