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All Forum Posts by: Omar Naguib

Omar Naguib has started 6 posts and replied 28 times.

Hey guys,

I found a house on the East Coast that I can purchase for $150k.  Comps are looking to be around $280k.  It is a short sale.  This seems to be a great opportunity, but I'm not quite sure how to fund this.  

Initially, I looked into a 203(k) to find funding for a rehab.  Everything seemed okay, but the 203(k) requires the homeowner to live on the property for 1 year and 1 day.  We are planning to make this a 2-3 month flip, so the 203(k) is out.    

We've created an LLC, and are looking to get funding through the corporation itself. Is private/community banks the best way to get the funding at this point? Or am I missing something here?

Thank you for your time.  

Post: Is Broker's License Worth It?

Omar NaguibPosted
  • Amarillo, TX
  • Posts 28
  • Votes 6

Okay, that makes sense.  Then I'll probably go for other interests that could supplement my investing career, instead of Real Estate.  In that case, it seems it might be useless for me at this time, but I'll also talk with my counselors to make sure it's the right choice.

Thank you guys for your time, I appreciate the help!

Post: Is Broker's License Worth It?

Omar NaguibPosted
  • Amarillo, TX
  • Posts 28
  • Votes 6

Thank you @Bill Wallace  for your time and response.  I'm not very eager to become a broker at all, however the university I will be attending has a RE program (that I'm interested in anyway, because of my desire to invest).  I learned that if I major in RE at North Texas, I could be a broker right out of college.  I'm just wondering if there are any pros to being a RE broker as opposed to salesperson, strictly in the realm of RE Investing.  Any thoughts on that?

Post: Is Broker's License Worth It?

Omar NaguibPosted
  • Amarillo, TX
  • Posts 28
  • Votes 6

Hey, guys!  I'm a 19 year old aspiring fix and flipper, but I have low capital and no experience.  I've taken J Scott's advice (from "The Book on Flipping Houses") and I'm getting my salesperson's license.  However, I'm going to the University of North Texas, and if I minor in RE, I believe I can skip the other requirements for a broker's license, since I'm taking my classes at a university.  My question:  Should I definitely go for the Broker's license?  Or should I focus in programs that would supplement my license, like Economics or Finance?  

Any help is greatly appreciated.  Thank you for your time.

Post: Tax Lien Investing

Omar NaguibPosted
  • Amarillo, TX
  • Posts 28
  • Votes 6

So am I correct in assuming that the main goal you are after when buying a lien is the 25% ROI (though the real estate is a nice plus), but the primary goal of a tax deed is to receive the real estate? That's what the definitions sound like to me.

And if I'm correct here, then tax liens seem a lot safer to me. Would you advise someone to avoid investing in tax liens out of state?  

Post: Tax Lien Investing

Omar NaguibPosted
  • Amarillo, TX
  • Posts 28
  • Votes 6

@Roy Oliphant - I've researched the difference between tax liens and tax deeds, but I don't really understand it.  Could you give me the difference in your own words?  Because according to their definitions, I really like liens, but I'm unsure about deeds.  

@Tom Yung - Thank you so much!  That helped a lot, and I was able to see what properties would be on auction and when.  I really appreciate you looking that up for me.  I think this will get me started in the right direction!

Post: Tax Lien Investing

Omar NaguibPosted
  • Amarillo, TX
  • Posts 28
  • Votes 6

How can I figure out if Texas is a lien or deed state?  I've been searching it on google, and I only see links that allow me to purchase liens or deeds.  Can a state be both a lien and deed state?  

Okay, so the point where you lose money is if the tax + penalty is not paid by the owner, and the investor is not prepared to cover any costs that come with the house.  Good to know.

How can a judge reduce or eliminate the interest?  Is that something that commonly happens?  

Good to know, in the future I will be inspecting the exterior of most liens I invest in.  I will begin to take a look at my county website and see what I can learn!

Thank you for your response, @Ned Carey  

Post: Tax Lien Investing

Omar NaguibPosted
  • Amarillo, TX
  • Posts 28
  • Votes 6

Hey guys!  It's been a long time for me since posting on BP.  I'm 19 and like most of my generation, I have a short attention span.  But it's good to be back.  On to the question:

I'm looking into tax lien investing, and I live in Texas.  I'm looking for some downsides to this niche so I fully understand it.  It seems like every source I go to says "you can't lose with tax liens!".  I know the gist of it:  there's a redemption period, in which if the owner repays his taxes, I would get my money + 25%.  However, what happens if the owner declares bankruptcy and the IRS decides to take the house?  Do I still get my money back?  Also, how can I inspect the property before buying a lien?  Is there a list of properties I can get?  

Also before anyone sends me the link to the BP article on "Investing in Tax Liens in Texas," just know I've read it and that is where my questions come from.

Thank you very much for taking the time of your day to respond to this.  I really appreciate it.

Post: buying a wholesale property

Omar NaguibPosted
  • Amarillo, TX
  • Posts 28
  • Votes 6

Hi Mary,

I definitely am not one to answer this question, as I'm new too, but I thought I'd offer my 2 cents.  I don't think this question is answerable without more detailed analysis.  You've only given the price, but haven't listed any information on the home.  Since I'm new, I don't know exactly what info you'd need to post, but I just thought I'd let you know so you can be prepared when others ask for specific information.  $30,000 seems like a great price for New York, though.

Best of luck with your endeavors and I wish you success. 

Omar

Post: About to Start Investing Career in Mobile Homes

Omar NaguibPosted
  • Amarillo, TX
  • Posts 28
  • Votes 6

@La Nae Duchesneau - Thank you for the feedback! That quells my worries a little bit. I'm still deciding whether or not to save a bit more, but I will take your advice into account! Thanks again.

@John Fedro - Thanks for the post! Understood. I'll make sure to visit all of the parks I can to see how they're selling and at what price. I'll take this advice into account when creating my plan.

Thanks guys! Every post here will help with my decision. I appreciate the assistance!

Omar Naguib