All Forum Posts by: Chris LumLee

Hi,

I know BP is geared more towards residential and commercial real estate but I was just curious if anyone is invested in farmland and if so how that's doing for you? Just a general question.

Thanks!

@Daniel Devin Jewell

I'm surprised. Last year I posted something similar to this and @Michael Sato messages me and tells me my post got taken down because soliciting lenders and recommendations, etc. is a form of advertising. Then he tries to push a book on me.

@Dan Hertler Here for the discussion. But I did liquidate my SFRs recently for this very reason.

I had some investments in Detroit- a SFR and a loan. Both of them I'll say that I lost my shirt. Between shady business people (what I felt to be) crooked property management companies, and some of the rumor and innuendo that I'm seeing about the outlook for Michigan real estate, is there any hope in investing in Detroit?

Hi, all!

I recently sold my SFRs because with the few that I had there would be no way I could scale based on what I know/don't know and the limited funds that I have. So I wanted to take some time and save a little bit more on top of what I made from the SFRs and come up with a plan. I've come to realize that I need to get into multi-families but I have some worries and questions about it all. Any insight would be of great help!

The numbers: So far I have $7K set aside for reserves and I'll be at around $31K for a down payment. 

First: I have enough for a down payment on a duplex...MAYBE two- depending on the price and location (I'm thinking Memphis, TN...but open to other areas). Should I blow it all on two duplexes if I can afford it? 

Second: I don't like the $7K I have in reserves. Before making any purchases should I just rebuild my reserves? 

Third: I know a lot of people are saying 10% of rental income should go into CapEx but I've been hit hard in the past with CapEx well in excess of what 10% would have come out to had I done just that amount. Is there any blunt truths someone can hit me with on that front?

Last: As I get into this space, at what point is it acceptable to take a piece of the rental income for myself instead of putting everything excess into reserves?

Thank you!

@Craig Castro You can't be a loser. You're not my ex-gf.

Sorry...I had to.

@Stephen Brown Like...Toledo or Lima?

@Akhil Kumar All I can say about Memphis is...do your homework and have people there that you trust.

@Brandon Sturgill THANK YOU!

Hi,

I apologize for the amateur question in advance. I have bought through agents in the past but I haven't bought directly from a seller before. What should I look for and ask for? I know come time for due diligence the disclosures and things like that.

The idea is if I buy it I want to bring it under management with the company that manages my other properties in the area. Can I ask them if they can broker the transaction?

Thank you!