All Forum Posts by: Michael Lewis Lee

Hello Leah! I'm a little biased but several towns are good in Texas. Just do whatever you like and study for it. Continual education is part of being successful and will help you to prepare. Do an evaluation on each property to lower your risk. Many people think that RE is too risky but your knowledge actually makes you less risky for people that know how to do it right. Some of your family and friends will try to tell you not do this but they probably have never been in RE investments but they have are in the stock market and just hope they don't lose any money and believe that diversification is the only way to go.

Who is this anyway? I'm from Dallas Texas and was a licensed RE broker and construction manager, both for about 30 years. There's many things to tell a starter which way to go or what city to go to.

Continue your education that reflects your niche decision. Do not try to "cut corners". Just start off doing average stuff in that area. Don't try to be unique. Do not assume that anything will take place.

Talk to building Inspectors to find out what they are looking for. Move to an area that is having population and job growth and their economy is diverse. It would not necessarily help you to be in a big ciry, like Dallas or San Antonio but OK to be fairly close as long as you are in a growth area.

Secondary sized cities may be the best and do not buy property more than about an hour away unless it's with a reputable Turnkey Company. Keep as much control as you can.

Do not hesitate to ask questions here because alot of these members want to help you but some are just trying to sell. There's much more to say but this is getting pretty long. Be patient and do not make emotional decisions.

Good luck to you!

Hello Manuel!  A license is not needed to invest.  Call the Colorado real estate agency that provides a license and ask them if you have to have a license.  It has its good points and bad points and most opinions are biased.  Good luck to you!

Hello Ronsted! I would recommend the lenders have their own requirements and after the date minimum occupancy date has gotten by you (usually 12 months) then you can move out, rent the place, and the original loan can stay in place.  Just be able to wait 2 or 3 months for the loan to close if you qualify.  The more you can put down, the better the numbers will look.  Pay attention to that area is in demand for buyers or renters when making your evaluation.  Make sure you can meet your goals and how that may be depending on higher down payments and/or longer amortization period might help you meet your goals.

Good luck to you!

Hello James! I do not believe that a partner would not classify if he is one of the Partners. I am not sure if the FHA would let him do that but they might. It might depend on where he is getting his money. If it is in a SD-IRA he would not pass the test. I do not think that an apartment project would not qualify because it is rented and not bought and sold usually. The best thing you could do is talk to an FHA lender or underwriter and just be honest. Good luck to y'all!

Hello Maxim!  It depends who is their highest concern, you or theirs?  The seller usually pay all brokers on both sides but you need to make sure their cost does not come out of your profit.  Beware of all those that are salespeople.

Good luck to you!

Hello Jack!  You probably do not need to know anyone to teach leverage.  It's one of the basic knowledges about being in real estate but it means to borrow against your investment or other asset that gives you the down payment and thinks your profit on it will make any debt payments after all other operating expenses are paid so much each month.  Its a way to invest in something that makes the debt payment after all other operating expenses each month and still leaves money in your profit which might be $100 and up per unit.  Is your time and effort worth so much you make on each unit is worth messing with.

Some believe in debt as long as you get a positive profit in your pocket and there are those that think any debt is bad.  It depends on what you think and live by.  This is where your goals come into play.  Most real estate investment depends on how you take it.  How much risk are you willing to take will usually be a part of it along with your education and experience.  Only learn from those who have actually done what they're teaching.  Just to let you know you are getting this opinion from a person that was a licensed Texas broker and a construction manager for about 30 years.  Good luck to you!

Hello Armen!  Most successful people are saying that knowing how to use popular social media sites are a must to your recognition and product advertisements that give you and your product recognition as well as popular social media like Craigslist and other sources that are popular to the general public.  I'm just starting to advertise for my products and those sites as well as your website can station interesting advertisement that may be attractive to buyers and learning how to use pictures and video to attract others to you or your products.

Good luck to you!

Hello Michael!  Even with a disclaimer, you should not advertise this crap in this section, no matter how innocent it might sound.

Hello Kyle!  short of a promo card, usually Amazon sells many books that are used but in good shape for under $10.  Good luck to you!

Hello Shannon! You could use a Lease Option and owner financing could save them the closing costs or sales commission and that gives a future repurchase.  They could make you a lease payment that is, hopefully, more and you make the spread.  Hope they have a low interest rate so you can collect more rent than the debt payment and you can mark up the promissory note with the subject house as security.  Do the lease and sales option on two different contracts.  That way they won't have to worry or hassle about the moving either or changing schools if they have kids and they like it.  Good luck to you!