All Forum Posts by: Jackson Wu

@Allen Wu

Jackson - Thank you so much for weighing in. You sound like where I want to be 10 years from now! Ha. Good insight and really appreciate the advice here. I’m at 5 units all in right now (2 LA and couple out of state), trying to get to 10, but the primary home situation is what’s holding things up. But, the duplex / triplex idea is a good one. We may explore that route. Tough part is that in South Pas or listed areas, they are expensive! In south Pasadena, 1.6M gets you a duplex.

South Pas... South pas is the dream. I mean you really can't put south pas in the same sentence as Pasadena and Monrovia. 

 If you're an Chinese guy in your 30s and shopping in the 3 cities you just mentioned then you are probably: Looking for neighborhoods with Character, Not overly asian but close to asian restaurants and stores, and good schools. Monrovia and Pasadena check both of those boxes. You don't want to buy in Temple City because the houses are ugly, even though its in your budget. You don't want Arcadia because you're a 90s chinese guy and Arcadia has become a little too mainland for you. San Marino is out of budget.  La Crescenta is a little too Korean.  Glendora is a little too far east.

But here comes little ole Goldilocks South Pasadena. Beautiful homes full of character, great schools, close to Asian food and markets, close to downtown LA. Place is literally ****ing perfect. 

The problem is everyone has come to the same Goddamn conclusion.  Asians, Persians, Armenians, Indians, and white people. I feel like South Pas is a place where immigrant groups who value education and their heritage, but don't want to be surrounded by their heritage are super focused on. So housing super ****ing expensive.  

South Pas. Yup, that place is the place to live the dream. 

I live in Monrovia, Own 19 apartment units in Pasadena. A bunch of others scattered through out LA/OC. 53 units altogether and in the process of buying 2 more right now and building 10 more. I am where you were 10 years ago.

1) Market is competitive. Is it worth to “over pay” by 10-20% and waive appraisal?

Value is derived from what you get out of it. If you're over paying for a 1500 sq foot house on 10,000 sq feet of land with the intent to build on it. then yeah, sure. 

If you're a high income earner that is also hunting for a tax write off. Yeah, that might work.

Going to turn it into an Airbnb, Managed Care facility, Home day care and this property happens to have the rightt lay out. Go for it.

Those are very specific though. I wouldn't overpay if i have the time. 

2) How do fellow investors buy a primary? I find it tough to buy a primary without my investor lens. My wife is focused on the “emotional buy”.

Everyone is different. You really do have to keep the wife happy, or share your vision with her. Stuff like. If we buy the duplex instead of the single family. We can retire 10 years earlier.  We live in an aparment right now with 10 neighbors, this duplex is going to be like that except we get to pick our neighbor. If we just live here for 3-4 years we can retire 10 years earlier and our kids college fund will be funded.

3) Would you overpay and waive certain contingencies if buying in a hot market like these cities for a primary?

This is slightly different from your 1st question, but also the same. Yes. If it was for my primary. You said wife, so I'm assuming your at some point had to buy an engagement ring.  Perfect houses are like perfect diamonds. the more boxes they check off for desirability the more expensive they are; and that expense ratio is not linear, its exponential.  If the house really checks off all your boxes and you won't see another one like it pop up for a long time. Go for it and bid to win.

4) Any general recommendations? Our thought is to continue to rent, but at an age now where we want a primary to start a family.

Duplex and Triplex.  Owning a duplex/triplex is like living in an apartment where you get to pick your neighbors. 

Does anyone in the Harrisburg PA area have a recommendation for a Contractor

Hi BP,

I'm looking for help with a contractor recommendations in Harrisburg PA. I just closed on an apartment building and need quotes for some light renovation. All cosmetic work. Does anyone have any recommendations?

I just purchased a 6 unit in California. One of the tenants changed the locks and never told the old owner. When i asked the tenant for a copy she refuses to give me a copy. How much notice do I need to give her before having a locksmith change the locks?

FIBI event in Manhattan event is run by Matt Owens. He's super knowledgeable and super helpful. I would start there.  

I'm looking for a cabinet and counter supply wholesaler in the Harrisburg, PA area. Does anyone have any recommendations?

Everything everyone else said, also you can make your funds more recession resistant if you invest in submarkets that have recession resistant industries. That way, during recessions there will still be jobs. No Jobs= No paying tenants. So invest in areas with recession resistant jobs- government, education, medical.

All of those forms are free on IRS.gov

@Dennis M. Yes! I've been researching since I posted and I think i found a product I like.  These look good and cost $1.50 a square foot. The reviews for them are good, so I think we will be moving forward with these.

https://www.ceilume.com/