All Forum Posts by: Emma Chen

Dear all,

Thanks for your suggestions. I have learned more than ever from you on this post. I decided that I will choose option 1 or option 2 by putting 20% down payment to buy a single family or duplex on financing. About our current residence property, we will wait at least another year to sell in order to meet the requirement for free capital gain taxes.

I really appreciate all your ideas contribution. I will keep you posted when I find my first deal.

Regards,

Emma

Hey @Gabriel Trieu

@Jose Rubio I really appreciate for your suggestion. I am happy to learn that I wont need to pay capital gains taxes after living in my house for another year(2 years in total).

@Steven Hamilton II I understand your concern. I graduated from a Catholic school. Integrity is my core value in business. I will stay away from unethical things :) Thank You!

Welcome @Gabriel Trieu , I am new to BP and live in San Diego too. For financial analysis, you can search single family proforma online to find a spreadsheet template. I do a lot of financial analysis for multifamily deals. Here is general info: Income= Scheduled rent-concession-vacancy+other income

Expense= management fee+ property tax+ HOA(if applicable)+utility + mortgage+ repairs & maintenance + turnover cost + miscellaneous fee

Cash flow= Income- Expense

Hope it helps.

@Jose Rubio

Great! Thank you so much for explaining to me. I will keep it in my mind when plan for next step.

@Karen Margrave

I appreciate your personal opinion. Will find out what "Mello Roos fees" is :)

Thank you for your questions. I am working on figuring out which area to invest in, probably somewhere within 3-hour driving from San Diego. At the beginning, I will be landlord myself in order to lower the cost. The $50K is not gunna be loan. I am positive about it.

Thank you! @Jose Rubio it's good to know. Live in for two of the five years? Does it mean that I have to hold the property at least for 5 years and live in for 2 years? Can I hold and live in the property for only 2 years and then sell it without paying capital gains taxes? Thanks.

@Ali Boone I enjoyed my MBA program very much, but I wish I could have taken some real estate classes :). I am trying to catch up with my colleagues who graduated with Real Estate Master degrees. I am still doing market analysis to figure out which market/area will be ideal to start with. "leverage as much as I could" will be considered in my plan as well. Thank you.

Thank you! @Bret Lorenson: my long term goal is to buy and hold rental properties. My short term goal is to get into the game first, buying my first investment property. I agree with your opinion about San Diego market and I am actually thinking about other less expensive markets in southern California . Good idea about partnering with someone, but, unfortunately, my company is specializing in multifamily and hotels.