All Forum Posts by: Donny Widjaja

I agree with @Colleen F..  You should add the cost for updating the electric.

I assume the "60 Amp service and Knob and Tube wiring" are the old wiring.  Do you know if the city requires a new standard wiring for rehab?

Also, if you are going to rent this house out, think about liability as well.  I recently bought a house that was build in the 80's, and it already violated so many new safety standard.  I can't imagine a 100 yrs old house.  :)

@Roy N. 

The KwikSet smart key is exactly the same as the Weisser smart key, and I agree with you it will not work for the Master / sub-master case for multi-unit.

@Jordan Thibodeau if your goal is just to prevent re-key, I'm using Kwikset Smartkey from Home Depot.  You can re-key without replacing the doorknob, just use any existing key to reprogram it.

@Mark Hall, do you plan to provide tenant free internet or included internet access as part of the rent?  

Hi @Jack M.,

Unfortunately, I can't give any further explanation regarding that comment from my friend because I don't have a real estate license, and it was just a casual chat.  

my point here is basically, you don't need a real estate license to be a good real estate investor.

These are a few BiggerPocket blogs to end the discussion:

• Investors: Should You Get Your Real Estate License?
• Having a Real Estate License as an Investor

If you think having a real estate license will give you the educational benefit for an investor, you might be wrong. I've just listened to BiggerPocket Podcast #153, they briefly talked about how most real estate agents does not know how to work with investors.  

Furthermore, an investor friend who has a real estate license told me that not having a license can be beneficial for RE Investor because you can "lie" to the seller.

Once you have a real estate agent license, you have to follow their rules. Such as, you must give a seller a true value of the CMA. It is not easy for you to tell someone that their house worth $150K but you only want to pay them $100K.

Hi @Gerardo Lewis,

These are some questions I would like you to consider.

1. What does $300/year means to you?  If you don't care about spending $300/year, sure you can join today.  If you have to make a big sacrifice like stop drinking starbucks everyday, or changing any day-to-day habits just to save $300 then go to question #2

2. You mentioned that you want to be more active.  Prove it to yourself first.  Use the free account but act like you've already a "Pro".  So, complete as much profile info as you can, and be more active.  Try to network with other people in your local.  

3. What are you trying to get from the "Pro" membership anyway?  Can the membership help you get your first deal faster?  

So, the next question is what do you do with their stuff?  

Can you sell them to cover for damages (lost rent, professional clean up, etc)? do tell their family members (emergency contact) to pick those up immediately?

You can visit the following link:

Manufactured Home Ownership Records

Hi @James Bowerman,

If this is the first time you work with this contractor, I would recommend checking the work everyday at the end of the day.  I love to talk to the GC, and let the GC walk me around and tell me the progress.  This is also a good time for bonding. :)  Bring a six-pack, chill with those guys (the GC and the workers), and they will take care your house better.  If you have a project plan from the contractor, you can use that to check on their progress too.  (if you don't have a project plan, you might want to consider having one, especially if the project is time bound).

However, one of my problem when I visit the house too often, I tend to make change requests.  This is bad, and I don't recommend it.  Not only it might delay your completion date, it will give the contractor a chance to easily add 20% more to your initial project cost.

@Frank Matanane,

I would vary my marketing strategies, and try to get an estimate on the cost for each marketing that you want to do.

For example:

1. Bandit signs: Printing 100 signs for $100 (does it include the stand? Do I need to get a license?)
2. Direct mail: Buy 200 names ($200).  Printing & mailing: $100 for 200 names X 3 = $300. (you most likely need to send the mail to the same person multiple times before they acknowledge your mail)

Good luck.