All Forum Posts by: Maxwell Lee

@Matthew Ware Wow what a story. Sorry for your loss but also congrats on not only what you've gained but how you are handling it, reacting and learning. I doubt I would have been as careful and diligent...in fact I probably would have moved into it ha!

Through your story you also hit on the obvious fact that teachers are underpaid. My wife is actually considering taking a job as a school teacher. We're finally reaching a point in passive income where she can "retire" to do what she truly has a passion for. Again, another ha!

Anyway, good luck to you! It sounds like you are approaching this decision carefully. I agree with everyone else that the numbers don't really work as an investment, but I would want to keep one of them so I have the option to live in the home someday. If that has no appeal to you, then you really should eventually plan to sell. 

@Warren Williams

Wow what an ordeal!! Glad you were able to close in the end!

Re: Thailand, I appreciate your insights. I have a friend (lives in HK) who recently purchased a condo in Thailand. I was thinking about doing the same but just a little too chicken. I also know a guy who takes the broad view that Thailand is played out, like the Memphis of Asia, and he's on the ground in Cambodia and Myanmar buying up land and setting up teams. 

It definitely is a world of opportunity if you can handle the risk. My wife and I were pretty close to moving to Asia this year and I was considering being boots on the ground like that other guy. But alas we've decided to stay in the US, literally and with our investments, for the time being. But with the dollar being so strong I'm still tempted lol... 

Just my first blush thoughts...

St Louis seems like a good choice because it's closer to you and is a good cash flow market. Plenty of (seemingly) reputable turnkeys in the area if that's your path. There are plenty of other good OOS markets but I would lean towards somewhere easy to get to and where you have some network already. 

Sure, Clayton is right that if your contacts in St Louis aren't in the business then you don't have much of a competitive advantage, but they could recommend people they trust already AND St Louis is a good market anyhow so no need to necessarily look farther. 

Little Rock and OKC might also be intriguing and not too far away. I am not an investor in any of the above markets so these are simply impressions from an outsider. Good luck!

No doubt you want to sell. KC should offer much better cash flow, you get to have your first rental nearby, and you get to cash in on your good purchase from 2010. The only way you should hold on is if you confidently anticipate continued STRONG appreciation. I don't know the Phoenix area well but I'm guessing it's hard to bank on that. Good luck!!

I'd be happy to have you join our market, Jacksonville is an up-and-coming city and I firmly believe that the rising tide lifts all ships. That said, I caution that Jax prices have gone up a lot in the past 5 years. No doubt there are areas of the city that still have a lot of room for growth, and in general the outlook for the region is really positive, but just saying things have heated up a lot that I would caution all investors new to the area to really tread carefully. 

I am no CPA but I believe expenses can accumulate years before you have profit to deduct from. However you are supposed to declare those expenses each year when you file even if you are not deducting yet. Again, not a CPA. 

JD pretty much covered it. Unless specified as a quitclaim deed, this should be a warranty transfer and title company will insure for clear title or you won't be able to close. 

You would generally wait til it's under contract to get an inspection otherwise you'd be risking spending money on an inspection for a property that may not even be available. Having it under contract essentially "holds" the property for you while you perform your due diligence items that will cost some money. That said, in a wholesale transaction it is common for the purchase contract to state there are no inspection contingencies, which means you are risking your deposit to inspect after you have it under contract. So it's really up to you which path is the best approach. 

Ask the seller for a copy of the lease. They may not give this to you until it's under contract but you can ask. Ask about the security deposit. And I would ask for rent rolls or payment history. Sure it may be made up or it may not matter in the end, but might as well have it if available. 

Other things you could do before having it under contract...

Walk the property and use your own eyes to get an idea of what work needs to be done. Even if you are a newbie you can still see plenty. If you have a knowledgeable friend/trusted handyman to walk it with you even better. Look up permit history on the property to get an idea of big ticket items' install date. Find tax history and get insurance quotes (or at least a ballpark from people who have property in the area). Begin seeking out possible PMs and ask them their opinion on the neighborhood, ARV and rental comps. Perhaps a few other things you could do but this covers the basics.

Good luck!!

Wow. Great story from you once again. Keep it up and congrats!

I use Dedge's (three jobs so far) and have no problems at all. They've been very friendly and have helped save me money when possible. That said, I don't have a lot of experience with locksmiths so don't really have a basis for comparison. 

This is a pretty decent general overview. 

http://www.areavibes.com/jacksonville-fl/neighborh...