All Forum Posts by: Jimmy Hong

Knowledge and education. You have to know what you are doing and especially if you are inexperienced, you should research and study to minimize mistakes.

Hi C. Lowe, welcome and nice to meet you. Just wanted to say I went to elementary and middle school in Sarasota and really enjoyed Siesta Key Beach. I visit there every so often because my friend lives there and its a great Florida town.

Sorry but can't really help answer your question because I do neither, but there are a lot of property managers on this site and I'm sure they'll be more than happy to give their thoughts.

Best of luck.

Equity is how much money you would make if you sell the house (house being worth more than what you owe). You said you owe around $130k. If the house is worth $140k, than $10k is your equity.

I agree with many fellow members that you should get a local agent that knows your neighborhood. Just because one agent years ago said he couldn't do a comp for you doesn't mean other agents can't. Keep calling and interview agents until you find a good one.

Also, just because you might not like your house that far from the city doesn't mean others will feel the same way. I'm sure there are other couples, families, individuals that are sick of the city and want the beauty of nature, trees, etc. And finding a quality agent can find that buyer for you.

That's interesting Carter Catlett... do you mind sharing the terms of the commercial loan? How long was the process of the loan?

Thanks

Haven't been to probate auctions but similar things have been happening for past 2 years in Orange County trustee sales. These auction prices have been going high as retail, if not more.

Definitely, will do Bryan Hancock, thanks again for your suggestions. My wife and I were so impressed. We looked at properties in Round Rock and Cedar Park, we really liked neighborhoods, clean and friendly. We hung out in downtown Austin, we were looking for the not so friendly areas and couldn't find any. We felt very safe and comfortable anywhere we went. We didn't have a chance to view any investment properties but loved the city.

Alison Miller, oh yes sorry, I didn't even think of that. And I did mean foreclosureradar.com is the best. I really haven't used BP's marketplace foreclosure section so I can't comment.

Hey Curt Smith, trustee sales are foreclosed homes, very different from probate sales. Homes that have been defaulted by the homeowner are available at auctions (otherwise known as trustee sales). These auctions are typically held at the city's courthouse steps.

Now different states have different procedures during their trustee sales, I only know how California does it. ForeclosureRadar shows distressed properties in all stages: pre-foreclosure, foreclosure, and post foreclosure (bank owned). Users are able to search these distressed properties by town, date, auction schedule, look up each property individually, loan status, loan position, loan amount, etc. I recommend visiting foreclosureradar.com and check out their how to videos.

Before Sean O'Tool created this site, investors had to spend a lot of time searching for properties manually and individually. Now, any dork (like myself) can find property info and look like a seasoned pro.

Austin was great, sorry we couldn't meet up Bryan Hancock. I did go to County Line BBQ and Rudy's BBQ and man that was some good meal. I want to move just for the bbq...

Mehran Kamari, sorry to respond so late, I just came back from visiting Austin, thinking about investing or moving there. Not sure when though.

I did look into what David Beard said and the 2nd building is official, its being taxed on yearly basis so it all looks legit. Property inspection is scheduled for tomorrow. Thanks.