All Forum Posts by: Hao Liu

Thanks a lot Jason and Cassi

As the number of rentals grow, I need to find a good portfolio lender in Oklahoma City area. Anyone has good recommendations? Would be very grateful if I can get one that requires short or no seasoning period. 

A lot of posts argue (understandably) that with CPA you eliminated errors. However, I have seen quite a few cases that somebody did tax with CPA and still got audited. And they still have the burden to prove. I am not arguing that CPA is not worth it, just to add some facts 

It's an old thread but still wanted to know how's OP doing on the deal. 

I have bought 6 properties in foreclosure auctions so far. My experience is that 1st lien wipe out 2nd lien, 3rd lien, etc. 2nd Lien foreclosing only wipe 3rd, 4th, etc, but 1st lien stays. 

Property tax, special assessment (weed, utility, trash fee, etc) are not considered liens and don't get wiped in auctions. Buyer inherit those and need to pay.

Jean G., I think I have missed something from your story.

If the rent you would charge her is higher than her mortgage payment, then how could her afford it, giving the fact she couldn't afford the mortgage payment;

If the rent is lower than her mortgage payment, this would be a negative cashflowing deal. 

What did I miss here?

Thanks @Wayne Brooks for the reply. I paid for some online searches and what I got is no more info than Zillow and County Assessor site. They do offer detailed search but that cost like $300ish. Guess you are right, only do title search after winning a bid and put down the downpay (10% for Oklahoma)

Almost all people stress the importance of title searches. I wonder how is it possible? In my place (Oklahoma City area), I go to 3 counties' sheriff sales. In each month I look at around 200 homes, bid on 100 of them (most of my bids are lowball and have little chance) and won 1 or 2 on average. 

I can probably gain $30K equity for each property I won. But if I do title searches for all 200 properties, it would cost me $100K and it is ridiculous. Even if I only do those 100 homes that I actually bid on, the cost is still $50K and would eat out any profit. 

So what did I miss here?

Foreign investors have troubles if they buy properties under their own name. Hard to get loans. The 30% withholding tax. etc.

How about Join a local investor and form an LLC? Each hold some share of the LLC, and buy properties with the LLC's name. Local guy can personally guarantee loans.

Anybody tried that and what's the pros and cons?

Thanks for Matthew, Douglas, and Cameron for your helpful input. In my case, i beileve the manager does not have much cash asset to pay me, however he has severa rental homes which got enough equity. I have a feeling that he will not let-it-go without a fight.

One of my rental properties manager owe me some decent amount of money and would not pay. I need to hire a real estate oriented attorney. Now this attorney has good reputation, but he states in his contract "no litigation". When asked, he said his goal is to solve the problem without going to court, and he always do this "no litigation" contract to all clients.

I don't quite get it. How can an attorney force the guy to pay, if without the threat of court? Is this "no litigation" common among RE attorneys? Googled but have not found much useful info.