All Forum Posts by: Mike Sedlacek

I've been to tax auctions, not a good way to purchase properties because the bid prices are usually to high to make any money. Plus proprieties that aren't bid on at the auction usually have severe problems to costly to fix. Better to purchase tax certificates if you can .

Also, go to E bay, you can find course material for tax liens under $50.00. I purchase 2 that I found, it was helpful but stuff I already knew. 

Yes I have. They teach what you can find out for yourself and they want $1,500. In NY state I can't use Tax Liens to buy Tax certificates because only NYC issues them The rest of the state does not. I'm moving to Virginia and they too don't have tax certificates and they auction tax sales starting at the assessed value of the property which is at 100%. Hard to make any money that way, very few bargains. 

For you to save money you can just due deligence to find out for your self what your state does when a home owner doesn't pay thier property taxes. You could end up using your own money to buy tax certificates and then wait out the period when it comes time for the city to conduct a delinquent tax sale. Or contact US tax lien association and pay thier price for thier course.

I swear a lot of these so called real estate gurus are making money on lazy people that don't want to spend the time to teach themselves. This site is a great place to learn and it cost so little to get started. My opinion. Thanks

Here is the best idea for you. Put it in gold coins about half. Use the other half as a cushion and buy real estate on terms and sell on terms and never use your own money.

Are you available in Virginia?

This is my experience. We always tell the tenant when they move in that all drains are working and we usually charge $50 to unclog drains. We also decided that we will routinely clear drains once every 6 months. It saves a lot of hassle with tenants that way. Before we started this practice we had a tenant not report a drain clog in the tub. It must have been at least 2 months that way. She was emptying the tub with a bucket into the toilet I would say every other shower time. Also, get this, Her bathroom sink had clogged and I think her boyfriend removed the ptrap and ran a 1 1/2 PVC pipe set up into the toilet when ever she used the sink. Ever since then we started the above practice. 

All I can tell you is I have owned a 50 unit mobile home park and I purchased old, used mobile homes for cash and rehabbed them and sold them owner finance with $5,000 down balance amortized over 25 years, callable in 5 years with option to renegotiate terms. I did 10 homes over 3 years and it worked for me.  I received lot rent and monthly note payments with no hassle owning the trailers. 

I'd try ListSource.com and buy a list of free and clear houses in your area. They are the ones that most likely would consider selling with terms. 

Hey guys just want to say I have owned apartment buildings for the past 30 years and none of them is in a LLC or S corp. We have had fires, tenant death, tenant injuries, dog bites all taken care of by the liability insurance on each property. My personal residence is in my wife's name and the buildings are in my name. I don't see any use for LLC or S corp, it seems they are double taxing you, the corporate tax and personal income tax. Just my opinion.

Listsource.com Paid site.