All Forum Posts by: Frank Wong

 You want them to see it to give you an accurate bid. Not sure if they will go out you will need to ask. If they can't see the place and you don't have a precise bid you can use your option period to exit the deal. Without a bid, you are playing with fire. This is a big reason why people lose money on deals. 

You need to find fixers that are liveable and need cosmetic fixes. Property that has an outdated kitchen, bathroom, old carpet etc.  An older look home can get conventional financing. 

If you keep it. Lower the rents. You will find someone willing to accept the train tracks for a lower rental rate. Lots of renters will make sacrifices to lower rates. Obviously, the other option is to sell into the strength of the market and cut your losses. 

The refi and leverage make a lot of sense if you are trying to scale grow and maximize your ROI. Especially if you are under 40yrs old. At some point when you hit your exit goal, you want to derisk. A portfolio of paid-off rentals has peace of mind like @Account Closed said which I totally agree with. 

It all depends on the investor and how much risk you want to take. Some want to keep growing and maximize their returns and grow their net worth which makes them happy. Some want to hit their exit point and have zero worries in the world because everything is paid off. There is no right or wrong here. 

From a lifestyle perspective, a person with $8m net worth has the same as a person with $30m. Maybe the $30m guy can fly PJ, have a bigger home, and has numerous supercars but they can pretty much do the same thing. It's a small difference.  Is it worth the time, risk, and strain on your health to get there? There is a diminishing return at some point. In the end, do whatever will make you happy. 

If you sell where are you going to go?  Rents are high everywhere and increasing. If you own your home you have a fixed mortgage payment. If you sell and try to time the market, when will the rebuy be? 1yr, 2yr, 3yrs from now? Nobody knows. I am open to all scenarios. 

Get more aggressive on the price. Review your past offers. How much did they close for? This will tell you how much you were off. $30k over the list is nothing if the next person is paying $50k. For example, in my area, we have people offering $100k over the list and still losing.

Think about it from a market perspective. Let's say there are 10 offers on the place. You have to figure out where everyone is going to be based on past and current data. Then come in above them. Depends on the market but it's usually what your max price +3-5%. 

Use a realtor and you will get more for your home than selling it yourself. 

What a great age to get started. Things to do.

1. Create a high-value skill for yourself to increase your earning power. Get a job and make money. You need money to invest.

2. On the side start learning how to invest. 

3. Buy an owner-occupied home with little down payment. Rent out the extra rooms to help with the mortgage. 

4. Continue to make money, learn, stack, and reinvest in real estate. 

5. Plan to work 60-70hrs a week in your 20s. 

Real estate is an image business and yes you will be perceived by the way you look. Not all clients will judge you but some will.  More important is how competent you are, if you answer your phone, and respond quickly.  In the beginning, you have to work with what you have and just hustle and overdeliver. As you grow into your career, you will want to invest in yourself.

Investing in a better wardrobe has been an easy 10x for me. Not only do they last longer and look better. You separate yourself from other agents. You actually don't have to spend a lot, I say $800 can get you a nice pair of shoes, dress slacks, and custom dress shirts. (Lifehack buy custom dress shirts. Better quality than Nordstrom and cheaper).

Spend more on your floors. Don't buy a cheap material that will go bad in a few years. Stay neutral with your floor color. Nice light/medium brown oak in a flat finish will be timeless. (grey color floors won't be in fashion forever)