All Forum Posts by: Jimmy Hong

Hi Juan Garza, welcome to biggerpockets, you are going to find a wealth of information here. You should check out:

http://www.biggerpockets.com/real-estate-investing

Its a great starting point on how to start in real estate.

Not good enough cash flow for $220k listing price. You should keep looking.

What are you trying to do, are you looking to wholesale? or buy some for yourself? If for yourself, are you looking to buy and hold or flip?

I'm closing any day now on my out of state rental in Memphis. $122k is purchase price, closing costs:

$1,136 estimated prepaid items
$3,253 estimated closing cost fee
$467 discount (if borrower will pay)

total $4,856.

I paid less % of closing costs on my California purchases but it does depend by state and lender.

Awesome, maybe take some before and after pictures? I'm curious to see what a $60k rehab will get you in NC.

Hey Jacob Allen, thanks for keeping with the updates. Keep it coming... I'm pulling for you.

I watch SNL pretty regularly and I remember that skit, but would never have pointed you out, Joshua Dorkin. Too funny...

Hi Brendon Loucks, mine was a condo in Orange County, CA. I raised capital by my own savings and rest by family. It was a fix and flip took about 4 months (including close of escrow). Fortunately it turned out to be profitable and didn't have too many challenges.

Most valuable lesson was that I read books, listened to all the BP podcasts, and really studied the BP forums. Education was the great equalizer to my inexperience. It helped not make the same mistakes most newbies make.

Haha, good advice James H..

No way that can be true. Then how would you know what the property is worth? Properties in bad neighborhoods show how much they are worth, doesn't matter how low.