All Forum Posts by: Tom Yung

@Account Closed

Water lien has no legal right to the property, if you pay for it as a 3rd party.

@Nathan Wiebe

I think @Andrew Syrios is telling & painting the whole story & picture for you.

It's extremely difficult for out of state(country) investors; as most are unfamiliar with price, area , market trends & conditions. If you have someone you can trust on ground that have equity together with you on the property, flips can achieve out of state . Too much unknowns for flip unless you can acquire property at a very low price. Buy & hold is a lot easier. Flipping needs a good knowledge, fast & hard working ground staff & hopefully you can have an experienced  partner that can supervise on ground.

@Mason Mccullough

Others had gave you an general idea how much property managements costs are already. I will throw in my own suggestions; when the managers are looking after your properties. Be prepared to learn how to manage your managers. Do not forget companies hires employees to look after day to day operation. Often times there are oversight on details. Know your area HOA's. Don't let your tenant violate the HOA rules by regularly communicate with your managers. Check revenue & expenses. Look where to look up court records if eviction is filed & court schedule. Also know what kind of rehabs or repair that you want at times when there are tenant turnovers. Expenses can add up very quickly & eat away your whole year's revenue.

@Heather Lanser

I do not know your age. But I believed you nailed at the right approach( income & slower growth). 1031 exchange your property & use the $400K, buy & Hold 4-5 SFH outside of CA. areas that will net you 1% rental return on your $80-90K homes. Use 45% return estimate on your rentals. Save it & reinvest into other SFH. I think you can easily attain the $10k/month before tax in 10 years. If you do need big lumps of cash in the future, just sell one SFH at time of need & pay capital gains & recapture deprecation accordingly. The amount will be lower than selling a multi & take less time & effort. But to be successful in out of town investing, make sure you have a good property manager for your properties & learn how to manage them(property managers). It's not as passive as other tells you, you have to keep track on top of details; but let others do the work. Good luck.

@Jay Hinrichs 

Well said & honest opinion with no hidden agenda.

@Jana Cain

More update for you. Interest to see where it will lead to.

http://www.sfchronicle.com/bayarea/article/South-Bay-couple-sue-to-win-back-SF-s-Presidio-12485888.php

To back up what @Ned Carey & @David Krulac said.

True story on this property

http://www.lehighvalleylive.com/warren-county/inde...

Two months before foreclosure. Anything can happen. 

Too many unknowns. Be prepared to take a calculated risk.

@Jana Cain

Below is the update.

https://www.washingtonpost.com/news/post-nation/wp/2017/11/29/wealthy-san-francisco-residents-to-get-private-street-back-despite-skipping-taxes-for-decades/?utm_term=.07b3311635fa

@Garrett Pohl

The present owner is still legally responsible for the damages.

Hopefully he has paid insurance.

If the house get damaged & he has no interest of repairing or insurance coverage. When you foreclose his right of redemption, that's what you will be inherited. This is one risk factor with investing tax deed with a redemption period that has no right to the property.

@Jerry K.

Great info on your case study. congrats.

@Brachel Jones you just started the right of redemption yesterday, that means the owner still have right of redemption. So technically I will say; no right to rent, until right of redemption is completed. You can evict or turn the occupant to tenant after the right of redemption period is over.