All Forum Posts by: Daniel Trang

@Chris Grenier I signed up for my local REIA and went to a meeting just two days ago. I connected with active investors in my local area and got a sense of how much they pay for properties and how much more goes into fixing and evaluating the difference in purchase and sell prices to come up with the cut they get out of the pie.

But more than the money they make, I got a sense of how big a role it is to fix up bad homes and how it can directly impact not only the financial value of the whole neighborhood, but also promote value of local communities and healthier, safer living. It was an eye opening experience.

This actually helped me clear up the fog. I posted with no sense of direction and you took the time to reply genuinely, thank you. I still haven't exhausted all my resources yet I realized... so I shouldn't really be complaining at this point. I realized my lack of ability to take action is due to my lack of understanding and knowledge... I will continue to learn and improve.

Thank you for the response I really appreciate it, Doug. 

I began studying real estate deals, courses, and concepts about a month or two ago and have soaked up the free information on BP and even started using BP calculators to analyze deals in my local area. I still have a lot to learn, but I'm not afraid of failure.

A great rental property presented itself and I went to check it out with an agent. It was a duplex in a hot neighborhood with already existing tenant in one side with good track record. It was perfect since I was looking to move into a property and utilize an FHA loan. I called a local mortgage broker for their loan rates then I ran the numbers and even made a 10% increase on expenses just to be safe. The rent was not only going to cover the loan interest rate + mortgage, it was going to cashflow $150.

I'm a college student, I don't have a 9-5 job, no credit, no debt, I knew I could pull this off if I could show the raw numbers. I made a complete presentation for my parents, my uncles, my aunts, anyone in my family I knew had the financial capabilities to made the deal work. The first thing they said after I explained all the numbers was, "You need to focus on your studies and finish college first." Then they proceeded to watch Netflix after dinner. That whole night till morning, I kept watching the property, re-calculating hoping to see if the numbers were wrong, and then it sold the next day. This not only frustrated me, it made me want to drop my scholarships and pursue real estate and show them it's not about a degree, it's about one's drive and ability to get back on the bull's back. It's about making things happen.

This is my burning question... How can I start working NOW towards that first investment deal if I have no credit, no job, no capital, nothing to my name except a couple college credits and this laptop I'm typing on... Do I really need to pick up a 9-5 job and start saving capital? If I co-sign with a lender can I really afford their high interest rates? I'm not looking for a quick solutions... I'm looking for real answers.

For the investors in multi-unit/rental properties near Universities, 

What is the general consensus on the tenancy duration? Vacancy expectations?

My idea of renting to college students is that they won't stay longer than 4yrs for undergrad, high chance of moving out after a year, and their lifestyles generally bring destruction to the property...

How about renting to day job workers? Is there a higher population/jobs growth rate near universities?

Just my bad luck... got midterms on May 9th. I'll look forward to meeting many of you in the next meet up if any.

Update: I didn't realize but there is a secondary tab that opens up to more resources on my online course. There I found useful visual references and videos that better help me understand the content. I asked questions too soon!

Hi BP fams (millennial lingo is a real thing),

So about a week ago I made my first Newcomer's post on BP and received a great welcoming. Thank you. In those comments, @Jay Hinrichs mentioned that a good start being completely new to the scene of RE was to begin learning the laws and such of RE. So the first thing I did was sign up for a pre-licensed broker course which consists of 150 hrs of study over 7 different courses. I'm about 5hrs in and it's pretty dry.

Not trying to complain, but I'm looking for ways to supplement this stage of learning. Maybe apply what I learn directly to case-studying what other BP buyers/sellers are doing? Doing real market research and running hypothetical purchases? (Honestly I don't know what I'm talking about just throwing out RE jargon lol)

In between studying for college, working a part-time job, struggling to pay rent, and studying RE, I've been crawling around BP and just reading forum posts cause it's more interesting reading about other people's problems (I promise I'm not sadistic...) 

Bottom line... I identified that I definitely have a drive and a purpose for wanting to go into RE, but I'm looking for various ways to supplement my learning so that I don't run dry on the theory. I'm looking for ways to visualize more so the practicality and uses of what I'm learning. I think this will also translate into passing the Exam when that time comes. Hope I make sense.

Thanks,

Daniel

Won't be able to drink if I do come... but I'll have a good time either way. Looking forward to it!

Getting ready to start the day and ace my classes... A thousand thank you's for all the welcomes and snippets of advice. I will definitely be thinking about my options taking account my current financial and living situation. I liked the creative idea Mr. Stanley Parsley had with the rehabbing a house and renting it out when i'm done using it -- I can visualize it happening with the right conditions in place. 

And yes, the Beavers did beat the Ducks by 10pts it was a rough year...

Again, thank you all for the welcomes and happy investing!

Hi, I am a 20 yr old college student studying at the University of Oregon (GO DUCKS) for a Major in Music and Minor in Business. I usually don't make a point to talk about Majors or Minors because I personally believe that what you study to become is not who you can become. I've been performing and studying music at the college level since elementary school and I've gone as far as winning awards at the regional level. But I've always lacked a sense of satisfaction and that's because I've never gone out and done anything else!

Back in high school, I made a decision to attend a trade school called ACE (Architecture, Construction, and Engineering) for two years. I left my Lake Oswego and lived in NE Portland to gain access to that school district just to study at the trade school because I knew I wasn't learning anything if I'm staying complacent at my old high school. At the end of that journey, I specialized in Architectural studies and finished my two year study with a capstone project for designing affordable homes. This project challenged me to identify the pros and cons of the location and evaluate the best size and budget I was going to need to build a house in my chosen location. I was reviewed under the scrutiny of five big-time architects who owned their own firms in the Portland Metro area including Soderstrom and ZGF Architects and learned more about myself than I've had in all my life. I knew at this moment, that I NEEDED to do something in this industry. 

If you asked my family and friends how they would categorize me, they would all say that "Daniel is a great pianist; he is fun to have at a wedding or a dinner party", but this identity that I wear limits me from who I really want to be. Music has always been a great medium for my creativity and love for the arts, but I'm looking to really get involved with houses and find opportunities to financially grow whenever possible. For the moment, I will continue to study music at the Univ. of Oregon because I do have big scholarships paying for all my tuition. But I'm not afraid to make big leaps while I'm still young and will do anything to get into the door of Real Estate investing and learn more.

Cheers,

Daniel Trang