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All Forum Posts by: Andy Wong

Andy Wong has started 14 posts and replied 56 times.

Post: Any REI groups in Los Angeles?

Andy WongPosted
  • Wholesaler
  • Los Angeles, CA
  • Posts 76
  • Votes 18

@Miguel Garcia Welcome to BP! I operate in the Los Angeles market as well.

Post: Wholesaling a Wholesale deal?

Andy WongPosted
  • Wholesaler
  • Los Angeles, CA
  • Posts 76
  • Votes 18

I would agree with what George here has already stated, and I'll even venture to make some additional recommendations. If you can provide something of value to the table - such as bring in an end cash buyer who can close - I suggest simply offering a no-obligation joint venture agreement to be able to market his property with a 50/50 split of the wholesale profit if you do bring in a buyer. If you do so, the spread is obviously much more appealing to a potential buyer than marking up the price and involving multiple middle men into the deal.

I would focus primarily on building relationships with cash buyers; and a few quality ones, doesn't have to be hundreds. I've learned that cultivating a few of these types of relationships are much more beneficial in the long run as you know exactly what they want AND you'll end up essentially 'shopping' for them, which we all know is a much more streamlined and methodical way to approach the hunt for deals than doing it backwards. Learn the numbers that work for them, the types of properties they'll close on, and most importantly…the specific areas in which they're looking for new acquisitions. With this 'shopping list' you will position yourself 10 steps ahead of your competition by zoning in on your market and knowing EXACTLY what you need to offer on a particular type of property in order to make your desired profit.

Forgive me for going off in a tangent. Moving forward, the reason I'll reiterate the topic of AREAS is because areas are also very crucial to the overall VALUE of the property - it isn't simply the numbers. The best advice anyone can give you regarding this deal is this: Do your due diligence! Ensure the specific area is one that is flourishing, or at least one that would attract decent tenants. If it is located in a part of the city that is overwhelmingly unfavorable then I suggest not wasting too much effort on this deal as there will more than likely be a deficit of cash buyers, but more importantly, there will be no one interested in purchasing properties in this area no matter what the spread.

Post: Initial stages of triplex evaluation Mpls area

Andy WongPosted
  • Wholesaler
  • Los Angeles, CA
  • Posts 76
  • Votes 18

@David Wiebelhaus The selling agent will usually say anything they can to get you to buy to be honest, so I would pay close attention to performing my own due diligence.

Moving along, I think the numbers look alright. If you're looking to maximize your leverage potential - and you're ok with living in the property - I would suggest an FHA loan. You could put 3.5% down and finance the rest if you owner-occupy. Typically you can live there for 6 months to a year and there won't be any repercussions if you move out and fill your space with a tenant.

You can check out your specific state's FHA lending limits for triplexes here : http://www.fha.com/lending_limits

Keep us updated on your progress David, and welcome to BP! :)

Post: Buy first home or buy investment property?

Andy WongPosted
  • Wholesaler
  • Los Angeles, CA
  • Posts 76
  • Votes 18

@Aroldo Villarreal I was in a similar position as you; at the crossroads, not knowing if I should invest or just buy.

I ended up doing exactly what @Brian Mathews said. Got a duplex through FHA, lived on one side virtually rent free, saved saved saved, and after 6 months moved out and filled my side with a tenant = awesome cash flow from 2 tenants combined.

Just think what matters most to you at this point in your life, and make a solid decision. Don't postpone it if you really do want to delve into the REI world, or in the blink of an eye it will be years down the line, and you'll be wishing you did at a younger age.

Post: how to find motivated sellers?

Andy WongPosted
  • Wholesaler
  • Los Angeles, CA
  • Posts 76
  • Votes 18

Depends on what type you're looking to target. There is a myriad of different types of motivating factors: absentee owned, high equity, pre-forclosure, NOD, vacancies, probate, job loss, divorce, etc. etc.

Absentee owners with high equity that are out-of-state owners is a great list to target when starting out. These can easily be pulled from listsource - my personal favorite source for absentee owners.

Post: hi i need HELP!

Andy WongPosted
  • Wholesaler
  • Los Angeles, CA
  • Posts 76
  • Votes 18

Hey @Walter Thompson welcome to the best REI community in existence. As @Annette Hibbler said stick around these forums, read a lot, learn from other people's mistakes, but whatever you do don't ever prevent yourself from taking action.

Also, ask questions, you will always get legitimate - NO BS - answers in the forums.

As for my 2 cents, save the money you would've spent on a mentor, and put it to marketing. You said you started your initial direct mail campaign - keep following up to those that don't respond immediately.

Post: Paid Investor Training?

Andy WongPosted
  • Wholesaler
  • Los Angeles, CA
  • Posts 76
  • Votes 18

MY SUGGESTION:

Pick a real estate investing niche. ex: Wholesaling, rehabbing, rentals, etc.

Then, spend as many hours as your brain can possibly take of reading through these forums, listening to the podcasts, and essentially sucking up as much info as you can from bigger pockets. I'm sure that is worth more than any type of "up-sell real estate investing seminar" out there. Trust me I've been to countless ones where they will up-sell an even greater "must have to succeed in real estate" type of product which will usually run in the tens of thousands of dollars.

Hope my input is beneficial, and saves you a few thousand that you should be using for marketing to sellers, or something else that will be utilized effectively.

Post: Craigslist add?

Andy WongPosted
  • Wholesaler
  • Los Angeles, CA
  • Posts 76
  • Votes 18

SOO many other ways to build a cash buyers list than starting off by promoting a lie. Business begins with integrity, and most investors are good judges of character. I personally wouldn't jeopardize my chances of potentially doing business with an investor over posting a ghost property, but it is ultimately up to you.

Post: New Member from Chicago, IL!

Andy WongPosted
  • Wholesaler
  • Los Angeles, CA
  • Posts 76
  • Votes 18

Rich Dad Poor Dad - what started it all for most of us.

Welcome Polina!

Post: Mistakes

Andy WongPosted
  • Wholesaler
  • Los Angeles, CA
  • Posts 76
  • Votes 18

Another - if I may add - is "analysis paralysis".

I remember starting out, getting calls from sellers, and sitting for hours analyzing all types of irrelevant information.

Nothing can be 100% micromanaged, sometimes calculated risks will reap better rewards than sitting around wondering 'how am I going to do this?'