All Forum Posts by: Michael Lee

Hello and welcome to this site Mohit!  I've been listing to a man that owns over 4,000 apartment units and I tend to believe what he says and he thinks that apartments is only the good way to go and not to make investments on only other retail, office, or hotel business right now because most retail will continue going down versus on-line shopping with few exceptions and one of them is to acquire retail or office buildings in a high demand area and is in the path of growth and a good economy with diversity, population growth, and job growth and must positive cash flow on day 1.  

Go with a location that is already popular and making money and that it's a good location. The price may be larger per square foot but if its already making money it will eventually pay off, even with some appreciation.  One downside of retail is a vacancy might be harder to fill and can take 6 to 12 months to lease with a new tenant.  If you go medical it needs to be fairly new and up to date to get new tenants.

I grew up in Dallas Texas and still live in Dallas County.  I am 61 years old and have about 30 years of experience in construction management and also had a real estate broker license for about 30 years.  I was into residential and commercial projects.  This knowledge of me knowing what I talk about might make me knowledgeable and believe in.

If you buy something out of state you will want an experience property management company that will take care of the daily action and will call you to keep you up to date.  Budget accordingly. Good luck to you!

Hello and welcome to this site Erison!  What is usually done on pre-foreclosure services you make a price which includes their balance owed whether it is County Property Tax, Mortgage payments, or somebody else.  you typically do this at least a week before the sale and verify the amount owed to a lien holder to try to make sure there is not an accidental foreclosure sale of that property.  There are several different ways to do this but you need to verify the lien is paid for in advance of the scheduled foreclosure sale. 

You might put a contingency clause that will allow you to walk away if you find anything unknown on the title of the subject property.  If there is time to make your offer you might have the title searched to make sure there are no other liens that need to be taken care of.

Unless you feel that owner will not be angry if he finds out that you are assigning the contract for profit, you might want to budget for 2 closings if you feel the possibility of him being angry about you making money.  Let me know if you need anymore information on this.

Good luck to you!

Hello Moe!   Thanks for your reply and you're vote of confidence.

Hello again paul! i think I left out a direct answer to the "secret sauce" and I would say that "knowledge" is the king of it all.  I wish you best wishes again!

Hello again Dan!  i'm on the internet about 12 hours , 7 days a week for the last 4 1/2 years and I have learned very much.  Two companies that I would recommend for Turnkey investments are Memphis Invest and Maverick Investment and have been talking to them and listening to their shows for a couple years.  They both sound like they know what they are doing.  Thanks for your reply!  I have only found one successful person that reads their own email.

Hello Paul!  Thank you for your response.  I'm being a little steamy because of the book I'm now reading "Killing Sacred cows" that was mention by one of a book author that I read.  He is talking about how we have been told things for years to make us that one of the best investments is to save money by only showing the surface of complicated what kind of return you get and installing fear and ignorance into us.

We were taught by them and most financial planners how to present numbers without any explanation as to what it takes to get there and to make you think they are good and know what they are talking about.  They usually make more than you by using your money but never tell you how or how much.  Most of their advertising says that they are a good place to go to save your money.

He also explains how putting your money in  401K is a bad way to invest your money and removing some or all of that and getting income tax and a penalty by that should just be looked at as an expense instead of a loss and that even after what was taxed and penalized you can be better off making a decent return on that money which is a better return than the stock market and hoping and the fear that was taught not to touch that and how you can make more elsewhere.

Do you know that if you completely pay that place off for 30 years you pay about 3 times more than what you originally paid for that purchase and the Bank never tells you that and what else they make on your money after you deposit it and that your home and car loan is actually a liability and not assets.

 I cannot say any investments that give you a better return than a Bank, I do not think that it would not be hard.  It may mean a little work but it will usually well worth the extra labor and that it is alot better than just crossing your fingers and hoping like the money in a Bank savings account or a bank issued CD is paid to you and how a Bank will make much more off of your money.  Best wishes!

Hello and welcome to this site Dan!  Your intention, or what/why your investing will make most replies different but I do not invest out of your hometown area is to put your invest company and does most of the work for you including the property management.  Your travel expense stays lower that way.  All that you have to do is get a monthly check, they do everything else.  Their experience and history usually tells you all you need.

Use those Turnkey companies that no where and the why to invest in their chosen locations that have good looking futures.  If you insist on doing your production out of state just about in any major city in the southern states like Dallas is where you want to be. Good luck to you!

Hello and welcome to this site!  Good   All that I can say is that both options suck.  The Banks, or most of them, are saying that this is a great place to put your money here as your best alternate when, In fact there are many better options that make you more from your investments, you just have to shop for them.  Financial Planners and Banks never tell you what could really help you out.

Good luck to you!

Hello and welcome to this site Vinog! You are going to love hearing an answer like this one. You should go with is the lowest cost lender. This means your kind of loan and use them means you must shop around and be a successful borrower and you show that you are responsible to pay it back as fast as you can and/or make those minimum amounts on-time. It might be a HELOC card or a home equity deal but get whatever loan you get you understand the terms and fully aware of any negative. Make whatever choice you make feel like it is the best for you and you are happy with your choice whether or not the type of loan you make and how that is in line with your goals. It may be for a down payment or a full loan. Just go with the type of loan you feel comfortable with. Good luck to you!

Hello again Aaron!  For your info, I might have changed a little since then but I actually had a house built for my wife and I back in 1984 and the mortgage was paid off about 22 years ago.  Thanks for your input. Another thing, I would tend to not pay much attention to anybody's opinion who has not done what you are talking about.