All Forum Posts by: Henry Nguyen

Henry Nguyen has started 0 posts and replied 53 times.

I'm currently taking my classes to become a realtor and I'm finding the education is worth the money already. It is important to learn the actual laws involved rather than depending on someone else to tell you if this or that is illegal. Sometimes I would read a post and think "I wonder who's right?" I'm getting a basic but solid understanding about all aspects of real estate from loans to fair housing laws which will make it worth it in the long run. I can't wait until I can get MLS access...

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It was worthy of a great post. My initial thoughts was "is that really Brandon?" I clicked the post and was glad I did. Gotta do what you gotta do.

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Treating Real Estate investing as a business means different things to different people. The obvious one for me is that you have to plan. A hobby is something you can do on the side and whether or not it succeeds isn't of import, another way of saying to half*** it.

Treating something like a business is through your actions rather than your words. If you've got the drive to succeed, go out and meet real estate investors in your area. Start studying your local market, start studying for your Re license, devour every book, blog, or podcast you can get your hands on. Most importantly is your plan. Where do you want to go, why do you want to get there, how will you get there are some important questions to ask yourself. You have to be persistent, consistent, and disciplined in what you do.

Be a do-er rather than a talker. A business plan is also very important as well. Your livelihood depends on a business but a hobby is for fun without the risks.

Anyways, you have come to the right place at bigger pockets especially at such a young age. Best of luck to you and your investing future.

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Welcome to Bigger pockets Gene!

There's an active group of investors in the general DFW area. There have been some recent meet ups if you search the forums, the last one being in Dallas.

I've personally enjoyed the podcast as well as the blogs on the site. There's lots of good info and people here. Best of luck!

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Welcome to Bigger pockets Scott!

There's tons of great information on the site. Invest in your education and then take action. Sounds like you're already taking the right steps. Best of luck!

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Originally posted by @Aaron Mazzrillo:

I don't think I could select one book that drastically changed my life, but there have been simple passages or even a few words in many books that have had a profound effect on me. For example, in Jim Rohn's book The Five Major Pieces to the Life Puzzle there is a short paragraph about little things having big impacts. (I actually believe the book Compound Effect was written based on that idea as I'm pretty sure Darren Hardy was an employee of Jim Rohn at one time.)

I'm paraphrasing but essentially the idea was that the little things you do each day compound. If you just wrote one offer a day, it only takes 20 minutes or so, at the end of the week, you'd have written 5 offers. Keep going for a month and you end up with 20 or so. Likewise, if you sat on your rear and watched the kartrashians for 1/2 hour a week for how every many years they've been dumbing down humanity, you'd probably have spent 2-3 days in total with the kartrashians for what result? Side note; how is it that I don't even own a T.V. but can probably name everyone on that show? What a virus...

I really don't remember much else that was in that book, but that one idea really kicked me in the arse and that is what I look for when I read; I want that one strand of advice that I can put to work now like a piece of DNA I can genetically implant into my code. Little mistakes made every day add up to big errors over elapsed time. Powerful stuff.

Now I need to reread the book and see what other nugget I can extract.

Haha I love the part about the Kartrashisns. I don't think they are the cause of mindless entertainment because if they disappeared another would quickly take their place(MTV reality show). I'm gradually weaning myself off TV and hope for a no TV house in the future.

As for the original thread:

Rich dad, poor dad - obviously

Millionaire next door - Just living humbly and simply, contrary to what marketing makes you believe. Also compare with people in your income bracket. If you're a teacher don't compare yourself to Dr's. How are you doing compared to other teachers in your age group.

7 Habits of highly effective people - how to live life purposefully and becoming a better person and leader

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Very awesome journey so far. It's amazing what can be done and what you have done within such a short amount of time. Best of luck!

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Welcome to BiggerPockets!

I highly recommend listening to the podcasts as its a great way to learn while at the gym, driving to work, etc. You can download via iTunes or thru apps. You get exposure to many types of investing and many ways to say "Awesome!".

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Welcome to BiggerPockets Dianna!

Great to have you here. I'm very glad you enjoy the podcasts as it also my favorite way to learn while at the gym or on the road. It looks like you're into buy and hold multifamily?

I'm curious what the market in Alaska is like as I have no clue at all! I think you'll get a lot from the ultimate guide to tenant screening by Brandon Turner. One of my favorite podcasts was multifamily and over engineering with Darren Sager show 48.

Henry

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Originally posted by @Timothy Nelson:

Yes, it is me again. As has been explained the 50/50 rule is rent minus 50%. This gives me my maintenance costs on a property. But this does not include PITI. If I purchase a property for 140k with 20% down, the PITI (assuming 5.125% interest) might be $850. If I rent the property for $1300/mo the 50/50 rule says $1300-$650=my income on the property. Then I subtract the PITI of $850 which leaves me $200 in the hole each month. If I were to buy a 30k property with cash and was able to rent it at $500/mo that puts me at $500-$250=my income. As there is no PITI my income really is $250/mo. So, it is preferable to buy a cheaper property for cash as opposed to financing a more expensive property?

From my understanding, the 50% Rule is that 50% of your gross income rents will be put towards operating expenses including vacancies , repairs, taxes, Insurance, etc. Then subtract your mortgage-P&I and you get your cash flow.

If you bought a property for cash, you wouldn't have principle or interest but still have insurance and taxes so it would be less than $250.

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All Forum Posts by: Henry Nguyen

Henry Nguyen has started 0 posts and replied 53 times.

Post: Just Do It - Become a Realtor

Post: #LifeOfALandlord (with photos!)

Post: How do I make RE investing a business and not a hobby?

Post: Newbie from Fort Worth Texas

Post: Hello everyone, newbie here.

Post: Books that changed my life, what about you?

Post: 21 months in, 15+ deals either done or in the pipe

Post: New member from Long Island Centereach New York

Post: Getting Motivated in Alaska!

Post: New to this and appreciate ANY input!