All Forum Posts by: Tom Yung

@Sensei Sean Gilliland

@J Scott

@Joel Owens

I have to post reply, I have to admit when I first saw the name of the Post. I laughed; I am guilty myself.I thought it was some guru Gimmick myself.

But after look at the post reply@Dmitriy Fomichenko & @Jay Hinrichs

I knew I was wrong. I am sorry.

I am trained martial artists myself, I have never mix Martial arts with work.

But I can see The title Sensei is more of a first name. Pleasure to meet you.

@Pyrrha Rivers

The community has given you a lot of advice already. I actually learn a lot with this posting.

Few things I want to bring to your attention.

1)figure in holding costs during rehab.

2)set aside $3000.00 for OOPS factor during rehab.

3) Schedule payment terms for the contractor, NEVER pay them until a third party has verified the job is done as specified. May be pay your home inspector $50.00 just to see if what has said has been done properly. Also make sure the contractor sign the wavier before final payment.

I also put in penalty clause in my agreement; so the contractor do not drag on the finish time. I do reward my contractor with a bonus when the job is finished as scheduled

4) you need to carry vacant property insurance during rehab, I found it quite costly. I used to pay close to $450.00 for 3 months for mine in GA. May be other members can recommend better rate.

you are doing good, congrats

Hello Mike:

What is you exit strategy?

Buy & Hold or flip?

If it is for rental, I will limit the rehab to a minimum, sometimes you can put a ton into rehab & it will still generate about the same rent base. Renters can only afford that type of rent in that particular area.

If it is a flip, that can be a very different story.

For that TREE, I will definitely remove it to improve the curb appeal.

Hi Nick:

I am out of country RE investor in US.

I can only inform you what my strategy I use when I bought in Las Vegas(2011).& Atlanta, GA(2012) when I first started out.

1) I first check out the area of town that I want to invest,

I try to pick the lower crime area, then I check into schools. rent to price ratio. walk score. renter vs homeowner ratio.

2) price range

what I can afford within my price range, ranch or two storey. I also checked the age group in general renter in the area. If the area has a younger age renter group. Then it makes no difference of ranch or two storey. with more mature age group area, I like to buy ranch style for the ease of mature renters.

3) newer homes(2002 & newer Homes)

I do not like older homes, it costs more for rehab. I also try not to rebuild as there are too many unknowns. I like basic cosmetic rehabs, not rebuilds.

I like 3 bedrooms & 1.5 bath, hopefully double garage.

4) home inspection

Always have home inspection, these will give you a general idea of rehabs that you need.

5)property management - I have to use property management in my situation, you probably do not need to. Really check them out if you need one.

I do not believe in turnkey properties, It really restricts the choice of option that you can set out for your own criteria.

On the other hand, I will not buy into anything that I need to rebuild to bring up the value, there are just too many unknowns.

It all boils down to YOU personally.

1) funding

How much cash, credit level, trust level by other people if syndication.

amount that you can get your hands on funds from all sources.

2) RE experience & knowledge

How knowledgeable are you with Real estate in general & your market condition.

That includes all potential development in the future for that market. It is very hard to say one BIG area like DFW. It breaks down by areas of town.

3) contacts & ground crew

Who do you know? sometimes it makes a big difference in Commercial deals.

Most times the cap are compressed so much on the listing that it is very little profit for the new owner. SFH is more direct, it compares same type of properties in the same neighborhood. Appraisal is also different between commercial & residential. Financing are totally different & sometimes property management can be different too. Don't forget inspection(due diligence), they are very different too.

4) expedition of return

Because of the economics of scale , commercial may have a little advantage over residential on expenses. But with today's market, You can sometimes pick up SFH under 60K for $900/ month rent. Too many people are jumping into multi now. The cap are really compressed.

Also look at Exit strategy, multi are cater to a specific group of investors.

while SFH is a lot easier to change hand than multi.

5) level of involvement

Are you going to do all work on your real estate business; or are you totally involved in running the business. Even when you have a property manager,

you still have to learn how to manage the manager.

The above are my 2 cents.

IMO, if you can do all this at your spare time. WHY NOT?

if somebody is holding my hands & teach me the tricks to do a good job. I will bend over & learn as much as possible. As fast as possible.

No pain no gain. If this is really what you want to do, Wholesaling & Flipping.

I will be happy if they just offer me gas money provide they are truly showing me the ropes.

@

Eric Stowe

Thanks, I will dig out more.

Hi, interested to find out how to do research on liens on properties in Dallas county, TX.

Liens like mortgage lien , city liens, tax lien.....etc

Please advise. I remain & thank you

grace period until the 5th, late after the 5th.

10% late fee, notice of eviction after the 10th.

application of eviction on the 20th.

@Rodney Walker

FYI, I give the go ahead on eviction on Feb 22, 2014, when I was informed that the property manged did not receive the rent yet.

At around the same time, the tenant asked for 60days extension on the lease. If I don't evict, they may hold on not paying further rent. Also the Bogus heat maintenance call adds salt to the wound.