All Forum Posts by: Joe Homs

@Andrew Sol evictions in California are very tricky.  I use Silverstein Eviction Law and have so for over 20 years.  He is the man and it's not that expensive.  Just finished up another case with him last week.

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@Adine Mateo my vote would be to sell it and free up your VA eligibility to use somewhere else. Your potential profit from renting is non-existent. I don't see the market going up in the next few years, so little to no equity. Hopefully, you can sell and break even, move on with your life and find something else later.

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@Tiffany McKinney don't let them control your money.  Go with a self-directed account.  Reach out to @Dmitriy Fomichenko who is the expert in this field.  I have been using and recommending his services for over 10 years.

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@Harry Kniznik I vote for you to sell and take the capital gains exclusion.  Too much of a negative cash flow to hold on to it.

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@May Mirzaei honestly the only place to cash flow will be out of state or if you want to do AirBnb, maybe Big Bear, Joshua Tree, etc.

@May Mirzaei you can invest anywhere, the question should be will I cash flow?  I would pick Rancho Cucamonga, but good luck finding something that cash flows.

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@Kody Smith 

1. How can i delay or stop this auction, so that I can get the property marketed for a higher price? (Prepare a purchase agreement, have the seller call the bank and tell them it's in escrow.  They should postpone it for 30 days.
2. are any of you open to closing a deal like this (happy to share all details and make a connection) Does not sound like there is enough money in the deal.  Is the seller just willing to walk away with some minor moving money?
3. Can his attorney delay the auction? I heard bankruptcy laws recently changed... i'm not sure.  An attorney can do anything for money.  Yes, he can still file bankruptcy, but that is only for a 30 day period (last resort.)

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@Christian Licata First of all congrats on having $250K to invest.  I strongly suggest that you try and begin as local as possible.  Learn how to buy properties to flip or even buy and hold on paper to gain some expertise.  I would suggest seeking out a mentor and going to some local meetups in your area and learn from the pro's that go there to network.  Once you feel comfortable then put together a game plan to go out of state to flip or buy and hold with the help of your local family.  Check out the meetup below.

OC Real Estate Investor Networking - Tax Tricks Every Investor Should Know (biggerpockets.com)

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@Drew Herzog  here are some answers:

When buying a property for a low value ex: a duplex in Cisco TX for 95k and probably cheaper. Does that have increased risk?  Life is a risk.  If you do a risk assessment of the area, property and likelihood that you can collect rents easily, then you should be good.

I have about 25000 saved up and I'm living at home for free how much of that should I spend on a property or save.  This really depends on the property.  The question you should ask is how much money I will make if I invest $25K in this deal.  If the numbers work out then you are good to go.

How does someone truly manage a property "effectively" from a distance?  Hire a property manager who knows they are doing and work that into your profit numbers.

How do I find new expanding and promising areas?  Start close to home.

Are trailer park homes good investments?  It all depends.  I buy mobile homes in parks where I own the land underneath the trailer.  If you are buying in a park, then you need to know all their rules and determine what price makes sense.

With the election coming up is that a good time to buy?  It's always a good time to buy when the numbers make cents.  

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@Alondra Ramos yes you can do Seller Financing anywhere.  Like everything else in Real Estate, you just need to negotiate the terms, length of loan, interest rate, early payoff, etc.  It's so easy that you really don't need anyone, but an escrow company involved in the transaction, so you would be saving lots of money.  The escrow company can create the deed of trust and loan documents for you.

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