All Forum Posts by: Ray Slack

Inferior liens get wiped out superior liens do not with the exception of condo association liens and assessments (You need to pay all of the back owed condo fees)

Superior liens are generally liens recorded before the mortgage that is foreclosing was recorded and also property taxes are superior to everything and you must pay them. 

Determining which liens are recorded before the foreclosing lien is best left to the pros.. Get a title search before bidding.

John,

Right now I buy properties in Miami Beach Florida and Also in Maryland (DC surburbs) Miami Beach are running at about 10% profit and Maryland is 15%.  Average purchase price is $210k / average Renovation $40k/  and sales price $300k. 

Well, 

I'm in an interesting position for this post,  as I just sold a couple of properties and ended up with a bit over your fictitious "payday".  So, I would be doing exactly what I'm doing now!   I'm flipping houses.  I buy Flips with profits after all expenses that work out to 10%-20% return on paper. I would say I average 15%.  My average turn around time is 3-4 months.  So, I can use the same "Money" 3-4 times per year..  Earning a 40-50% annual return..  I'm currently working on 6 flips and have already completed 5 earlier this year.. Based on my conservative numbers on the properties I have already bought my 1 million will turn into 1,475,000 by the end of the year and that's not including any new property I buy between now and Jan 2017.

Hey There Jaelyn-  

I'm a Flipper in Bowie.. Currently renovating 6 houses and have another 4 under contract waiting to close all in Bowie.  1 in Fairwood section 3 in Northridge, and another 2 in the levitt sections of Bowie.  I've been in Real estate and Flipping for over 25 years and know Bowie like the back of my hand.. If you need any help let me know. 

Ray

I vote no on the powder room.. Better to have w/d in the house..

Have your contractor give you a guarantee in writing that the mold issue has been remediated  and I would just disclose that there was water damage to the house which has be professionally fixed. 

Wow.. A reply form the "Big Cheese" himself and on a Sunday no less... No wonder you're a success.  Thanks Josh

Not sure if you missed the member that pointed out that you don't have to pay capital gains on the profit if you lived in the house for 2 yrs of those last 3 years you have owned it. 

If you have lived in the house for 2 years of the past 5 years it's a great opertunity to sell it without paying the capital gains and you will lose that tax free profit unless you move back into the house prior to selling it.   SELL IT!!

The 1% rule is a rule about buyer not whether or not to sell a property..

Ray

I've bee on BP for a while and have several keywords setup and everything has worked great until this AM.. I just started getting an email for EVERY new member introduction or posting.. I'm getting emails every 10 minutes.

I checked my keywords and nothing has changed.  Any idea on why this is happening?

Ray

I would say as a realtor you probably know your market better than any of us..  I mostly invest on the beach (South Beach)  which is more singles and gay couples but a 2 bedroom would probably work better but I always assumed Coral Gables was more family buyers whom would probably prefer a 3 bedroom.. Maybe take some of the end of the Living Room and make a master bath?

You mention that mobiles are cheaper than SFH ... They usually need to be MUCH cheaper in rent than the same size apartments in the area.. People would much rather rent a SF home than a mobile home.

Now buy and owning Mobile home parks is where the money REALLY is.

Ray