All Forum Posts by: Tom Yung

@Ronald Cvetkovic

I am with @ Brant Richardson on this issue. NO.

Unless you really know what you are investing in.There are a lot of ways that your hard earned cash can be wiped out in no time. DO NOT hand your money just to anybody.

Usually by the time you find the problem, everything is too late already. By the time you hired forensic accountant to go through the books & the lawyer to file suite. There will be more money flying out of the window; unless you have deep pockets.

If you really want to invest in US.

1)Go visit first & check out the location, know both the macro & micro market.

2) set up business entity, You need EIN or ITIN; whichever gives you the best tax benefit between your country & US & avoid double taxation.

3) set up US banking.

4) make connection with locals( lawyers, CPA, contractors property manager, Realtors... etc. & understand local market. license requirement. some states require you to carry a license to collect rent.

5) Some local banks are lending to foreigners, you have to establish relationship with the banker, usually will lend with 50% equity. I have seen that in FL & AZ. Sometimes they want to see you have at least 2 years experience.

6) With commercial, actually is easier to borrow than residential. The lender is more willing to lend based on the property type. To borrow one million is easier than 10K. @Joel Owens have gave you good example above.

I have seem quite a few people being taking advantage from others. do your own due diligence & reduce the risk to minimum.

@Jonathan C.

Great job & great #.

Can you share the breakdown on your 55K rehab. I am planning to do my first flip this year in GA. I am trying to learn more from your success.

My purchase price is $61K & my estimate ARV is around 210K.
I did not get a chance to see inside yet. I get it from a tax deed sale.

I had done 8 rehabs before for holding; but first time flipping

@Andrew Cordle

Beautiful, thanks for sharing

@Karma Senge

I can not recommend any books or courses.

There are a lot of free webinar & on line stuff; that you can poke around & find out a lot of basic info. But they basically give you info on one particular area that they are familiar with. So categorize all their info; yourself into different states.

I can only tell you how I started to learn tax lien & deed.

Tax lien & deed are same in principle, but varies from each state, county,for their ways of doing it .

First I picked out the state that interests me.

I go onto their county site. find out everything regrading tax sale.

like interest or penalty, rate,redemption period, bidding method, online or live& read the statue.

If online , get yourself registered on their auction site & try out their free on line training.

If live, get a list from the county or city, check out the list, do your due diligence, drive & check out the property, go to the auction & get yourself familiarize with the actual auction. When you first go, things can be very confusing.There are all kinds of auction going on the same time.

We have a few members on BP that have been providing excellent info/advice on tax lien. like

@Jerry K. for AZ, @Ned Carey for Maryland, @Wayne Brook for FL.

@K Marie Poe( I think she mentioned she did tax deed in CA in one of her post) & many others.

If these are the state that you are interest. May be contact one of those BP members, ask a specific question; I think they are glad to help out.Then you can piece all the puzzle together.

That was my tax sale course 101 for you.

tax lien & deed training is an ongoing learning process, each state is a little different.

So you really have to keep learning in order to maximize your return or you can lose it very quickly too. What works in one state can be totally different form the next state.

good investing

@Shevaughn Rawlins

You are correct.

It is illegal to trespass on other people's property.

You have no right to hire home inspection.

After you won the tax deed, you have all the right until the owner redeems.

Do not overbid. do your homework, set a maximum limit & do not let your emotions takes over during bidding. It's a business.

@Jaren Barnes

Welcome & good investing

@Oleg k

I have never flip before, I am learning to do my first flip this year.

Please take it as suggestion instead of criticism.

I think@Joel Owens nails it.

1) the curb appeal

2) the flooring from the living room does not flow through with the kitchen.

3) the front entrance stairs & the wire fence really throws away the interest of potential buyer. It is not inviting.

@Tom Keith

congrats, I am excited for you.

Clayton county (GA)30296 is doing great too. 2 properties, listed one week, 48 showings & both leased for $985; full asking price.

@Sherrine Milton a true story(This is in Canada)

Hi, I'm a old timer RE agent back in1988& 1989, when listings are still printed on phone book sized book every two weeks. Cel phone was a expensive toy, 286 computer just showed up in the computer store & fax machine was a big thing & every agents carried a pager.

The day I get my license, I had been working in my own restaurant for 10 years. Restaurant were super busy back then. Before I got my license. I pick out my farm area. Like @Patrick D; said " sphere of influence". I knew a lot of people.

I also know I can not be Buyer agent that much because buyer agents needs a lot of time & energy to show properties. I decide to concentrate as listing agent. I can always do my marketing & meet clients on weekends & nights.

Base on the above two strategy, I can afford to be a 100% agents & pay my own desk fee($400)+ hire my own assistant($800) back then.

As a matter of fact. I remembered I got my license on Friday afternoon. I had lined up a buyer the next day Sat, morning @9:00AM. I lined up 5 showings.

I was lucky, I sold my first customer @ my first day@ my first showing(house) & earned an commission of $3,600. I was so excited that I ran into a small car accident the same morning. I will always remembered that moment.

I did a lot of open house on sat & sun. I sold 97% of my own listings.

So it can be done working a job & be a full time relator. You really have to organize your time & lost some sleep in between to accomplish the work.

I opened my own brokerage two years later & left the industry in 2001.

Up to this day, I still have my restaurant & do US RE investment at the same time. Especially with the technology today, it can be done.