All Forum Posts by: Leo Poon

Hey Charles. I am interested and would love to look at the numbers. Is the property located in the 5 boroughs? I assume it would be more of an appreciation play as 1% rule don't work in NYC.

@Shanese Francis

When you are buying REOs for pennies on a dollar, and rent it out. You can care less when recession comes. But if you are buying duplex for 300k that rent for a total of 1.5k. All I can say is good luck.

In addition, if you are over leveraged, meaning you borrowed most of your money to invest in retail priced properties, then you are putting yourself in greater risk of defaulting. If you bought it with most of your money, you can ride out the recession but with a low ROI and maybe lower home price depending they property's location.

Recession is a good time to buy properties for pennies on a dollar if you have the cash.

@Christopher Polanco

Have you checked the short term rental laws in the area? Some requires owner to be on the premises when renting as vacation rentals. Maybe confirm this with the town first before buying the land.

Hi BP,

Occasionally, I will bump into some weird listings on current price and historical sold price on the MLS. For instance, this property was sold for $244k in May 2018, and it is now for sale at $39k on Sept 2018. Who in the right mind will do that to take a loss? Also, this is not the first time I have seen a similar listing like this. My first thought was the bank is trying to buy back their foreclosures and eventually want to get rid of the property by selling at a deep discount, but this property was for sale by owner. Then my second thought could this be some sketchy way to make money off banks by some investors? The most recent sold price is almost always 5 to 10 times the amount of the current for sale price in these types of listing. Can someone shine some light on this mystery?

@Simpson Law

Hi Simpson, welcome to BP. I am also from HK, but live in the US now. Feel free to message me if you have any questions.

Originally posted by @Yongming Huang:

I'm planning to sell real estate to international buyers. I'm the owner and if I send the deed for recording myself, would the county mail the recorded deed internationally?

If they do,  regular mail can get lost easily and I don't want this happen. Can I get the recorded deed back and mail to buyer myself? Is it possible to ask the county to return the deed to me (seller) or to a domestic third party? 

Does anyone have any experience in this?  Your input will be appreciated!

 The international buyer should have an US attorney, or else how would he know what he is buying is what you are selling. If he doesn’t, ask him to get himself an US attorney and send the deed to his attorney, then his attorney can mail him the deed directly.

Originally posted by @Ellis Stone:

. My question is if it's illegal how do people still do it

 It is how the words are being put in the contract make it illegal or not. Every state and city has different laws. Some states will not allow assigning RE contract (wholesaling). A sophisticated lawyer should be able to help with known method. It is the same concept as how big tech companies save billions of dollars on taxes legally.

@Chloe Philipp thumtback and angielist are connecting contractors with homeowners and investors already. I think you are trying to bring traditional contractors an online presence and increase their SEO ranking which is not as direct as thumbtack and angielist that are giving leads to contractors to quote.

@Michael Greenberg Sure, no problem. 

@Uriah D. Awesome,  keep us posted on how it turns out for you.