All Forum Posts by: Frank Wong

Talk to your agent about this. Come up with a list from the report that you would like repaired but please be reasonable.  You can ask the seller to make the repairs or come up with some type of concession for the repairs price reduction or credit.  This is a balancing act where both sides can come to an agreed upon terms. 

Possible outcomes.

1. Seller accepts the entire request

2. You guys meet 50/50

3. Seller says No to all and you can decide what to do next

Hi Brian,  Its not necessary if that is your goal and you are happy netting what you are getting with the time spent and risk of owning the properties. Some will say more more scale scale but too much too fast blows things up. That story always ends the same.  Do whatever works best for yourself. Sleeping good at night when your risk is in check is priceless. 

I am not a lender but the higher rate could be for the 15% down. Built in MI. 

Gold is used to play defense and diversify your portfolio. As you grow your portfolio and it starts to become significant then adding it makes a lot of sense. I would buy physical gold not ETFs. 

It really depends on your personal situation and what your goals are. Your age will play a part of this. Someone close to retirement and no time left I think paying cash makes a lot of sense. Buy it with low risk and high net. Someone who has a lot of time can take more risk. Leverage and buy multiple properties. Personally I like to buy 1 cash 1 leverage. This way you always know you got one locked up in a worst case scenario.  

-$1,000 a month is painful. Some will say hold don't worry real estate always goes up. Yes but you need to factor in holding cost and the time. You also need to factor in the emotional capital you are spending watching -$1,000 leave your real life bank account each month. This is real money leaving your life. Take all the advice from everyone and decide whats best for yourself. 

The realtor is just being honest with you. Some realtors will help you and will represent you but you need to be realistic of the current market.  

Most important from a realtors perspective. Are you serious? Can you close? Do you have the funds to close in cash or have a lender that will close on these BRRR deals?

Probably not in investing but if you want to get into real estate and make it a career. Take the $1,500 and get your real estate license and become an agent. Only thing I know you can take $1,500 and 100x it in a year or two. That 100x will require you to work, sell homes, work weekends, drive around town =). 

Hi Ryan,

You said your long term strategy is buy and hold. This is a simple answer. Do you like the property you have and the area that it's in?  Can you see yourself holding this for the next 5-10yrs?  If so keep it if not sell it.

Zig Ziglar books all of them. Real Estate is a people business and you will need a lot of interpersonal skills. The better you are skilled in this the better you will be in negotiating the deal.