All Forum Posts by: Tom Yung

@Troy Michaels

I have no luck of finding insurance brokers that will insure tax deed properties in GA.

I have to get mine insure through Affinity Group Management Co., Inc. , the Program Administrator for National Real Estate Insurance Group.

@Troy Michaels

Just like @ Ned Carey said, it all boils down to the $ amount & location.

I am using TX & FL & give you an example.

TX is redeemable deed state with penalty instead of annualized interest. That means you get 25% from day 1.

amount of deed = $20K

penalty = $5K

insurance around = $1K/year or $84/month

So even if the owner redeems in 1 day, you still net $4900; even if you pay whole year's insurance of $1K

In FL, interest is annualized @18%/year.

amount of lien = $2K

insurance around = $1K /year. So even at 18%/year. You will be losing $640 after insurance.

if it redeem in 1 month, that means you are getting 1.5% for the month( FL has a 5% penalty.) So you will be getting $100 interest -$84insurance. You will making $16.00 after insurance.

Hope this helps

@Troy Michaels

I do purchase insurance on tax deed properties in GA during redemption period.

same with TX.

I do not acquire insurance for my tax lien in FL & AZ

@J Scott - 25 major Renovation Components as I am trying to step out my boundary & learn to do my first flip project this year.

@Andrew Cordle

Great Job, thanks for sharing your knowledge.

I also like the before & after pictures at the same angle.

I pick up a lot of ideas.

The 4 color exterior really makes the house stand out.

@Teo W.

Since this is your first one, I will put less down & keep a bigger reserve on hand for the the OOPS that will pop up one time or the other.

Once your property is stabilized, then you can pay down more later.

@Dharmik Mehta

1) welcome to BP

2) introduce yourself

3) know what to ask, break it down to market, area, topic.

4) connect to other BP members, exchange ideas, build relationship.

5) educate yourself as much as possible on RE related subjects.

6 Happy investing

@David C.

You nail it. Good job of describe the whole process. Thank you.

Excellent detail. Harris county is probably one of the most crowded live tax auction site. so many people are making their own deals at every corner.

Did you get any properties?

One small thing I will like to add onto your post.

TX is redeemable deed state. 25% for the first, additional 25% for the second year.

@Ken T.

I know of many Canadians are taking advantage of the combination of low interest rate & double digit return cash on cash; has bought into US market.

2% is not easy to get in most areas of US market(depending on market & area). 1% is not even easy in war zone area in Canada( although war zone area in Canada is mickey mouse to US). I heard Americans laughed at our crime rate.

So watch out to the area you are going to invest, know the area.

@Ken T.

There are lots of Canadians investing in US.

I am from Winnipeg, Manitoba.

Few things that you may want to know before hand.

1) know your tax(both US & CDN) situation, so you can set up the right entity to avoid double taxation & asset protection.

2) have a strong team( contractor, property manager,RE lawyer, RE agents..) on ground.

3) set up proper banking for the ease of future banking transactions.

4) choose your market; really understand your market.

5) know the state/city law that you're going to invest in.

6) make connection with local investors (BP is an excellent source for connection & resources.)

What I find out.

Price of most Canada RE is priced a lot higher than some states for the past 4-5 years. So the return in much higher.

It's not as easy as you deal within your backyard, it's a long distance investment.

Also you are learning a totally new market, so you have to adapt to the local pricing & thinking.

The principle of investment are the same though.

I enjoyed it myself, it's a challenge.