All Forum Posts by: Daniel Kong

Are you asking how to budget and put money away faster, or where to store your cash as you slowly accumulate it from your job?

Try https://www.smallbusinessbank.com/

Congrats!! What does it rent for and what is your projected cashflow?

Make sure you make as complete a checklist of items to complete and timeframe for each item in what order ahead of time. I'm talking as detailed as possible. Having that to refer and also as a point of reference with your contractor later will be invaluable.

Also, never pay the full amount up front - always in draws. The contractor needs a carrot to continue to finish the job. 

Its obviously not going to be exact, but its definitely a good starting point. Recently sold homes for instance, are actual homes that have sold for in the areas surrounding the property you are looking up. How Zillow calculates the actual Zestimate price of a property has a lot of holes in it. Instead of just taking the Zestimate, take a look at the house - how many beds/baths/sq feet, the condition, and try and compare it to recently sold houses in the same vicinity. That will give you a somewhat good idea of what it would be worth. 

As far as rent - just because something is listed for rent at $1500, doesnt mean it actually will get rented out for that much. Just take that into account when doing your research (on Zillow, Rentometer, and Craigslist).

Haha good stuff. It looks like everyone agrees pretty wholeheartedly on here.  I'm gonna give a little different perspective on it though. Even though it does do a lot of damage, and people are taken advantage of using this phrase/idea, it HAS opened up my mind to some different creative strategies I would have never considered. The whole Robert Kiyosaki idea of "HOW can I get a deal done" vs "I dont have enough money to get a deal done", is definitely something fun to process. 

Gotta agree with @Isi Nau . If you are in Aiea, you aren't selling to luxury home-owners. The biggest value is just the land in Hawaii. And contractor costs here are so much more than other parts of the US. Best bet is to get it in decent shape and sell it like that. 

@Justin Miles - You are right, its theoretically always liquid. But if you bought in for 15k, and now your stocks are worth 13k, you will probably not pull them out until you at least get back to even (if you even do depending on what you bought)

You owe $120,000 to the bank. So 30 years at 6%, you will be paying $773 a month for the next 30 years. 

But you have $60,000 cash in your bank account to play with at that point. 

If the deal is good, you can get a Hard Money Loan. Thats the typical loan most guys use for fix and flips.