All Forum Posts by: George Gipson III

Hey I am 48 hrs away from owning my 1st Rental property but I need to know a few things. I live in Florida the sunny state and I already put my deposit down to be in tax deed auction this Monday. I went and looked at all the properties that I am interested and determined the most I will pay. While at the court house the lady said make sure you do your own research on the properties because you are responsible for them once you purchase the deed. So I did some research and found the phone number to find if any liens are on the property. I have 5 properties that catch my eye but 2 of them had liens. Both are duplexes worth about $40,000. The lien for the Spanish duplex is 250.00 day since 2013 and a running total of $96,000. The other duplex is on main street and no lien but receiving fines $100.00 a day with a running total of $7000 currently. So I told the lady I am glad I called you because this would have been a nightmare. She implied that people still buy them all the time and that you can go to the board to have the fines removed to $0 depending on what you say. She said I cant come get title until these liens are taken care of but when you are fixing up the property and rented it out the city want the taxex caught up and ussally reduce the fines. So I went back to the court house to tell this story and they said you still get the tax deed and own the property and i still can rent it out but the liens will still be on the property. So what should I do, just leave the property with liens alone or if I can get them good deal still purchase it. The 2nd choice property are 3 single unit apartment and i would have to pay $125 a month for each unit HOA fee but they rent for like $700 monthly. I need my first property to be a great start. By the way the government liens are removed its just city and county liens on property. What should I do ?

Ok a extremely close relative own $3400 in taxes and need to be paid by the 15th of this money. They don't have the money and it's 2 rental properties on 1 lot both are paid off. I can't give that much up right now. They are willing to put the property in my name if I pay it. Would I be able to take out a mortgage on the property if it's kind of raggedy but rented out always and currently no insurance. They need to collect the rent to pay their bills still but I was thinking about take out like a $20000 mortgage out to get my money back and down payment for a duplex. What would you do? 

this is fort pierce and no Matthew was overrated didn't do much. The comparable  home at the sizes are going for around 80k he did not list it on mls yet which he is hoping will drive up price I am trying to get under contract before then

ok so the bank will not take it for collateral?

he said he need the cash so he is selling 2 of his properties

1260 sq feet 4 bedroom home 2 bath in c level working class neighborhood by sFchool. Rented at 950 a month. What should my offer be and can I use a vacant land I own as a down payment.  Zillow say it's worth 76000 and tax website 50000 he purchase for 56000 in 2013

Thanks jake I'm going to follow my gut and brain with the rentals because I do not the time to be a full time flipper with my current job my goals are to eventually let the rentals take over my job and I can expand in the real estate thanks for the upfront true advice

Yes I listened to every single podcast and I am equipped with enough knowledge to know a great deal in my area only when I see one. You are right about she inherited so may not be as passionate as me The Millionare Mailman. 

Before today my mindset was buy cash flow rental properties. I talked to a semi real estate investor who inherited 3 properties. She told  me I should flip instead of rentals because by the time you keep fixing issues and tenants moving out you have to spend just as must usually in expenses. New tenents every time you have to paint and change carpet. Does the rental cash flow out weigh the expenses. I am preparing to own my city with real estate.

house selling 120,000

I offered 1150,000 seller pay 5% closing cost

My down payment 12000

FHA 4.5% fixed

Conventional 4.72%

House value 145,000

Which loan should I do my plans are to live here maybe 3 years while upgrading house and then rent out after moving or sell it if right number