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Pastimes : The Big Tex House of Coin -- Ignore unavailable to you. Want to Upgrade?

To: MMM Mule who wrote (17938)	4/3/2001 7:19:56 PM
From: BigTex	Read Replies (1) \| Respond to 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

To: MMM Mule who wrote (17938)	4/3/2001 7:38:06 PM
From: BigTex	Read Replies (1) \| Respond to of 19297

as young as you are... buy 1 a year,try not to finance them over 15 years and by the time you are my age,you should have 4 or 5 of them payed off and by the time you reach 50 you will be worth a million bucks and have a steady income till the day you die...the property will go up in value as the years go by..therewill be times such as now when property values will fall...but...they dont last long...try to buy only 3 bedroom/2 bathroom/2 car garage ones....they are the easiest to rent,but,dont discount buying 2 or 4 bedroom houses...i own some of all of them and my 2 bedroom houses have been rented by the same renters for 10 years,they actually payed the mortgages off for me...do the houses like you would live in them,dont over do them...think of it like this...who would rent this,if i wouldnt live in it?if you have plumbing problems or the such,get em fixed asap and keep the renters happy...its not fast money,but it is still the best investment you can ever buy...