All Forum Posts by: Daniel Ryu

Hi @Jerry K.

I'm also overseas currently and I was wondering where a good place to start learning about tax lien auctions might be?

Do all the transactions (buy / sell) take place online?

@Sam Phillips

Did you end up getting involved with tax liens or other REI from overseas? How's it going? I'm still working on finding a lender that will work with US citizens working abroad.

Hey BP Community! (esp Irvine - Orange County - folks!)

Although I originally was planning on buying an out of state rental property, I find myself momentarily sidetracked looking for a starter 2bd/2ba townhome / condo in the Irvine area for me and my family. I plan on moving there for the school districts.

The BP community has been great in helping me understand the rental market.. Now I was hoping to tap into the collective wisdom to find out more about buying a home for myself:

- I'm looking at the 400K and under price range.

- I'm thinking 20% down to keep the mortgage reasonable.

Right now, i'm focused on Woodbridge as I think that community, with the good schools, lake, parks, and luxury properties in the middle, might be a very safe place to invest.

Anyways, if anyone knows a:

- A good broker/agent who can not only help me find a good deal but won't mind answering questions and helping me understand the market better (to sharpen my investor skills)

- A good area in Irvine to buy

- Any good metrics to focus on (ie. $390 sq ft is too high..)

- Info on how the markets changed recently, where it appears to be headed

- How much I can get renting out 2bd / 2ba in Irvine (just in case..)

- And how HOAs have changed over the years and what I can expect in the future (esp if I end up wanting to rent out the property)

No problem sending me a PM or Colleague request if you prefer to respond one-on-one.

As always, I appreciate all the feedback from the BP Community. Thanks for the continued support and encouragement!

Natasha Jones I'm looking to invest in turnkey rentals or Flip and Holds. Right now I'm going through the financing options, trying to figure out where I can get funds. Yeah... Out of state means less control. I definitely need to have strong networks to pull it off .. and that's hopefully where BP comes in! Also I'm working with a business partner to create the right metrics and screening processes to decrease risk when relying on others. But mostly it'll be the BP networks I end up depending on most. So far, I have been impressed with everyone I've reached out to. I was really inspired by BP podcast #25 - the last story with Mehran. That's how I want to start out! Good luck and keep us posted. Houston's another area I'm interested in ^^

@Natasha Jones

Welcome to BP. I don't remember how long I "lurked" for before diving in but as far as being an REI, it's been the best move I've made. The only thing better than the info in the forum is being able to connect with the people who write all those awesome posts!

Best of luck!

@Georges A.

Ooops.. I just saw how you mentioned the podcast as the place you got the idea ^^

By the way, I was wondering how you figured out your numbers? As a newbie, I was trying to do the calculations myself but I wasn't able to make them work.

For the Cap Rate, according to what I've read on BP:

http://www.biggerpockets.com/renewsblog/2010/06/30/introduction-to-real-estate-analysis-investing/#comment-153456

You take the NOI and divide by the price you paid (including closing / repairs):

EGI = $28,680 ($2,390 x12)

2013 Expenses = $16,821 (according to the statement - 59% of EGI)

NOI = $11,859 (no vacancy considered)

Cap Rate ($11,859 / $189,500) = 6.2%

Is this what you meant by the Cash on Cash in your post?

Cash on Cash, from what I understood, was the Cash Flow / Investment Basis.

$42,500 (Down Payment) + $19,500 (Repair + Closing) = $62,000 Investment Basis

Cash flow = NOI - Debt Services (I just calculated 25% down on 30 year fixed at 7% - about $850 / mo)

Cash flow = $11,859 - $10,200 = $1,659

Cash on Cash: 2.7%

For the ROI: Using JScott's spreadsheet (the author about the post above), I calculated about 4.8%

Anyways, I'm sure you're busy figuring out if you want to make the deal or not, but if you ever have some time, I'd be curious to know how you ended up with your figures and what mistake I made in my calculations.

Thanks!

@Georges A.

Just a head's up in case you haven't heard it:

BP#60 - Serge Shukhat talks about how he individually metered and how it worked out for him. Talks about the type of company he used, etc.

Best of luck investing!

@Dawn Anastasi

Great story! There's so many different ways to get involved with REI and I'm learning each day.

I'm going to PM you to ask about the attorney you used. I'm interested in setting up an LLC partnership agreement as well and I'm looking for expert advice.

@John Van Fosen

That's too bad! Alright... I guess the first step is to get preapproved then.

Hope you find another deal soon.

@John Van Fosen

Congrats on what looks like a good deal, at least according to the majority of the posts.

As a newbie myself, I was wondering if there were any updates on the deal?

@Justin B.

So this is only available for people who are insurance agents right? Checkout asks for CA Insurance License Number.

Just wondering if there's away around it.

Thanks.