All Forum Posts by: Bill Baldwin

Hey @Dmitri L. thanks, just saw this now.  I have a work event Thursday evening but maybe able to drop by closer to 8, would be great to talk!

Question for the larger community - what is the convention on existing tenant security deposits when purchasing a turnkey rental property? Should they be passed to the buyer? Taken off total closing amount? Previous owner retain them?

Thanks in advance!

My first investment requiring money down was half from my own savings, and half from a deposit I received by buying a property in Tokyo. Long story short, 100% financing at low rates is available through a few banks in Japan. One property I bought with a 0 down loan has a pizza shop on the first floor, and in Japan stores generally have to pay 10-12 months rent up from as deposit. So when I obtained the property I received the deposit after closing in cash - about $60k in total. 

The shop had just resigned a 3 year lease extension, an so I decided to use this deposit along with my own saved up cash as a down payment on a property in the US. 

I've always been good about living within my means no matter what stage of life - live within what you can afford and you'll always be able to save some money, leading to a lot less problems in the long run. That being said what I did sort of goes against that idea. Was it the safest or smartest move? Maybe not. But it's worked out so far and since then I've been able to build back up that deposit amount plus a bit of a buffer. 

Long story short - keep your eyes open and keep asking and taling to different people as you never know what opportunities you may come across. This was never my plan by any means, but when I saw the opportunity I jumped at it. 

Get your degree, so you can move to Japan on a working visa and take out a bunch of low rate zero down loans totalling 30-50x your annual salary. Then move back to the US after a year or two with no worry of bankruptcy or recourse. 

Ok a bit out there I know but I've seen it work for way too many people so far...

Hey all wanted to revive this thread a bit as my experience with my current property manager in Bakersfield has thus far been a nightmare (won't answer calls/emails, haven't yet been paid) and so I'm looking to dump them asap but want to make sure I don't make the same mistake twice.

Some background - I own a multi-unit in East Bakersfield that nets $2500-3000 a month, so looking for recommendations from people who own similar or smaller type buildings in the area (I think comparing experiences and reviews between my property and a larger 160 unit (for example) is like apples to oranges unfortunately).

@Abu R. did you have any luck finding a good property management company?

@Mel Jeffrey you mention you use ehomes of Bakersfield and they're great - would you mind sharing what type of property they manage for you?

Thanks all in advance!

There are a few areas of Japan real estate (most stable tenants in the world, insanely low interest rates, steady cash flow, big time tax loopholes, very cheap and reliable property management) which if taken advantage of properly can yield you big returns, but I don't think abandoned houses are one of them. These are generally older rundown houses outside of the cities, and with the population here dropping the future for those locations looks pretty bleak. The airbnb play works in the bigger areas but would be a stretch in these places. 

@Jasmine Bu welcome to BP - I live in Tokyo but have friends down in Osaka and head down there once or twice a year, the city definitely has a different vibe from Tokyo.  One of my expat buddies here is actually closing on an Osaka apartment building this month!

@Arlen Chou interested in hearing about your Daikanyama deal (and not just because it happens to be a short walk from where I live).  Was it bank financed?  I'm assuming based on the location that even an older unit in need of some renovation would still go for top dollar because of the value of the land in that area.

Hey @Matthew Pinkston @Pyrrha Rivers let me know when you figure out the date for the meetup later this month I may try to stop by if I'm able.

Seriously though - the guys job should play no role in the discussion, the only reason it does is because you're going through him for financing.  There are two types of people - those who believe whatever they read or are told, and those who strive to find the truth for themselves.  Don't waste time on the former.

If you can't loan through him just talk to someone else.  There are more than one co-op bank options in most any state :)

@Brandon Stevens Well technically - he is!