All Forum Posts by: Andy K

I have experienced first hand how Wayne County is. :) I couldn't find a way to talk to a live person on phone, and never got a call back for the couple messages I left for them.

Scott, would you or some else know when a property with the above unpaid taxes go into foreclosure with Wayne county? I am trying to figure out how much time is left to make this payment before foreclosure can begin, and if there is a payment plan they allow to make partial payments. Thanks.

Hi all,

I would appreciate advice on how foreclosure works due to unpaid property taxes in Wayne County, MI. We were looking at investing in a single family home in Detroit, but when I looked up the tax records, below is what I see. I tried to call the Wayne county office a couple times to get more information and left a message, but no one has called back as yet. 

My question is - how much longer is there before this home can go into foreclosure and be sold at an auction due to the below unpaid property taxes? If there a way to get on a payment plan to starting paying the back taxes in installments? Any information on how the process with unpaid property taxes works in Detroit, MI is much appreciated. Thanks.

Hi all,

Hope everyone had a good Thanksgiving yesterday with their near and dear ones !

I wanted to ask - what are the best websites or other resources online to find out the crime in the neighborhood around an investment property, specially when the property is out of state? Thanks.

Hi all,

I would like to ask a question to the experienced note buyers on the forum - what is the best way to sell a non-performing first trust deed to another buyer? Are there websites that one can use to sell the note? Or any other way to do it? This is our first time doing this, so any advice is greatly appreciated. Thanks.

Thanks James and Ryan for your replies. Not being local to Cleveland, this information helps me a lot. My realtor mentioned to me that the West side is much better than the East side, and a multi-unit on W 50th street will be a good investment in the long-term.

Can you advice me on what kind of investment property is best to buy (single family or multi-unit) and where to buy in Cleveland and surrounding areas? It should be in a safer neighboorhood where the tenant management is not going to be hassle everyday. And where the property can be bought at a price where the rent/purchase price ratio makes sense from an investment perspective. Thanks again for your help.

I am an out of state investor, interested in investing in the Cleveland area. I was researching on investing here and found this thread. What do investors local to Cleveland think about a multi-unit in the 3400 block on W 50th? How is the neighborhood and the quality of tenants a multi-unit in this area will get? 

Also, I see that all the multi-units are close to 100 years ago. We had a home inspection done and the inspector found a settlement/crack in the foundation in the basement (picture is below). I am told it is fairly common for homes here (which are so old) to have a  foundation that has some issues. Is this a true statement?

Any advice on this matter is greatly appreciated. Thanks!

Hello folks,

I had a few questions about what entity to use for fix/flip and holding rental properties. I have read many articles on-line, but I am still have some doubts. I think a number of folks on the forum must be in similar investment situations, hence I decided to ask my questions here.

I live in California and I am planning to flip or hold long-term rental properties OUTSIDE California for now. The articles I read suggest using a LLC for holding rental homes, and a S-corp for flipping properties because there are advantages to use the entities this way.

The only entity I presently have is a Nevada S-corp. I don't have a LLC formed as yet. Below are my questions -

1. Are there any real disadvantages to holding long term rentals in a S-corp as compared with a LLC? Or should I be fine tax and other wise holding long term rentals in the NV S-corp?

2. If I mainly plan to invest out of state (and not in CA), do I still need to use a California S-corp or LLC? Or I could use the Nevada S-corp that I already have? Can I run into any issues tax wise in my home state if I use a non-California entity?

3. If I have a corporation from Nevada, but I invest in say Illinois and Texas. Do I need to record my S-corp as a foreign corporation in all the states where I buy/sell property? This S-corp will only be used for investing in real estate, and not for any other business activity.

Any guidance on above questions is very much appreciated. Thanks.

- Andy.

Hi,

I have some personal savings and would like to use those to invest in real estate. But instead of investing in my personal name (for obvious reasons), I would like to use a S-corporation that I have formed to do the investing.

My question is - how do I fund the corporation with my personal savings? What I mean to ask is, if I have $25,000 of personal savings available to invest and a XYZ corporation formed, can I just deposit these personal savings into the corporation bank account and begin investing and taking title as XYZ Inc? Is this called co-mingling of personal and corportion funds, and can result in the liability protection not holding up? Any advice on how to go about using personal savings to invest in real estate via a corporation is appreciated. Thanks for your help.

- Andy.

Hi all,

I am a real estate investor living in San Diego, and have so far invested locally in So Cal. I am considering investing out of state and looking into Texas (Dallas/FW, Austin, San Antonio, Houston) as a possible option. I would be interested in investing in Single Family homes, either to buy and hold for the long-term or fix-and-flip if that is an option.

Any pointers from folks who have invested in Texas as to how I can get started in my research? Any particular city would be a good investment option? Any guidance in this matter is greatly appreciated. Thanks!

- Andy.

Hi,

I would appreciate a reference for a good and honest handyman who does work in Riverside county in Southern California. This is for work items like sprinklers, replacing faucets, paint touch-up, etc. In case you know of a good one, I would appreciate the contact info. Thanks !