All Forum Posts by: Collin Chan

@Cameron Lam

Great story and progress on trying to achieve your real estate dreams.  Love seeing the passion you have and the sacrifice you have taken to house hack and think creatively in order to achieve your goals as quickly as possible!

Collin

Still trying to decide but maybe targeting Phoenix and Vegas since it's on the West Coast.  I'm open though to other options and set up meetings this week with investors on BP to learn more!

@Carlos Ptriawan Thanks for your input.  I've actually done a 1031 which was a good experienced.  The time sensitivity takes some planning ahead of time and more work to also find something to work within those constraints but feel like there's a lot of companies that can help make this successful.

My strategy with MF is to leverage more.  Granted you could probably find multiple houses out of state to buy in a 1031 but that seems more difficult to find enough to be greater than the like-for-like requirement however, maybe it is possible if it's a seller unloading multiple properties in bundle?

For the ADU, that's for our Napa Valley house and it's actually not the best strategy for wealth growth but it gives us a cheaper place to stay when we visit rather than staying at hotels up there. It's more of a retirement goal but gives us some flexibility and we have other assets focused on driving more income properties. :)

@Karl McGarvey

Some thoughts. The unfurnished looks out onto a parking lot as well so check noise and if the waves are close enough to be the primary sound. Too much car noise could generate some negative feedback on your rental listing.

I personally like the second unit as when I stay at a hotel, having a similar location usually is better and quieter. You seem to be far enough away from the pool so during the day it might not be that loud as too close to the pool could be a deterrent as well.

If you do go for the furnished, talk about paying separately for any furniture as you pay property tax on purchase price and you don’t want to pay property tax on furniture if that drives up the price at all.

Collin

 Hi Avi, I'll let you know when we have more details.

Sure sound s good.  Always great to increase that network! 

@Carlos Carbajal Thanks for attaching.  This is great information for what I'm doing this year.

It depends.

The previous posters highlighted some of the negatives.  In addition:

1) Financing is usually worse in terms of rates

2) HOAs can and will go up over time.  They also make decisions good/bad for your investment so it depends on their interest (less rentals for a more owner occupied, paint the exterior, maintenance, etc.)

The positives of condos are:

1) You can get in for a lower price than SFH in certain areas

2) HOA is a deduction as a rental

3) Condos in general require less management from me.  I need to focus on interior management vs exterior which is good for self management but not as cost effective

4) They offer some amenities with those HOAs that are divided up that might increase your rent (pool, fitness center, club house, etc.) and some tenants are looking for.

It really depends on your market. This is just an example but I bought a 1/1 condo in 2010 for $150k with 30% down that cash-flowed $300/mo immediately. That condo got me another rental property for what I could afford at the time. I was able to 1031 it into a 3/2 which is now $580k. If you see a good opportunity for a condo and the numbers work (don't bank on appreciation), then i would say go for it if it gets you into the market. At this point though you can also find deals on SFH that cashflow great but might not be in appreciating areas.

Collin

Thanks @James Wise.  Glad to be here!

Whoa Mindy Jensen!  I've watched many hours of BP youtube videos with you as the host.  Thanks for all the great advice and great interviews to help build my knowledge!

@Leora - I found one on amazon that is $50.  Search "Kwikset 99070-103 Powerbolt 2 Door Lock Single Cylinder Electronic Keyless".  It's battery operated and you program a code.  Pretty good reviews on the product.

Collin