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I’m moving to east Texas and getting away from Big D ( Dallas)
I’ve been wanting to move away from Dallas ever since I moved back here in 1992 to take care of my sick Mom and Dad. I’m just not a big city kind of girl. I promised my Mom and Dad that I would stay here as long as they needed me. Well, they are both gone now so there’s nothing holding me to Dallas.
I’ve got a lot of rentals here but they are all on autopilot thanks to David Tilney.
I lived in northern Virginia before and loved that area – I considered moving to there. I also looked in New Mexico, Oklahoma and Arkansas. ( Arkansas was really beautiful and I could feel at home there)
But I decided to stay in Texas because my son ( 28) and daughter ( 26) live in Austin and I don’t want to be too far away from them.
I spent two years looking for the right area to move to and finally found it a few months ago.
Do you know how hard it is to find a lake property with DSL or a cable modem?
Tomorrow I close on a waterfront property. It’s nothing fancy, a lot smaller than the house I have now, and needs a lot of updating but it will great when I finish with it. There’s a detached 2 car garage that looks like a barn and it has a small apartment on the 2nd floor. I think I’ll set up my office there.
I did a marketing campaign to the area to find the house. After I got a contract on the one I’m moving in to, I got a call about another house and two watefront lots that I get a contract on too. I close on that deal on Wednesday.
The house just needs cosmetic repairs then I’ll use it as a weekend rental property.
I plan to build another house on the 2 waterfront lots. I’m already looking at plans.
I hope be be at the lakehouse full time within a month. You can be sure that that’s where I’ll be every weekend between now and then!
I’m excited about the new territory and new opportunities!
Jackie
I was out at my lakehouse today. I mentioned to one of the neighbors that I’m buying another house down the street.
He said I never saw a sign in the yard – I didn’t know it was listed.
When I told him that it never was listed and I was buying directly from the owner – he said
Wow I didn’t know you could buy a house without using a realtor.I bet a lot of people think that way. CRAZY stuff!
Silvio,
I never went to a bank to buy any of my rentals. I bought every one of them with seller finacing or subject to the mortgage – with the exception of one that I paid cash for because the price was soooooo low.
If some of them required cash – I could have brougth in private lenders but I prefer to do the deals on my own. So, I would utilize a multiple offer strategy to entice the seller to sell with seller financing so I never had to use a private lender to buy any of my rentals.
When you get bank financing out of your head and out of your thought process – you’ll make much better deals.
Jackie
If you start marketing to existing sellers — then you can get some GREAT deals from them and get financing too.
Getting a cheap price is not as important as getting great terms.
Would you rather have a $750,000 house for $450,000 cash
or get the same $750,000 house for $700,000 at $1000 a month?
Plan B gives you a lot more options.
You can rent it out. YOu can live in it. YOu can sell with seller financing that wraps the underlying loan. You can lease option.
And you never have to apply for a loan. It won’t show up on your credit report.
Give it a try — you’ll like it
Jackie
Jackie it is funny you mention that scenario. I have a relative that is in that situation. I am considering buying her home for $1500 a month 0% interest for 30 years. Obviously I would arrange for the payments to pass to the heirs after my relative dies. This would provide immediate debt relief and eliminate any large outlays of cash that they are concerned about (for repairs, etc). T&I would be roughly $700 so I could still cash flow $300 a month, but even if I had a few hundred dollar negative cash flow, for a 0% deal I think it would be worth it. We’ll see what happens.
Getting Seller Financing and buying subject to the mortgage are what will set you free financially.
If you have to go to the bank to buy all your houses – you will limit the amount of cash flow and wealth that you can create.
This “creative financing” that you hear about does not involve going to the bank to buy your investment properties.
Jackie
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