All Forum Posts by: Huan Nguyen
Huan Nguyen has started 1 posts and replied 14 times.
Post: Closed on 12 Unit Multifamily in Mebane NC
- Investor
- New Zealand
- Posts 14
- Votes 18
That looks like a really good deal! Just out of curiosity, what is the demographic in that area where this property is? I know Burlington/Graham are quite popular for households where one spouse works in the Triangle area and one works in the Triad, I'm guessing Mebane is similar? Although I think those families tend to have higher incomes and occupy the A/B+ type apartments?
Post: How can a foreigner open a LLC bank account outside of USA?
- Investor
- New Zealand
- Posts 14
- Votes 18
Have you tried HSBC? I think the rules keep changing out there, but if any bank can do it, it'll be them.
Post: Sub-Group of Investors in Australia
- Investor
- New Zealand
- Posts 14
- Votes 18
I also second what @Mike Lambert said.
Big money can still be made and there are strategies that work in Australian cities (just like in California and New York), but appreciation is always a big part of the equation, and it is somewhat outside your control.
Post: Neighborhoods in Greensboro
- Investor
- New Zealand
- Posts 14
- Votes 18
Hi Cory, that's fantastic input. Thank you! Yeah looks like the area around the last segment of the Urban Loop has great potential. There were a couple of really big apartment transactions in that area recently too it looks like. Would love to connect with you!
Post: Neighborhoods in Greensboro
- Investor
- New Zealand
- Posts 14
- Votes 18
Hi everyone,
I'm looking to invest in Greensboro (small multifamily properties) and doing my research on the different neighborhoods. Just thought I'd share my thoughts from my research to get some feedback. I'd love to get some more insights from those familiar with the market. Feel free to point out where I'm completely wrong! I know just like in any other market, the fine details are super important, but very broadly:
- West and North West: best area of town. Higher income. Low vacancy in general. This is generally a more recently developed area, so property stock is newer. May be a bit more difficult to find those less new properties with good value add potential.
- South West: Overall a decent area. Maybe a few rough pockets. I've heard the area around Four Seasons shopping mall may be rough. Curious what other rough areas are. Overall this maybe a good area to find value add rentals
- South: Overall not as good as the other areas. Glenwood, Smith Homes, Oakgrove are rough, although I heard Glenwood may be improving? Further south there are a few more rough areas including Holden Farms, Greentree, The Pines, Woodlea Lakes.
- East: The strip east of O'Henry Blv is rough, some have even said dangerous.
- North East: Not too sure about this area. Looks like it could be a good area to target, especially the area around 1 o'clock.
I'd love to know what areas you would consider good for affordable B/C type housing?
Thanks
Post: Landlords.....what headaches come with having C- and D tenants?
- Investor
- New Zealand
- Posts 14
- Votes 18
Originally posted by @Nzinga Young:
I’ll break down my solutions to @Philip Williams great list of issues.
1. To get rent paid on time, I use Cozy and let them know rent will be paid through direct deposit when they’re viewing the house. Anyone with plans of not paying won’t want their rent automatically deducted from their account. They also won’t like that their Cozy payments impact their credit score. I also have a Sec 8 tenant so getting the rent is never a problem.
2. If you have a nice home, people won’t want to leave it. Do the work renovating the space before and you’ll have a “one in a million” property with grateful tenants and super low turnover. Also, do the math to see if it’s worth raising the rent every year and risking the tenants leaving. I have good ones and don’t plan on raising their rent for the first 4 years they’re with me.
3. Don’t ever bend your standards in the screening process. I haven’t ever had to, but I’d rather give up a month of rent to look longer than lower my standards. I ask for 3 months pay stubs, last three bank statements, copy of photo ID, and contact info for their employer and past two landlords. I do a background check but not a credit check. Poor credit is assumed. I don’t even run it since that would bring it down even lower. If they tell me it’s very low and they don’t have much in reserves but they do have a good income, I’ll have them pay first, last, and security upfront. The last month gets paid in monthly installments and added to their rent payments.
4. Like I said, credit isn’t a big deal to me. Just use the last months rent installment payments to protect yourself.
5. No reserves is always an issue. It surprises me every time tbh but it’s the nature of the environment. You can use the strategy above and make sure your reserves are strong. If they have low credit and no reserves, I’d only rent to them if there are two or more working adults in the home. Or if they have Sec 8.
6. C and D doesn’t mean the neighborhood is dangerous. Check the crime report. My rental is in a town right next door to Newark, NJ (very high crime rate) but my area is extremely safe. With that being said, I still have video cameras and motion sensor lights on every door. It’s more to make my tenants feel safe than anything.
7. I choose not to increase rent but I definitely could. And my house has gone up in value about $25k a year since I bought it. You can’t buy in just any lower grade neighborhood. I looked for one within 30 mins of Manhattan with lots of access to public transportation. Mine was one of 3 houses being renovated on the street, and there are three schools within walking distance. Make sure the home you get is near something noteworthy and you should be okay.
There’s a lot of money to be made in lower grade neighborhoods. I also think it’s important for *US* to own in communities of color, which are often (but not always) C and D areas. Good luck to you!
These tips are fantastic. Thank you for sharing!
Originally posted by @Danny Webber:
non qualified mortgage assumptions. I can get you 3 properties in Austin in 1 week with 100k.
This is interesting. Does this mean you're limited to the properties with assumable mortgages, as I understand 99% of the mortgages out there aren't?
Post: First Time BRRRR Property Purchase
- Investor
- New Zealand
- Posts 14
- Votes 18
@Timothee Brzozowski
I see. Looks like a great project!
Post: First Time BRRRR Property Purchase
- Investor
- New Zealand
- Posts 14
- Votes 18
@Timothee Brzozowski
Thank you for sharing the numbers.
Just curious what has been included in the monthly expenses? $255 seems quite low.
Post: [Calc Review] Help me analyze this deal
- Investor
- New Zealand
- Posts 14
- Votes 18
It looks like the report's main criteria is cash on cash return for a cash buyer, which was set at 12%. It doesn't take into account the equity built when suggesting the offer price. In this case, the initial equity built is huge. In other words, this is still a fantastic deal, as the buyer can quickly build up big equity or can make a nice profit if they just sell it after fixing it up.