All Forum Posts by: Henry LiChi

Hi Clint,

Your ambition and (rough) plan is great.  There are just too much unanswered questions and uncertainty.  I currently work in an architecture firm that deals with developers all the time with the same concept at grasp.  Of course, I deal with larger buildings (100 up to 1500 unit Type I, III, and V mixed-use projects), the process is not much different.  You just need to come up with a more concrete plan, run the performas, and really pencil out if the investment is worth it in the end.  New construction is not cheap and the process from feasibility all the way to occupancy is long.  Zoning can always be changed, in the interest of the city and not yourself.  City won't care about your profits, they would be more interested that you're building a multi-family because the neighborhood demands it and lack of residency vs job availability is asking for more homes to be made available and you're there to fill that void.  I deal with city planners and council 2-3 days a week, the process is never of your own interest but how your project will better the city.

Agree, my long term goal is passive income and generating enough rental properties to retire, but given this specific circumstance and the huge return on flip with less than two months turnaround, the profit will allow me to put a down payment on 2 if not 3 other properties.  

Hi all,

I'd like to get some first impression opinions on a deal I am seriously considering.

The single family house consist of 4 bdrm 2 bath,1300 SF house with a 480 SF 2 car garage on a 5000 SF lot.  Built in 2007, exterior is in great condition minus replacement of windows and front door.  The total rehab needs no more than 40k (interior needs lots of work, kitchen and 2 bathrooms will be full gut, the rest is cosmetic with some drywall replacement) to really make it shine and stand out from competition.

The asking price is $87,000.  The same neighboring houses sold recently for 200-220k.  As an architectural designer and having done my own renovations in the past, I truly feel I can get above those comp prices, even if under a few thousand, the profit margin is huge.

Even if I cannot get the price I want, the rentals in the proximity run 1300-1600+ per month, making it a potential hold as well.

What are your first impressions?

Hi all,

My name is Henry and I am newish to BP, been listening to the podcast and always had an interest in real estate.  I am currently in the process of getting my CA architecture license and am working at a firm full time but quickly discovered the 8+ hour work days in hope to retire at 65 is not for me. My goal is not to become financially wealthy but to make as much as I am now while working less and being able to enjoy my life.  Goal is to obtain enough cash flow from rental properties to retire by the time I'm 45 (I am 30 now).  Would love to connect with local people, find a mentor, and just network in general.  Hope to hear from you all.