All Forum Posts by: Mischael Metelus

Hi, I'm hoping someone could help fill in some knowledge gaps for me. I recently acquired a property through a tax lien and it has now appreciated in value. I've started my own LLC in South Bend Indiana and I'm planning on moving the property to my LLC as an asset so that I can leverage it for my real estate business.

I'm very excited for this opportunity, but I want to make sure I understand the potential downstream effects of the quit claim deed. While filling out the form i noticed that it asked for the valuable consideration amount of the property, my questions are as follows:

1. What happens if I put the valuable consideration at $1? 

2. Would I pay additional tax upon transferring to my company based on the amount I sold?

3. Would this be recorded on the properties sales records and affect future leveraging?

Any help would be appreciated.

Kind regards,

M. Metelus

 Thank you!

HI, I've run into an issue with a tax lien I recently purchased.

I went through all the proper channels -advertised, had a lawyer do the outreach, and no one contested the lien for the year. I find out that it is currently occupied (at the time I did research there was no indication that there was any other address associated (nothing showed up on the title pull). I spoke to the occupant today and they explained that the previous owner had them in a rent to buy situation. They had been living in the house for 3 years - paying the lawyer.

I really want to help them, but I'm not sure what the risks are. I'll be reaching out to my lawyer on Monday but wanted to see if anyone else was familiar with this type of situation.

Kind regards,

M. Metelus 

I bought a tax lien in Pueblo West this year, the home looks amazing - Didn't pay a premium, so I'm earning decent interest. Though what I do want is the house.

I recently won a land auction in Michigan, there's a small property on it, it could use some work but it looks good. However to get this property I have to fly out to Michigan. I was wondering if there are companies out there who work as an intermediary to do that, I cut them the check and they go to the county on my behalf? Or would it not be worth it? 

@Yanhua Sappin

I do t think the tax is over 4K, though it may have become that. Mind you my main home is in NJ, so even a 4K tax is reasonable to me.

But homes in st Lucie rent for 1600+ so I don’t think it’s a detriment to the cash flow

That's a pretty great list of goals! I also like how you included rest in the list. Something I often forget about.

Thanks! My goal has really been focused on making myself a millionaire. As of right now, I don't have a large 5+ year plan, I would say in 5 years, I would be married to my current GF, and living in my parents old home. Given the taxes for that property I'm expecting to have to put aside $10K a year by then for that home. 

My dad has other properties he manages that he would like me to take over, so that would give me experience as well, but I would also like to have my own property. One thing I've heard a lot about and have been looking to learn more about is syndication groups. I would love to learn how they could grow an investment.

So after two years of saving, investing, rinse, wash and repeat. I've almost hit my goal of 100K, expecting to reach the goal 1st quarter of 2020, 1/10th of the way to a million (whoop whoop). All that joy aside though, I guess my question comes down to what's next? I've been happy with the growth I've had so far, but would certainly like to see it grow faster, but I'm also worried about security. Real-estate is an interest of mine, so would what be a good route to take with my first $100K?

My father invested in Port St. Lucie around 2011, it’s a great bustling city and the properties he purchased were in foreclosure, so decent rent, and he has made his money almost 2 times over from His initial investment in terms of the homes current value. 

I still think it’s a good place to invest, but as it’s a much stronger market out there with a lot of construction in the area, I don’t think you would find as great of results as my father did.