All Forum Posts by: Jerry Poon

@Andrey Y. Hate to say it but you're kind of going against what this whole forum is about. People are here to save/borrow money and supplement/replace their incomes with real estate to build better lives. It's the bigger picture. I absolutely get what you're trying to say, and a few on this forum will unfortunately die before they see the fruits of their labor, but a great, GREAT, GREAT majority will live to enjoy the rewards of their current financial/social sacrifices. I appreciate your input though, and I honestly feel the same way you do sometimes. It's what I'm building towards. I am sacrificing probably 10 years of my life to do this the right way, and hopefully I get to live the rest of my life the way I want to, financially free. Different folks, different strokes.

@Chris H. Thanks for sharing. How long have you been working on your goal? How much longer do you see it taking? Do you think you'll have to bump up the health insurance numbers as you age?

I understand the frustration with work and free time. As a young worker, we are often flush with cash but with no time to spend it. Either that, or the other way around.

@Michael Wagner This the exact type of feedback I was looking for starting this thread. I'm in my 20s and I feel like I am going through the transition you mentioned. Thanks for all the advice and I agree with a lot of it. Got any recommendations on the reading material you went through during your phase?

@Chris Penny Among the people I know in studios or 1BR apartments, they are mostly there because they can't afford anything better. Meaning it is a temp thing for them all.  Once they have the means to get something bigger, whether it is meeting a significant other or they get a fat raise, they are out of there. So anecdotally, yes, there is truth to it based on my experiences.

@David Zheng Question about private lenders. What interest rates and amortization timelines do you usually work with? I would guess that they would be much higher than when dealing with banks.

@Michael Wagner What do you think catalyzed the change in heart from valuing things to valuing time?

As for your storage facility, did you jump into it knowing that you can turn it around? It's pretty ballsy to purchase a losing business and then quit right after.

@David Zheng Thanks for all the input man!

@David Zheng So it sounds like you're using a combination of investors and banks for your financing. Based on your salary and assuming the other properties are similar to this, you should be maxed out at your DTI ratio. How did you convince banks to ignore that to lend you more money beyond the DTI ratio? Where did you meet your investors like the software engineer?

@David Zheng Thanks for the awesome advice. Would you mind walking me through one of your best deals? As in where you went to find this deal, who sold it to you, etc. I'd also love to get the numbers as well. Purchase price, rehab prices, other costs, monthly rent, financing interest, etc.

@David Zheng You got to $9.5k/month in rentals in basically one year?? Can you give me some info on how you achieved this?