All Forum Posts by: Bruce Lynn

Are you local to Dallas?  Do you have a property under contract?  Do you have lending setup already or are you paying cash?

I've seen a couple of VA foreclosures in DFW area lately that might work. Remember on VA foreclosure you may be able to get VA financing for investment properties. Typically the interest is a little better vs normal investment property loans and potentially you can get in for zero down. Although they probably won't cash flow with zero down, so depending on what you want to do with your cash, that may or may not be a good option.

Quote from @Brian Burke:

Quote from @Jay Hinrichs:

@Brian Burke   Brian while your over in Maui you could go snag a deal !!! 

Maybe I could get a 3 day trip to HI to check it all out and deduct my short vacation as a business expense.  I could put my Bruce's Famous Banana Bread and Coconut shack on the 218sqft lot, if I get lucky.  I did google street view shot on the house, and thought "no thank you", although maybe the bonus would be the outboard hanging off the front porch fence.

Quote from @Jay Hinrichs:

is there a right of redemption in Hawaii.. is the leased land or freehold do U know.

Looks like sale is in person only.  You bring a cashier check for your max bid, sign it over to the seller and they're refund the difference.

Quote from @Jay Hinrichs:

is there a right of redemption in Hawaii.. is the leased land or freehold do U know.

I only work Texas, but from what I could find, HI is a deed state.  One year right of redemption.  1% a month interest up to 12% depending on how fast it is redeemed.  Looks like they only auction after taxes are 3 years delinquent.  Not sure about the ground lease vs freehold.  Not sure I would want 100 year old condo anywhere though (thinking about 99 year ground lease)

Hi Supriya, 

Congratulations on getting in the real estate game.  I think it is one of the few ways the average person can get wealthy in America and maybe around the world.

Cash flow is important, but a function of your leverage.  Buy with cash, you get cash flow.  Buy with leverage and it will depend on how much leverage you use?   What I typically see right now around DFW is that you may need 30-40% down to break even or cash flow some each month.  That's not a bad thing.  You just want to know your numbers.

Also while there is no guarantee and it will depend on your upkeep and updates to the property, but rents tend to go up over time.  Of course that is not necessarily true if you never do anything to the property and just let it deteriorate over time.  What I have seen over the years is many investors aren't initially happy with the cash flow, but you think if you can raise rents $50-$100 year over year or maybe more, then after 10 years you're really happy with the rent and cash flow, so it tends to work out over time.

I like many of the cities others have mentioned and would add places like Sherman where there are a lot of demand drivers and in the path of progress.

Let me know what we can do to assist you with your journey.

Quote from @Terrance Teague:

Hi BP Community,

Interestingly enough I don't think I've ever seen an appraiser post here.  Probably just not their forum.  You might ask someone like Kyle in your office to give you a list of properties they have sold, and then cross reference that with the appointment made by the appraiser who appraised the property for sale.  They're a bit like ninjas.  We rarely see them, don't typically have much interaction with them, just see the name on the ST or BB appointment report when they make the appraisal appointment.

Looks like 11 properties posted, 3 at this point still in the sale. 

Looks like 1 house, 1 lot, and one condo.

Condo upset price is about $95,000, 900sqft condo might be worth about $1.5million.  

Will the condo make it to sale? If they haven't paid taxes since 2021, when was the last time HOA dues were paid you think?

Hi Sai.....happy to assist you if I can.  We work with lots of investors and long term realtor/broker/investor right here in DFW area.
Do you have a specific property in mind or just starting to look?
Do you have a lender lined up already or paying cash?

Quote from @Lydia R.:

@Luis Alvarez You need an attorney that knows what they are doing. If you are in Dallas call Scott Horne. He is the best. He will charge you a ton of money but hes the most knowledgable creative strategy real estate attorney in DFW by far. Call him, spend the money, he will walk you through the process.

100%....call his office and see if he is offering classes any time soon.  You need his class.  

My other advice is DON'T do Sub2 if you have no money and trying to get you foot in the door. You need good CASH reserves for when things go wrong and they will. Don't be that guy who screws up the borrow, screws up your tenant, and develops a BAD reputation for yourself. That's not helping anyone. Not saying you are that guy, but plenty of people want to do S2 because they don't have any money or credit. That's the best reason NOT to do S2.