All Forum Posts by: David Zheng

@Charles Highsmith It wasn't one cash investment of 250k that got me 12k. The story was I got an HML for the purchase of a 230k building. I got 100% of the rehab per the loan and put in around 135k.


fast forward a year and I did a cashout refi at an appraised 680k. the building is also grossing 8240/m currently. I used the proceeds from that cashout to buy 2 other multis. one for 475k grossing 6200 and a 260k duplex grossing 4200.

I've used Zillow for some of my best deals :)

personally I'd look into the blowers/filter in your system first. Make sure that is pushing enough air. 99% of houses will get far less heat/cold in the 2nd floor and if you really think it's the same as your house, let the tenant get their own means of cooling down.

I think in most salaried cases even, you'd need a minimum of 2 years job history to qualify that income. Not even sure how uber would work. You might be able to deduct some of the rent from the DTI if you find the right lender.

I'd also find a stable job to keep you afloat first and worry about the real estate after.

Reviews and referrals are everything in this business. he might just be pulling your leg about costs going up yada yada cause he wants the business, but it doesn't mean he'll do a bad job. I also would go with cheaper dude #1.  

honestly afterwards I would kick that 2nd floor tenant out as quick as possible. Leak from their unit for god knows how long, isn't responsive, housing an angry dog that isn't supposed to be on the lease...

Very inspiring. Congrats!!

you mentioned living comfortably between two people for 35k/year...I know a lot of frugal single people who are struggling to live normally off of 35k/year. Add in a kid which costs probably 15k/year just for the basics and you're really stuck between a rock and a hard place.

But as others have said, leverage is really one of the best ways to grow in this game. Once you put that 100k down on a 150k property, its going to take a while to build that kind of a downpayment up again for another bigger property down the road. You could just put down that 20-25% initially and if you like landlording and it's profitable, either leverage another property or just contribute more of your saved up funds towards the loan

sounds like you have some independent kids!

My advice: Buy used for everything. I think about 90% in my house has come from ebay or craigslist.

analyze it as if its a full rental and give a 5% vacancy expense. as others have said, if you aren't planning to live there forever it makes sense to go this route