All Forum Posts by: Jessie Niu

Only buying for investment purpose, such as rental, house hacking, etc...otherwise, buying a primary residence at such a young age is more of liability, it limits your flexibility and mobility, and creates lots of expenses.

I usually take applications from 2 applicants with application fees, tell others who are also interested in applying that they are on the wait list, and will let them know if the current applicants fall through.

It only takes no more than 2 days for background check. They also need to provide proof of income. Additionally, I call their previous landlord for reference.

 It's actually quite normal in this market for lots of sellers asking for a 6 cap, especially when are willing to seller finance. It would be hard for her to get 9 cap in this market.  

Not too sure about your $578,000. It might be hard for you to get a 9 cap in this market unless the seller is very motivated. Or they offer seller financing with higher price such as this. 

JV is special type of partnership. In general partnership, each partner participates in business operations and is liable for company actions; JV is short-term partnership, usually formed for a single purpose, such as funds, once established, it can be structured later to the way you want.

Don't let anyone pressure you to do deals. I think you are doing fine trying to figure out the markets.  Not wanting to invest in Cleveland doesn't mean not wanting to invest. Cleveland is one of slowest growing city in the country. It can't be the only option since you are already a out-of-state investor.

1. Trust your instincts

2. Get rid of your agent. His advice is not good, and you don't need him. You can easily find a tenant by using online ads and background check company.

3. Credit history doesn't mean much to me, most of my tenants don't have good credit but they are still good tenants. However, I do care about income, they need to show you proof of income. If they can't, move on to get another tenant.

Simple as that.

 Ok, so they didn't sign the lease or anything with you, but gave you the security deposit ??

I would not take the listing off the market until the lease is signed, and yes you should give them the money back!

It's only a 21 units, do a JV. Syndication is complicated with lots of rules and restrictions.

 It's funny that my former CPA told me the same thing, it turned out that his first rental failed due to lack of due diligence and attention. He went in with a partner and relied everything on the partner. Then my friend/financial planner/insurance agent told me the same thing because she wanted me to put my money into their products.

@Juan Rango

My advice for you, stop listening to those so-called professionals. Do you own research, educate yourself, network with other RE investors. Then you will find out if RE is for you. Or maybe you won't find out until you do your own first deal.

My warning to you though, RE can be additive once you get into it! lol. The concept is simple while the way to execute can be complex and sophisticated. True, rental is not for everyone, but there are so many other ways to invest in RE.

I love RE and currently owner -occupy one of my duplexes. Nothing is better than someone else pays for your PITI. House-hacking is one of the best ways to start out in RE.