All Forum Posts by: David Zheng

@Cody L. Nice! At first I was like....you put 800k cash on the table for a property without even having anyone looking at it and no contingencies, but I guess since you own something close with HQ close that makes sense.

Would you go about that same strategy for another property in a totally alien area as long as your numbers and online researching said it was a great deal? Assuming it needed to be closed on fast.

Congrats on this btw!

I would have taken a $100 non refundable  application fee first before turning them down for lying. I hate liars

is this your first deal cause 50% downpayment and a 15 year loan is crazy. for 200k where you have 80k, I would just continue to find private investors for a the downpayment. you can always try and cashout refi later if you really want this.

also I would be weary of taking the banks appraisals at face value. Some will do an appraisal and then still won't lend to you. or just totally be off

I have a bunch of triplexs in the same neighborhood. about the same size and same rent. I've had 4 banks appraise each of them and values were wild. from 380k up to 680k even among the same appraisers.

Theres two camps commenting on this thread, Those with 1000+ posts/votes and those with less than 50.

The ones with more are a lot more critical and I echo what they're saying (because of personal experience too).

However, if the bank is valuing it at 200k, you need to take that cashout value and run even if it makes you barely break even. I just don't think you'll get that same valuation again when you actually need it.
Even if you don't cashout refi, where you have it right now is a good cashflow property. So youre a winner either way. Congrats!

See if it were me... I would have joined the party cause hey! 6 ladies and booze? what could go wrong :p


all jokes aside. I would just mention it to the tenant the next day and be like...please don't take advantage of that and explain the wear and tear issues. how it would be unfair to other tenants etc. If she had any shred of decency, she wouldn't do it again

@Joe Splitrock not going to lie though. The Ferrari 458 is really attractive too. A bull and a horse in the stable would look swell

@Aaron Hunt might keep it and wrap it in some super Anime stuff LOL

While illegal is still illegal, I hate that cities have so much control over our OWN properties and land.

You can't airbnb, inspectors require frivolous fixes, can't go higher rent than this, this person isn't allowed to stay here but that person is, charge you extra fees for str, etc.

Like even in st.louis. I could own a 50 bedroom mansion and no more than 3 unrelated people could live there. One of the counties just mandated that you HAVE to get a inspection every year in addition to tenant turnover and now you're REQUIRED to pay $100 a year for said inspection and any followup ones.

ridiculous

I would like to hit $1.5 million in annual rents by next year. (halfway there now)
Cashflow at least 30k/month
Run a sub 3:00 marathon/sub 1:15 half marathon
win some triathlons

Gets some high powered bboy moves completed

finish three to four really cool cosplays
upgrade my Gallardo to a huracan or a 458!

o I strayed pretty far from real estate lol..