All Forum Posts by: Michael Lee

Hi All, I am interested in Buy and hold for cashflow, am trying to educate myself in the market before I jump in. I have read on BP that in Milwaukee, the D class housing has best cashflow, but not sure I am comfortable with sending crews into those neighborhoods. Are those of you investing there using full service property management where they are conditioned to handle the issues that will most likely arise in those areas? And are you using the Property Manager to coordinate any rehab necessary with their contractors?

I like the idea of purchasing multiple low cost rentals to level vacancy instead of one higher priced property with potentially lower net return and more impact of vacancy.

Thanks for the help, BP has been a great resource for me. I drive an hour to work each day and am eating through the podcasts.

I am new in here.  I am very interested in learning real estate. I am from China and I just been America 6 months. And I would like to make friends with everyone in here and learn from each other.:)

I would like to re-do the kitchen floor in a rental.  The current one is only 12 years old but it's cheap tiles that crack on the corners.  I'd like something that will last long--20-30 years. I put in laminate in my own kitchen floor and it still looks great after 10 years.  However, I have mostly lived there alone--no kids or dogs.  Is it worth it to spend a lot in a rental? I ve seen many rentals that have vinyl or linoleum but was thinking of high grade tile or laminate.  My friend doesnt think the current tiles are all that bad...i guess im still an emotional landlord instead if a logic one.

To those who read my panicking post, I am still looking for a tenant.  I 've screened many and still have not found one who meets the rental criteria.  Hopefully i'll find someone for Nov.  I had to pay this month's mortgage.

, i have listened to the Podcast quite a bit and they say to do what is a good deal and will last.  You might to  Gome Depot laminate flooring or use a good, thick vinyl flooring.  If you can afford it, the best flooring to use would be a tile.  Do whatever your budget will allow.  I hope this helps.    I have been in the construction business for about 40 years.  Good luck.  Michael Lee

One of the houses we're looking at has some strange drywall issues (mold?). Has anyone seen anything like this before? It's in two different locations in the house, both facing the outside wall although there are no apparent issues from the outside. Does anyone know if this could be a serious problem or perhaps an easy fix? We're unfortunately not able to see it in person so our realtor provided us with these images.Hello.  I am in nothwest Dallas County and have almost 40 years of experience.

It might be because of plastic that a lot of cities made builders do.  But it would cause that kind of a problem.  They have since then backed off that idea.  That might be the problem.  I can't really tell from the picture you sent.  Good luck!

Well, I think I'm qualified to respond on a number of levels.

In 2009 I had heart attack, emergency heart surgery to repair a ruptured aorta, massive stroke, coma, paralysis, etc. I fact, I was still in the coma 6 years ago today. 

However, it was the cognitive damage that was most distressing, not the paralysis (have both to some extent to this day). Probably why I exhibit so much contempt for those posters who piss and moan about their "problems."

Since real estate involves so much to understand, cognitive skills are essential. Having an understanding of the foundation and essentials of RE  is critical. If you are familiar with the collateral, valuation, title research and documentation, you are well in your way.

Legal aspects of tax liens (and affect on title and subordinate lien positions) is quite involved and will vary state by state. 

If you decide to go forward, I would specialize in a tight geographic area with a particular state and focus your efforts on being an expert on these counties. 

Energy level is a whole other topic. Personally, I employ strategies that work well given my own limits and adhering them, despite others not always understanding. The definition of maturity is learning how to say "no" is one word.

I don't know your personal financial situation, so you want to assess your own tolerance for risk and hassle factors in deals. 

Also, I've learned to become a capital guy to my industry and my competition, in particular. Because I'm a good marketer and have retained much influence with the CA probate legal community, I've been able to leverage the relationships and refer a substantial percentage of my leads to my competition, including deals that I fund but don't want to work for one reason or another.

Lastly, don't let others define your limits for you. Only you can decide what is a good use of your time, money, brainpower and energy!

@Michael Lee

You have very good advice from all the gentleman above already.

With your construction background & 25% interest in TX. I do think investing in TX tax deed will be a good move for you; as You can collect rent(income) from day 1 during the redemption period.

Like @Ned Carey suggested. Know the state statue regarding tax sale is extremely important. Also make sure you MUST drive & check out the property before bidding.

Tax lien in other states can be a very slow process, but if you are patient & good with tracking process; it can be very rewarding when you can foreclose on the property.

@Richard D & @Roy Oliphant are two BP members that knows TX tax sale well. Connect with them & may be they can provide you with more local info.

@Michael Lee

Many IRA and solo 401k account holders invest their retirement funds directly in tax liens so it is also a good way to diversify your retirement funds.