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Pastimes : The Big Tex House of Coin
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To: MMM Mule who wrote (17938)4/3/2001 7:19:56 PM
From: BigTex  Read Replies (1) of 19297
 
i'll tell ya what i'm doing in the real estate department...
i am only buying repo's...the real estate market is fixing to fall flat ass apart...i dont know how you go about buying repos in your part of the country...but down here...they have a first tuesday auction on the courthouse steps of every month...you have to have cash to buy...the other way i buy is hud and va repos after they have been foreclosed on...va will give you some financing if you need it...hud sells em as is where is cash only...i only buy at 75% or less of the 'tax appraisal value',not an appraisal by some appraisal company...tax appraisal value is what the county is showing that the value is that you will pay property tax on..then,once i get em cleaned up,i rent em out and let the renters pay em off for me...i usually try and rent em for at least a 100 over the payment cause you never know when the water heater or a/c or heater is going to break down...once they are payed off...you can owner finance them or sell them or whatever you want to do...all the while,your are building equity in the houses that are rented and each month that you make the payments,your networth goes up...property values should start to come down a little as the economy slows down and more and more are foreclosed on....good luck
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