All Forum Posts by: Collin Chan

Depends on your location for vacation rentals.  I've heard Charleston does really well however your market might be different.  Check out airdna to get an idea of what rentals go for and if your area is good for vacation rentals as a start.

Collin

@Guy Gimenez Thanks for providing the articles.  Demographics have shifted and this is very noticeable in the Bay Area.  Honestly, it is difficult for some international immigrants to move out of the Bay Area due to the conveniences that the location offers to them including international grocery stores and friends and family networks for cultural similarities.  Some are also here to make as much as possible with the higher salaries and then move to a cheaper location later.

In this case, the Bay Area offers some people exactly what they want.  Until there are other locations outside of CA that are similar or if immigration becomes tighter, we might not see a decrease in population at all.

Thoughts?

@Sam Josh I have only seen traffic get worse and higher density housing go up. I know people are leaving based on the stats but most people I work with are from out of state coming for the higher salaries, job opportunities, and more. Totally agree. There might be an exodus out but there is also a lot more people coming in.

@Ron Singh For your concern with refi vs cashflow you are correct.  It's also something I've thought about as I have a number of properties in the Bay Area with equity but if i refinance too much out, my cashflow won't be as good.  To offset it, I'm working with out of state investors (build up a great network in the past 2 weeks) to find cash flowing properties that will help to keep my overall cash flow high while I refinance.

Borrowing 100k at  4% (very conservative here) will cost you $477 per month for a 30 year fixed.  But that 100k can buy you 4 properties with 25k down that will net you $200-300 per door conservatively :).

You will still come out positive since money is cheap to borrow.  Find the right lenders for good rates and investment team and obviously your positive cash flow could be much better.

@Oleg Enik Nothing specific, I just watch anything i'm trying to learn how to do myself.

@Kiera Underwood is correct.  My Uncle was big into real estate but operated his own business where I stocked shelves when I was young.  I didn't make much money at all but it motivated me to invest right out of college and it's paid off.  Be humble but eager to learn and absorb as much as possible when you can.  Brandon Turner says he got started similarly being a contractor and finding a mentor.

Sure, and just to add, I've done some Habitat for Humanity volunteer work just for fun and as corporate volunteer activities.  I enjoy doing some hands on stuff but I also want to note, I don't have a certificate or training.  Simple things I've done as a homeowner/landlord are flooring, painting, trim work, built a mantel, built and arbor, garbage disposal...

Being a handy man are skills you can learn for life and there are a lot of good videos on Youtube. ;)

I don't know but there are probably contractors on here you can reach out.  I'm sure some trades require some basic understanding and community colleges and trade schools offer a lot at very low costs (especially compared to college degrees :) ).

Hey,

Yup i'm in East Dublin.  For the Napa project it was just being interested in the area for all the right personal enjoyment reasons but wrong investment reasons. haha

We were looking up there for a retirement home after spending many weekends up there for anniversary's, birthdays, etc.  We enjoy the lifestyle and were looking at buying land to build a home one like some of my other colleagues are doing.  The plan was to build maybe a modular home on some land so we could eventually downsize.  Wherever I go, I usually check listings and sometimes walk into open houses (even on vacations!).  I get on realtors lists and that's ultimately how I found out about this property that they represented.  I had actually been on their email list for 5 years but I enjoy seeing what's out there which also helped me to understand prices in that area.  6 months before we were still looking at land but ultimately we re-evaluated our goals/wants and decided to find a house with land and this showed up in my inbox from that realtor.  Within three days we had an offer for asking (2 other offers came in below asking) and we got the property.

I use to think it was luck but listening the Brandon Turner and David Greene, it was really just being prepared, opening the funnel, and knowing what we wanted.

Collin

@Ron Singh For long term I am doing both. I have a project up in Napa Valley that is a BRRRR for a STR and eventual retirement place to generate cashflow and I'm trying to find a team and location out of state to look for doors.

I think you could do either and be successful but it comes down to what do you really want?  Cashflow, appreciation, or both? 

Can you generate leads or investors willing to lend you money for investing?  This could be friends or family if they feel that you have a good grasp on investing.

At this point I would say continue learning.  Bird dog for wholesalers, get certified and work in a trade to help re-habbers, or find a way to just get involved in the process.  Also read lots of books and watch webinars and podcasts to see why you can do and how others in your position became successful.