All Forum Posts by: Jason Chen

this is also what im trying to say. either dump her, or just stop trying to sell her the whole real estate thing. sometimes theyll jump on board, sometimes they wont. all i know for myself and most investors i know is that it probably took 30 seconds tops to sell the real estate idea to us because we just understood it right away. people who dont get it right away are not likely to get passionate about it anytime soon.

Consider this good news, but be careful about evicting them all at the same time. I would go to great lengths to make sure that they don't damage the property.

Option 2 is to deal with the late payments, and then when their lease is over soon, tell them you wont renew their leases.

Ask questions if you stumble into one of those steps.

You will see how great real estate is once you get the hang of it and complete 2-3 rounds of these 5 steps. That is, as long as you make sure STEP 2 IS TAKEN CARE OF. 99% of deals are not good enough. Look for the top 0.01% or something ridiculous like that. When you start getting onto properties where there's a small bidding war amongst 1 or 2 other investors, then it means youre probably on the right track. I would also not recommend doing major rehab projects for your first deal. You need to hit a home run, and preferably with a moderate level property. Basic rehab I wouldnt suggest, and major gutted project I wouldn't suggest either. Go in between.

With those steps, I took out all the thinking for you. Once you successfully complete those 5 steps, take a look back into the deal and then you can take the time to think of how it worked.

I can tell you've got a lot of things on your mind, so I will give you a short and great answer. Also, you need to start breaking things into paragraphs. I'm about 90% sure this should be foolproof for you

Step 1: Get a real estate license (should take a couple of months to 3 months) in your county

Step 2: Get into a real estate agency (extremely easy as the requirements are laughable, unless you have a ridiculous criminal history like being convicted for drug trafficking. you wouldnt be here if you did so ill assume you didnt)

Step 3: Look for great undervalued cash flow properties or rehab flips (THIS IS THE HARDEST STEP), and then purchase one, either with a friend or trustworthy business partner. Figure out the best way to get a loan beforehand.

Step 4: Rehab the property.

Step 5: Sell the property and collect your profit. Well that was easy, but you know why that was easy? Because you did step #2 correctly and purchased a deal that made sense with the dollar amounts.

 basically im telling you that i think you should find someone else and you should just skip the whole "how do i get her to understand the whole real estate" thing. is it unsolicited? perhaps. but is it smart?..................yes.........

who knows what this person wants once you start making extra cash. first it might be some enormous 24k gold bracelet. then it'll be some brand new BMW or something. if im the rude and bad guy for helping someone prevent themselves from being financially taken advantage of by going slightly off topic on a message board, then fine, sue me

im merely translating what everyone here means to say, but theyre just too polite and politically correct to say it in the way that i said it

its all up to you what you want to do. i understand youre just here to ask for other people's opinions, and well, im here to give mine. if you dont want these opinions, them simply dont ask for them.

this woman is talking about having you buy the things she wants for herself (updates to house), and having you pay for them just because "youre her boyfriend". she doesnt appear to have an income yet. shes racked up tons of debt in student loans, and the very job shes going to classes for pays a notoriously low amount of money. from what it sounds like, this is the definition of entitlement and stupidity. i would feel pretty selfish if i were to even mention something as ridiculous as that, and yet im earning nothing.

so suddenly im the bad guy simply warning you about this woman? the rude thing for me to say is to tell you to stick with this woman and say the total opposite of what i just said, but im not going to do that since most of the time, it will end up in a catastrophe either to your relationship or your bank account.

its pretty clear to me that her "financial blueprint" is set for having less than zero net worth, and yours is set for much higher than zero. when you mix these two opposites in a relationship, its only a matter of time before something bad happens. it might not be today, or a year from now, or even fifteen years from now, but it will eventually happen. theres more women out there who have the same mindset as you to meet.

What is the realtor's commission for selling a property that is worth let's say $20,000,000? It can't possibly be 6%. I know that as prices go higher, the percentage commission will get lower or there's just simply a flat fee of let's say $500,000.

If you think the deal is still good, then it's still good.

some people will just not "get it", despite the fact that absolutely nothing in real estate is rocket science, even at the highest tiers of buying and selling.

the very essence of real estate can be boiled down to this simple statement:

"MY REAL ESTATE INCOME IS BIGGER THAN REAL ESTATE EXPENSES, YES? If the answer is yes, continue to do what you are doing while figuring out an even mroe efficient way to do it. If the answer is no, then do not continue to do what you are doing."

Your girlfriend sounds entitled and spoiled, as well as not very bright. I'm 99% sure this will cause future problems in your relationship with her or evolve into worse, and about 1% sure it won't. The day you start making something like $350,000-$400,000 a year from passive income about 7 to 9 years from now, and you pull up in a brand new Porsche or Corvette or something, she will then mysteriously "get it" all of a sudden. 

$100,000 on $7,000,000 doesn't sound too ridiculous

$10,000 on $700,000

$1,000 on $70,000 property

$2,000 on $140,000 property

Jonathan and I represent two opposite ends of the spectrum. There's no "right" or "wrong" answer to this and I'm glad to hear of Jonathan's story because it sounds like it has potential and he liked school and it doesn't sound like he's coping like the others.

To me, I found some of the worst people ever at college, and I went to a fairly big one here in Florida. There was a lot of groupthink, which isn't "bad" in its own essence, but a lot of terrible characters with no integrity, and a lot of ambitionless, directionless, and worthless people in general could be encountered.

I would rather take a stroll in my underwear through the Orlando hoods like Church street at 10-11:30pm while having several stacks of $10,000 in hundreds taped to my forehead and stomach, than have to deal with some of these people again, and the irony is that I'd probably end up in better shape if I did.

Outside of school and in real estate, I began to meet people who were more like me and I liked them a lot more. It's totally up to you.