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All Forum Posts by: BeBe Cheng

BeBe Cheng has started 3 posts and replied 59 times.

Post: Santa Cruz Meetup - August 29th @ 7:30pm

BeBe ChengPosted
  • Investor
  • San Jose, CA
  • Posts 65
  • Votes 52

Hi Shane

I will come.  Husband may come if he can get out of work.

Thank you for org this event.

BeBe

Brian:

So amazing! Thank you for sharing.

I like to say this.  People who lives under this kind of condition mostly likely has mental issues.  We should have sympathy and understanding along the way.

Best luck!

Post: San Jose Meetup - Friday 8/15/14

BeBe ChengPosted
  • Investor
  • San Jose, CA
  • Posts 65
  • Votes 52

I am looking forward to meet you all.

Post: 2 Units of Duplex Deal Analysis in NorCal

BeBe ChengPosted
  • Investor
  • San Jose, CA
  • Posts 65
  • Votes 52

just update you.

I submitted my offer for 2 units at $510k. Seller stopped take any more offers after 10 offers came in. There were two offers over asking prices buying both units together. I do not think I have a chance.

Market is really heating up in NorCal.

Post: 2 Units of Duplex Deal Analysis in NorCal

BeBe ChengPosted
  • Investor
  • San Jose, CA
  • Posts 65
  • Votes 52

It is around Livermore area. I can not find good properties to buy and hold in the Bay Area anymore. That is why I am moving toward the out skirt of the Bay Area. It is very tough to make the numbers work. Thanks for the input.

Post: 2 Units of Duplex Deal Analysis in NorCal

BeBe ChengPosted
  • Investor
  • San Jose, CA
  • Posts 65
  • Votes 52

Hey guys, I'm thinking to cut a deal on 2 duplex next to each other . Willing to listen to see whether the deal is a deal.

Here are the details:

Duplex #1 Asking Price: $250,000
Units: 2 bed / 2 bath,

rent for $875, $950. Long term tenants. Market rent is $1200 each unit

Built 1972
Tenants pay utilities---Did not get verified yet

Management: 7%

Insurance: $80
Taxes: $234

------------------------------------------------------

Duplex #2 Asking Price: $300,000

Units: 1, 2 bed / 2 bath, 1, 3 bed / 2 bath

Vacant: Market rent is $1200, $1300 each unit

Built 1972
Tenants pay utilities---Did not get verified yet

Management: 7%

Insurance: $80
Taxes: $275

Good location. Easy to rent. Going to pay for. It is not going to meet the 1% rule. Where do my numbers need to be. Thank you for any advises.

Post: A real estate novice investor in San Jose need help!

BeBe ChengPosted
  • Investor
  • San Jose, CA
  • Posts 65
  • Votes 52

Hi Brandon:

Everyday I am listening your podcast one by one to catch up. I just learned what the whole sale is. Actually I was and am doing everything little by little. Buying, fixing, holding, renting, property management, private lending. I passed a few deals up which I wished I turned those into whole sale deals.

Now I need to focus to fix my problem before I cut any more deals. This is my first flip. And I fall down on it hard, very hard.

Thank you for getting like minded people together.

Best wishes.

BeBe

Post: A real estate novice investor in San Jose need help!

BeBe ChengPosted
  • Investor
  • San Jose, CA
  • Posts 65
  • Votes 52

Thank you!

I bought this fix upper custom home from my agent after I bought several properties from him. He is a licensed real estate agent, but not a licensed contractor.

We worked well together during those transactions. I started to trust him. I saw a few projects he finished. I liked what I saw very much. So I hired him to do the work. The plan was to re do the main house inside out including wiring and plumbing, yard work including paving the driveway, concrete, retaining walls, deck and fence. There is an addition building of two car garage that needs to be finished. He only covers the labor and designs if it needs it. I pay for the materials. He drew up the remodeling plan and I signed it with giving much thoughts.

One of the main problems is at the payment plan.

35% to start the project.

25% after 45 days

20% after sheet rock up

20% after finished

I paid him the second payment already. He is now going after the third payment. The work has only been finished less than third.

Everything seemed going well at the beginning. Soon I started to feel I was losing control of my project. Then I knew he was working on other two projects at the same time including one of his own plus being an agent. He bought materials, paid for it and gave me the receipts. So I did not know what he bought, how many he bought and where he drove those supplies to. After I realized this, I told him I need to be there to pay what he bought. He called me and yelled at me about that. It may be a little late. But I held my ground.

Soon text messaging becomes our main communication. I knew he started to lie (I later realized he lied before). He would tell me someone was on site working. When I unexpected to show up at the site, no one was there. Then he would tell me the guy had diarrhea and have to leave so on. In fact he signed them to work at other places.

Around last Nov or Dec he told me he has a late stage colon cancer. Recently he told me he knew he was sick last May. I think that was time that he started to change. He told me his insurance does not cover the cancer treatment. I know he needs to finish his own project in order to put it on the market.

At this point, I just want to cut my loss and terminate our contract. I would really like to get partial of my money back if it is possible. I feel I may be dreaming too much about that. But my friend who is a law student tells me do not give it up so soon.

Let me know what else you need to know.

Please advise!

Best,

BeBe

Post: A real estate novice investor in San Jose need help!

BeBe ChengPosted
  • Investor
  • San Jose, CA
  • Posts 65
  • Votes 52

Hi:

I started investing in real estate in 2009. I bought my SFH properties mainly through short sales.

Since I did not educate myself very well, I got myself into a big trouble. I signed the dumbest contract on earth. The project is on hold now. I need advises on how to get out my contract and cut my loss as soon as possible.

Thanks!

BeBe