All Forum Posts by: Michael Lee

Hello and welcome to this site Khanya!  For short term cash I would consider fix and flip t hat typically lets you specialize in a single type of real estate.  If you are interested in long term investments, I would recommend Buy and Hold multiple units which will  allow you to specialize in one type of real estate.  There are a couple of things as to why you do not want to get into Wholesaling.  Contrary to what you hear most trying to attract you is that it says it is the best way to go for people that do not have any money  and its fairly quick assignment fees.  What they do not tell you that you need to know more than one type of real estate and that some of your competition out there are veterans that you have to compete with that know what they are doing and possibly doing two closings that costs more and keeping the Owner from finding out about what you are really doing.

Good luck with what you do!

Hello Omar! I hate to say it but the Banks are just making people think they are doing the right thing by giving them their money.  I happen to be an expert in math and I graduated from college in business with honors.  I know what I'm saying but some people just do not believe me.  I have spent the last 71/2 years being bedridden and doing much of learning including reading a book about every two weeks. I'm 61 years old and from and grew up in Dallas, Texas and because of those things should make you a hard listener and believer of me.  Everyone that works for a "heavy regulated Bank" is trained to tell us what we want to believe and not the real truth or anything negative.  their "heavy regulation" is all a bunch of BS to make us believe in what they do.  That is like they are telling people that owning a house is an asset when it is really a liability.

Their "gun to the head" brainwashing is what causes us to believe in everything they say.  They may be the lowest charging the lowest rate but they are making at least 15 to 20% off your money.  I do not hate any investords financing but I tend not to trust them.  Do you even know that the amortizing of a loan is very misleading of what you actually pay on a mortgage.  Many people do not know about any alternatives available for lending.  The main reason they do not know that is because of the Bank industry's control.  

Best wishes!

Hello and welcome to Elizabeth!  The only way I would only consider a Turnkey Investment Company that is out of my driving range will keep my travel expenses down.  Let a proven history company that does everything for you.  Once you make your initial visit you never have to go back until you really have to.  The better one's know what they are doing and are usually in the larger cities that are diverse and in a good stage of growth of the population and jobs.  Companies like Memphis Invest and Maverick Investments are two of my most favorite.

Good luck to you!

Hello and welcome to this site William! I have a couple of suggestions to offer you. You could try to get your unit rented or get another unit that has a positive cash flow that you desire. You could also fill any time you might have to continue your education even if it's just reading a book. I normally only say yes to SFH's under certain conditions but you sounded like you have a few units which you need to lower any vacancy fear.Y ou could look at investing into commercial sized complexes where the value reflects the income instead of sales comps. They are a little harder to get into but has less competition and itt's not retail buyers.

You might have to form a partnership to do that but as long as you keep control it can be a better thing and you can have several units at the same address.  There is a partnership called Tenants In Common that allows each partner to own a different percentage of the ownership.  Just a thought.  Good luck to you!

Hello and thank you for your question Steve!  The more units you own, the better.  5 years goes by quicker than you think.  Not mentioning his amount of contribution makes any answer fairly difficult.  Needing experience to do apartment instead of houses is a myth.  Whatever you want to do kind of matters.  do not believe those that have not done it.  The work you select should be enjoyable to you.  It all takes hard work to succeed.  Work your way up in the quantity of rentals and when you buy 30 units you can hire a management company and they can

Good deals can easily get financing and take you away from the daily operations.  If residential rentals provide you with more pleasure but there is more competition there and makes acquisition harder and you need to offer cash to compete.  Homes today sell closer to a retail price based on comps instead of income.  Whatever you choose look at rentals as a long term investment.  Good luck to you!

Hello and welcome to this site Michael!  I am convinced that the typical Bank is there to mislead their actual intentions.  Their main goal is to make them sound marvelous.  They are trained about how to mislead you and make money off of your deposits.  They will never show you anything negative.  The amortization of a home loan is very misguiding and never is properly described as the liability it is.  The main goal is to loan you the maximum amount which makes them the most money.  They have contributed to our brainwashing that occurs when we are growing up.  We are taught to believe everything they say.

A "lease option" loan could help him and the other person that has already been turned down for a bank loan in spite of their work and ability to pay.  If he just wants to get out of the deal, I completely understand.  Even though the IRS considers it as an asset, it is really a liability.  The financial planners are trained the same way and only shows you positive things.  Good luck to you!

Hello and welcome to this site Tashinga!  The most units (1 to 4) would be your best property to have.  The more units you have, the less painful it will be plus either it might be a long term investment or easier to sell.  The best property between Colorado and Texas is actually in Texas and there are several good cities there for investors like Dallas/Ft. Worth, Austin, Houston, and San Antonio.  If you are up to it Fix and Flip might be better, especially short term.  The future might tell you the best way to go with your investment.   Apartments are the best to invest in and might actually be enough units to have it managed by others and take you out of daily operations.

Good luck to you!

Thanks Mike!  When I got out the hospital with Platinum in my head I only weighed 140 and now it is about 190.  Being 6'1 help a little but I have never been this heavy.  I still eat through a tube but my wife has been giving me fortified liquid food by Ensure with two scoops of protein with that day's last meal.  My normal weight was about 180.  Thanks for your message!

Hello and welcome to this site Kenneth!  When just starting out I would recommend to try to learn what is common to just about every type and also learn which style you like the best.   Learn the areas you like the most and include the area that has the most closing.  Go to the local real estate clubs and events and listen to those that have gotten successful at what you think you'll do.  Meet and talk to those Governmental people that you'll probably will approve what you do,  like the building inspectors.

Stop spending money on anything you don't have to have to help you save.  Decide whether you'll make short term or long term investments.  Talk to Bankers and other lenders and find out they will require for a loan.  There are many mythes out there like needing experience to own apartments or wholesaling is the place to start for those that do not have much money.

Those that own mire units usually do better.  From what I have heard is that a "House Hacking" loan does require owner-occupancy.   It's one of a few things that loan has my approval for a home that has 1 to 4 units.  The number of units you own, the better.  Do not cut any corners that you think is a short-cut for wealth.  It will take hard or smart work or both to succeed.  Good luck to you!

Hello and welcome to this site Chad! The more units,the better. Retail s probably the best mentioned. The younger,the better. You and your wife need to be flexible to move or are you planning to have a bigger family? Banks look out for their income over yours. HUD homes that were foreclosed on are are available to offer on everyday until an offer is approved. Every state has different laws on auctioned hoes, those homes tend to be in bad shape and have a redemption period for the previous homeowner to pay delinquent property taxes which prevents any work on those homes until that period is over. They range from 6 months to a couple years, depending the state location. They do not make any repairs beforehand.

Your knowledge will help you.  Enhance both of y'alls education and try to keep current. Do not take any chances when first starting off and just do what is average in that area.  Always try to improve the exterior and make a good first impression of those driving by.  The more motivated the seller is tends to take a lower price.  You both need to feel good about a decision.  Know the area you work in.

Good luck to you both!