All Forum Posts by: Tom Yung

I am with@James Wise.

Keep the tenant for one more year, at the same time advise the tenant

that you have plans to update the flooring for him at the end of his lease term.

Since there is no rent increase for the 3 years. You are looking for $2,750.00

for the fourth year. This will give the tenant enough time to advise you if he is leaving at the end of the lease, thus give you ample time to screen for new tenants

Hello Bojan

Welcome to BP, I am Canadian investor for US properties too.

One thing that I will strongly advise any Canadian doing US investment is to set up their entity structure right. LLC & 1031 exchange does not work for Canadians in terms of taxation. CRA does not treat LLC as a pass through entity. It will create double taxation. Talk to a cross border accountant that will give you better insights, as every individual's situation is different.

@Rick Baggenstoss

I personally do not know Atlanta local market as either of you gentleman & James Park.

But I honestly think James is onto something. I can only speak for what I have seem in the last 40 years in major cities of Canada.

In the 70's & 80's influx of Asain migrate to Ontartio, all cities & towns surrounding Toronto just boomed. In the 90's this happened in Southern part of Vancouver(Richmond), British Columbia. And today in Southern part of Winnipeg(Fort Richmond).

Whenever there are a change of ethic group in a area, not only it will increase housing demands, thus raising property value, job creation & employment( local retail, office & commercial demand goes up).

@Lynn Hubbard

I have a similar situation like yours except the tenant's lease will be expired on

Feb 28,2014. This is in Atlanta too.

Tenant stated rent was mailed out on Feb 3, Property manager did not receive it & on Feb 10 issue notice of eviction. Tenant requested 60 days extension on lease & insisted rent has mailed. Also at the same time made a bogus no Heat repair request. Service man went & find heat Okay & was set @78.

Property manager asked my option of just accepting rent or proceed with eviction. I told my manager proceed with eviction + bogus heat service bill + late rent charge+after judgement; proceed with collection agency.

I understand all this have cost & I probably will never see my money back.

But if I let the tenant stay without them repaying late rent, eviction cost & bogus heat maintenance call. They will do it again next month & next.

I rather cut the pain short & evict them. Their lease is going to expire in 6 days.

So the most I will lose out are w months rent + legal cost +bogus maintenance bill. If they drag on for 6 months, I will have more headaches.

@Tom Benette

I can only speak for Maricopa county, My deposit was refund without charge

@Emma Chen

Congrats first. You are doing Excellent.

I do not want to sound negative on this, but I want to bring your attention that

1) if your lien get redeem in one month, you are only getting 1/12 of 4%.(95% liens will be redeemed)

2) every time you buy a lien, there is a upfront cost to acquire that lien & when the owner redeems, there is another $5.00 charge(Maricopa) at closing.

Hope this info will give you more insights on setting your rate at next year's auction.

Hello Andy:

I'm also interested to find out what you meant by shared Housing. Do you mean rooming House?

I am targeting buy & hold in GA for cash flow.

I also do tax deed for flips or wholesale

Hello Tracy:

I was in their seminar, whether there are benefits are straightly depends on how you can apply their teaching to your application.

I spent four(4) months doing my research on my own before I decide to attend their seminar. It is costly, but it connects a lot of info that I gathered before.

I am out of town(country) foreign investor & works full time, the seminar shortens my learning path. It saved me TIME to gather all info, which are all FREE info from different government agency & other web based services(some have fees).

Each different states & counties has a little different ways of conducting their tax sales. I will recommend you to start with your backyard first. Learn all the state statue regarding tax sale, call up the county for their next sale, get the list & go & check out couple sale. Check out the competition. Doing your research on the list & drive by to check out the properties if it is deed sale(MAKE SURE).

Also try to understand the different bidding process, Bid up, Bid down. premium, Owner %. This will really help you to make your pricing decision.

Also watch out the redemption period. They do have a expiration on the lien.

So if you are like me( paid to save time), it is a good seminar but costly.

Otherwise you can save the seminar cost & buy some liens or deeds.

I hope this will give you some insights.

Hello Mark:

I have no idea about PMI.

But A good & experienced property manager will not only offer you property management service on your property. They can also offer you knowledge & advice of area, general renter info & will advise you the crime factor of your property's neighborhood, so you have a better idea what you are getting into.

Also residential rental tends to have more issues than a NET lease commercial tenant, so this may be a better investment choice for you.

Hi, welcome to long distance buy & hold. I am doing the same thing from Canada. I found out one of the most important team member is your property manager; which can really make or break it for you. At least you have your daughter on the ground for you. That is half of the battle already. congratulation on your first.