OfflineMy team and I work in the real estate investing business in San Antonio. Some of us have plenty of experience with other types of real estate in other parts of the country. For example, I was invested in Virginia in rental properties for five years. This is not something I would ever wish to return to! I remember the bad old days of constantly worrying about a water heater going out, the fridge that would not work, the roof that sprung a leak, the clog in the kitchen sink. It was very rare that I could go a week without dealing with some type of problem on one of our properties.
I also had to collect rent, and Lord knows I did not like being a landlord and having to go around chasing people for money. Once I left Virginia, I actually did not plan to work in real estate anymore. I just had too unpleasant of an experience with my rentals in Virginia. I just did not find it profitable or enjoyable, as I had to spend too much time and money on repairing property.
However, once I got to Texas several years ago, I learned about other types of real estate investing in single family homes that was more profitable and a lot less headache.
What if you were able to earn 17 or 18% annual returns on a property, own it in cash, and never have to worry about fixing it up? What if you never had to worry about that broken water heater or the clogged up kitchen sink again? Or that crack in the foundation?
With the type of real estate investing we do here in San Antonio now, we are able to enjoy all of these things. What we specialize in here are low cost single family homes. We buy a house for about $50,000 cash. And rather than fixing it and renovating it, we provide owner financing to buyers that we qualify through our extensive marketing program in the city.
We finance properties at 10% annually, which means that we can buy a house for $50,000 and sell it by owner finance for about $85,000 – very profitable indeed. And our buyer is the one who repairs the property not us. This is a very low stress and profitable way to invest. rseigel
God bless you always.
Keep up the good work.
Your a great coach.
IM a Diamond in the rough looking for partners I would like to be apart of dean's elite team in the very near future my goal is 100 properties a year
P.S.
god bless all the members may we all shine bright like diamonds.
P.H.G.
This is a great process. I've used it many times.
However, there is a new challenge with it that I thought I should post.
With the Dodd/Frank regulations taking effect,it is my understanding that if you sell more than 3 residential properties, to owner occupants, in a one year period, you may be required to have a mortgage license. It falls under the qualified mortgage standards.
If you sell to non-owners, I don't think there is the same restrictions.
There is a government web site that outlines all of the details. Unfortunately, I can't remember the web address. I'm sure it would be easy to find with a google search.
Again, it is a great way to sell houses at a great return. We just need to make sure we follow the laws.
Don't think I would ever be a landlord after learning about all the headaches, not even sure would want to do so with a management company as I might have to manage the management company! Thanks for sharing!
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