All Forum Posts by: Andrew Wong

@Ryan Landis

Thanks Ryan! I've been to a meetup hosted by Johnson, what other meetups are there in the bay?

@Rachel Frazier,

I'm also from the Bay Area currently looking into the Phoenix area. Hoping we can connect and discuss about what places you are investing in that area, and can field some questions that I have!

Thanks!

I need an inspection lined up for a SFH mid January, looking for recommendations on top of me scouring the internet and my agent.

Thanks!

@Harry Zhou, what kind of CoC are you getting with those turnkeys?

I'm in the process of getting a turnkey, but am looking to try an out of state rehab next time. Did you have experience with doing rehab and ended up not liking it?

So I've been shopping around for a mortgage. I just want to make sure that I'm going about it correctly?

I'm currently in contract with someone to purchase a place, and so have been asking around for loan estimates and preapprovals. I don't really remember how it happened, but one of the loaners somehow found out I was talking to another loaner. Felt a little uncomfortable that it happened.

Another thing is that several loaners have said "You have 24 hours to sign this form!" 

My question: I'm doing the sane thing right? Is everyone out to get more of my money?

@Harry Zhou, were these all rehab properties or turnkeys?

I'm shopping around for a mortgage. What places other than the large banks should I look around at? 

I know the bank itself doesn't matter much, but I'm just trying to look for the lowest points and interest rates. 

Is there someone that can do this for me? Mortgage broker (I assume I'll have to pay yet some more points, or maybe a flat fee)? 

@Ali Boone Thanks for the article.

@Lane Kawaoka Nobody random would probably want to partner with me unless they need money. I'm just partnering with a long time business partner into another investment branch. Perhaps we're just the blind leading the blind, but it feels emotionally safer having someone along the ride. Maybe this is a bad reason, but if after our first property, we learn enough to venture off on our own and realize that a partnership did not prove that beneficial, then we may part ways in REI.

@Nada Mohamed, I'd love to talk more about possibilities in Ohio. Will send you a message.

@Robert Feol, thanks for the detailed response. I appreciate it!

1. No, I don't think we need a partner. We both want a partner, at least for this first venture (and plan to more). Our reasoning is that it'll minimize our risk and also allow us to research into more areas, plus our finances combined together will open up more opportunities. 

2. We have a current goal, cash flow. But you're right, that goal can change in the next X years. Perhaps we should set a goal to revisit our goals in five years to make sure we're still aligned.

5. Yeah, the main concern (other than finding a property) is understanding the tax implications. I assume we'll be paying state income tax in Tennessee, and also some form of income tax for California based off of this? I'll definitely need to talk to a CPA. From discussions with a RE lawyer, a LLC is a bit costly at this point in our venture, though it may cost more in the future to do. If there are any San Jose, CA CPAs or lawyers reading this to help us out that'd be great!

Hi BiggerPockets!

I'm a programmer working in the Bay Area. Since the real estate in the San Francisco area is ridiculous, and ultimately unaffordable for me, I'm looking to do business outside of the area.

I have a pretty big focus on using various investments as a vehicle to reach financial independence early on, and REI is another way for me to diversify.

I'm looking starting out with a partner who is also in the tech business and pooling some money together 50/50. We are looking for single family homes with a focus on cash-flow. Since we'll be out of state, we'll be working with property management companies. We currently looking at Memphis, seems like a hot spot for cash flow homes, and an area that is within our budget.

Our current questions are about forming a Partnership, or a LLC, and what tax implications there will be.

This is all a new venture for me, so I'm soaking up a lot of information, and would love to know more!