All Forum Posts by: Alexander Quan

@Cody L. thanks for input Cody really appreciate your insight.

@Marc Izquierdo thank you marc for the tips. Could use all the help I can get. Theories and execution are so different.

@Khoa Ha Khoa thank you and my fiancé and I have decided to move away from this deal. 

Yes your right about the not permitted units. Would anyone here ever buy property that is not permitted?  

@Jason D. never even realized that would have been a problem. City wouldn't have permitted it then. Thanks!

@Cody L.per unit in the duplex will be 1800-2200 each. in addition, the 3 units in the the garage 400 each.

yes so it is 5 unit property. looking at $5000/month gross income.

is $5000 per month for a purchase price of $680k something that you would be interested in buying or is it a horrible deal? 

Sorry, what do you mean exactly? @Cody L.

Hi Biggerpockets world!

I am a realtor looking to purchase my first duplex. Property has two units that can be rented out for 1800-2200/month. There is also a garage that was converted to 3 units with tenants paying $400/m. The property is in pristine condition. The zoning is Multi Single Family -2 to 4 units. And is in an area with lots of renters. The price for the property is $680k. We gave the asking price. There are 4 offers total. The sellers want to work with me and my fiance because we connected but they said if we offer $705k then they will accept our offer and not have to do a multiple counter offer.

What I thought about is that I will offer $685k and give my $17k commission to the seller to make up the difference. I am not sure if this is the best approach and as this is my first property that I am purchasing, what would you do? Is this even a good deal?

My mortgage will be around $4200. Please any thoughts and advice?

Your absolutely right! Going to be patient, proactive but patient

@Ralph R. not going to get that house. Can find better deals in better location. going to find one in the trustee sale hopefully this coming week.

@Ralph R. Thank you very much for your reply and advice! My goal is to buy and hold for my personal investments with me and my fiance. I have a 740 and my fiance has 805 scores. I do not have any debt and fiance has a student loan. I plan to take 31k out of 401k to use as a down payment. Question: Can we buy a home "owner occupied" and then rent it out?

When you say "set up to succeed," does that mean to set up a LLC, have cash reserves saved up (how much is good to have), or have finances in order?

I have like 4 years of experience renting out my parents second home that I had complete control of by finding tenants (rented each room individually), screen, lease, manage. I had 0% vacancy but would need tons more strategizing for this.

A mentor that I have is my uncle, as he has tons of buy and hold sfh and multiunits in So. California. He is very old school.

So a plan that I wanted to do, please let me know if this will work: My uncle will help me target a trustee sale sold in auction that he will pay cash to acquire. Then he will turn around and sell it to me and my fiance at the same price (we will use a loan). I will then have acquired a property that is way under market value instead of using the MLS. There will be instant equity and I can now see what repairs need to be down, repair it and lease it out. Sit on it as long as it is good. After 3 years, maybe there will be equity, cash out and buy another property. Rinse and Repeat. Will this work?

Should I just focus on one aspect for now? I was thinking that if there were homes that were worth flipping to profit at least 10% net, then I can have our company contractor work on it. Currently a person came to us that may want to sell the home without listing it to us so I am going to the house in 2 hours with my uncle to see if we can get a good deal on the home. After he is done, we list it and sell it. I have tons of clients as full time realtor. I know I can do it all but i just don't know if I should focus. Finding the deals, whether flip or hold will be a side thing, while I continue hustling as a agent.

What is a good way to know if it is worth buying and holding? 

I really appreciate your help

Hi Bigger Pockets world, I'm not sure if anyone will read this however, here goes. I have been following the BP podcasts and have listened to 17 episodes and so I joined the site. My market is Southern California. I am a full time Real Estate agent having closed a few deals, while starting late last year. Here is what I have planned to do or our options that we have: My fiancé was approved for at least $550k, as she is a pharmacist so her W2 is very useful for us to get started. We do not want to purchase a home for us to live as we can still live with our parents (lucky and not so lucky). I really want to start investing now while I'm closing deals as a full time agent. I just am not sure if we should flip or hold? Or should we consider both if the right deal comes together? What would you do if you were us? You are preapproved for a loan and don't really have any debts. I should also add that my uncle is the reason why I would go into investing because he has been investing for 30 years and has accumulated a lot of hold properties from trustee sales. I have a home that we are going to take a look at tomorrow because this person wants to sell but if he can avoid listing then we can buy it from him. I just don't know if I should consider flipping or holding? I'm sorry, I'm prob all over the place. What should I focus my efforts on? My main goal is to buy and hold and create long term wealth by accumulating 100 properties. Eventually just buy cash at trustee sale. Thoughts?