All Forum Posts by: Michael Lewis Lee

Hello Tony! What you said sounded pretty good. Most of the internet rap is by those trying to an make an tyemotional sale to ignorant people. I do not have much experience in FSBO's but I am trying to learn more but most are recommending local popular newspapers or "Driving for Dollars" trying to find them. Many do not ask neighbors on corners or other more possibly visible owners.

Many owners do not know there is another way. The owners are trying to save on all expenses so a primary thing to do is all they typically want to do. Many are motivated but some are just fishing. When you're just driving around looking keep a pad and Pen on you to take notes. Look for FSBO signs and houses that do not look occupied.

Good luck to you!

Hello Sam!  Your right about this Website and what it has to offer.  You may have already thought about him but Mitch is only interested in taking your money by his commission.  I typically do not like long distance investing.  The people spoken about doing well may have been smart but lucky too.

To do anything that’s not a Turnkey owner with experience and onsite management needs to be within a hour’s drive or you are giving up any control to too many things.    I don’t care how it sounds to you but there are just as many failures that don’t be publicly on the news or by journalists.  

This country is full of crooks who also do not get many highlights.  They are looking for people just like you and can be sold that something that creates losses by those who can be taken or do not use the control that is needed.  

No matter how they make that sounds it takes hard work to succeed and I just don’t see how you can do it overseas unless you know somebody here that’s very trustworthy that you can afford and still make money. If you did well there, why not just stay there and do what was successful.

There are plenty of good deals around here but you have to be careful and in control to do well as have a known lender that will work with you.  I’m not saying you cannot do it but be careful and have people here that are willing to work for you.  

I liked your saying Team Members are part of what you’re working on because good ones are critical.  Know the tax ramifications.

Best wishes!

Hello Tim!  They are completely different.  One is short term (AirBnB) and the other is typically long term investment.  AirBnB’s are more seasonal and closely tracts to the economy which is closer to a change that a typical rental is.  People always need a place to live versus vocational use.  It is typically related to the demand or history of the subject area. Good luck to you!

Hello Michael!  I would suggest you call or visit a county sales record department and/or the local Chamber of Commerce or a growth related #1 association that is local (like a local appraisal company).

Best wishes! 

Hello Elvis!  I do not have much actual experience but I had a broker license for about 30 years and also during that same amount oof times I worked and managed much of construction work.  I can say that you might be able to have success with a Private or hard money lenders.

Those lenders are typically short term (6 to 12 months) and you may have to refinance after their time period but,hopefully, by then you have increased that value so it’s very important to get an add-value and made it more property more valuable and will satisfy the long term lenders.

You could also get a “cash rich” partner but you might have to give 25 to 50% of the profit to them.  I am concerned of long distance investment and a responsible and trustworthy local person too help you.

Another possibility is owner financing which usually is more flexible that can help you more hand that you could help the owner get closer to their asking price and the interest you could afford to pay.  Show them what it could make the seller on paper.

That’s about all I can think of.

Good luck to you! 

Hello Brooks!  An appraisal from an experienced person in that area is not a bad idea but the actual net income times a popular capital gains rate depending how much it’s used in that area could be a good way or you could get an estimated value by an experience broker in that area.

Good luck to you!

Hello Shelbie!  That’s up to lender bit most Banks want 20% down and tend to be into you than the property and will amortize for more years.  Remember there are other alternative.  Do not be embarrassed about what you need to know.

Best of luck to you!

Hello Karen!  I think you can date any day you want and make a new lease that covers what you learned as long as they are not offensive or are fair or not against the law there.

Best wishes!

Hello Isaac!  I have several thoughts on your situation.  I have been a licensed real estate broker in Texas for about 30 years and during that same time I was a project manager that did several things including owning my own business.  First off, most of your plans are OK but I would never hire an Agent to buy and know that the starting price is usually retail and not discounted.  

The owner maybe motivated and may be able to dump that Agent and that might help find out the truth and find out if they have a loan and if it’s current on the payments.  Also, find out if he/she will tell you about what the loan(s) interest rate is and  is it  low enough to make a spread on renting (if in good shape) while Troy are trying to sell.  

You could offer to make the payment to make it current and possibly keep them from filing bankruptcy and salvage their credit.  If they have another problem, try to help them solve.  Depending on their down payments you will have to, a offer an outright sale, do it “subject to” where they keep the title until any loans are paid off.

If their down payment is about 10%, you could offer a “lease option”where they keep the title until you resell and close. or a “wrap” or a combination of those and you will pay them their price at the closing of your sell within 2 years.

You can offer to make their debt payments on time to assure your deal and close.  Do not worry about the “due on sale” clause but if it does exist tell them it rarely happens as loan is kept current

You can cover all maintenance when under $300.  Also, make sure they know about the capital expenses and how they would effect them and anything your forced to pay comes against their price. 

Hello Isaac!  I have several thoughts on your situation.  I have been a licensed real estate broker in Texas for about 30 years and during that same time I was a project manager that did several things including owning my own business.  First off, most of your plans are OK but I would never hire an Agent to buy and know that the starting price is usually retail and not discounted.  

The owner maybe motivated and may be able to dump that Agent and that might help you find out the truth and find out if they have a loan and if it’s current on the payments.  Also, find out if he/she will tell you about what the loan(s) interest rate is and  is it  low enough to make a spread on renting (if in good shape) while Troy are trying to sell.  

You could offer to make the payment to make it current and possibly keep them from filing bankruptcy and salvage their credit.  If they have another problem, try to help them solve.  Depending on their down payments you will have to, a offer an outright sale, do it “subject to” where they keep the title until any loans are paid off.

If their down payment is about 10%, you could offer a “lease option”where they keep the title until you resell and close. or a “wrap” or a combination of those and you will pay them their price at the closing of your sell within 2 years.

You can offer to make their debt payments on time to assure your deal and close.  Do not worry about the “due on sale” clause but if it does exist tell them it rarely happens as loan is kept current

You can cover all maintenance when under $300.  Also, make sure they know about the capital expenses and how they would effect them and anything you are forced to pay comes against their price (or reduces it).  If they need cash, you may have to get another loan to pay that cash which might effect their sales price. 

Check out the demand in that area and how much work it would take to lease it or sell.  That is about all I have to say.  Good luck to you!