All Forum Posts by: Huy N.

Thanks for bringing this topic up!

I would say I am lucky because I have a chance to start out as an investor. This gives me the ability to think like an investor. I have seen SO MANY agents get stuck in the rat race of chasing after the commission check and can never get out of it.

when I quit my W2 to focus 100% on real. This mind set also help me in the business of "lead-generation" rather than "lead-receiving" when it comes to real estate brokerage.

When your agent asked you what is "cap rate"....just run lol

Good point to bring up here. It's depending on your financial situation and where you are at on your quest to financial freedom. When I just starting out, I use the same criteria and I glad I did.  I end up finding a better deal and move out - rent out my 1st primary resident for cash flow just like any other rental

I purchased 2nd primary resident last year with the same mindset: It has to have equity left in it and the market rent has to cover the PITI so later on when I moved out for another better house. I can always have an option to keep it rented instead having to sell

Later in the game when you build up a lot of wealth to support your life style. I guess it doesn't matter. But it does help a lot in the beginning. you can brag about it all day long when the guest comes to your house lol

Hey @Martin Grizzanti

depend on the purpose. If you just starting out with a couple houses with mortgage on top, and only need the llc to hold the assets. You can simply go to the state secretary website and file it

Nolo or legalzoom also can help for nominal fee

Lawyer is more expensive but it's definitely worth it when you have more assets and the mortgage are gone.

A good book to read

https://www.amazon.com/Loopholes-Real-Estate-Advis...

Hello BP Family,

Does anyone here at BP ever own a single tenant building with a tenant being a Dry Cleaner?

The deal I am looking to buy at is a 6300 sqrt building and the long term tenant is Pilgrim Dry Clean. The number looks very good but I am not sure what to look out for when buying this kind of stuff. it's a triple net lease.

Any insight on owning a building with a dry cleaner tenant would be greatly appreciated!

In Texas, I always use the default state lease to lease out property but if the client has their own lease. I am perfectly fine with it. I can certainly explain the pros and cons between two leases It's their investment after all, not yours. 

For your case, I would simply find a different Realtors - preferably the one that actually owns investment properties so they know what they are talking about. 

Good luck!

you have to find your own way. Each people have different taste when it comes to real estate. Me for example, I just work extra and have the discipline to simply save up 20k for the down payment my 1st Deal and keep it very simple since then. I read lots of books to subtitle for my lack of knowledge and have trusted rich friends instead of paying for a guru. 

Welcome to BP!

 we are not sick very often and if anything comes up: Thailand or Vietnam can take care of it for a lot cheaper. I am planning to just have a very basic plan just incase we got hit by a bus...

And a big fat bank account will help with your confidence. Definitely, don't quit your job until you are financially ready unless you absolutely hate it. Real Estate investment meant to be passive anyway.

@Mike Goldenthal It's really up to you. I would say if you can spend the money, go ahead and get the license anyway. It can only do you good. If for a period of time you don't like having a license, you can simply let it expired.

The license came in handy for me when I go buy/sell my own deal and I don't have to depend on anyone to run comps in the MLS

And yes, It is better to find a broker that is also investing in real estate. You don't want to surround yourself with broke agent. My 1st mentor is actually my Broker. Feel free to reach out to me if you need more help on this