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All Forum Posts by: Jimmy Dang

Jimmy Dang has started 5 posts and replied 119 times.

Post: Selling a Rental Property

Jimmy DangPosted
  • Las Vegas, NV
  • Posts 133
  • Votes 53
Originally posted by @Andrew Kiel:
Generally speaking, for single family homes, the best use is for an owner occupant new buyer.  If you try to sell the home with a non paying tenant in place you'll be limiting your buyer pool to only the few investors out there that are willing and able to weather the storm of your bad tenant.  For that, they will expect a discount, and probably a deep discount.

So a couple of thoughts:
1. wait it out, apply for any assistance programs your city and state may offer, try and get your tenant to apply for any assistance programs, etc.
2. See if you can pay your tenant to move.  If you can pay them $500-$3000 (perhaps even more if absolutely necessary) you will get a far higher return by having the home vacant (and the ability to spruce it up a bit too).  One of the most painful things I ever do is offer a "cash for keys" program because I hate rewarding bad behavior, but it's a prudent business decision.

For your last question about a 1031 exchange, that is best left to your CPA and a very personal decision.  If you don't have immediate need for the funds (IE: to pay down high interest debt), the 1031 exchange is a fantastic way to defer taxes.

 So in Vegas, the OP sells to a buyer intended to owner occupy, the current tenant will have to move out?

Post: Local Las Vegas Networking!

Jimmy DangPosted
  • Las Vegas, NV
  • Posts 133
  • Votes 53

i just saw this post. how would I get notified of future zoom meetings before they take place?

Post: Recommended Areas to Invest in Wichita, Ks

Jimmy DangPosted
  • Las Vegas, NV
  • Posts 133
  • Votes 53

Chico,

I've grown up in Wichita however i have not lived there for the past 10 years. I am also a long-distance investor and I typically invest in homes on the east side of town. I believe Wichita is unique in the sense that it is a good cash flowing market.

Post: Do I have to use local lender?

Jimmy DangPosted
  • Las Vegas, NV
  • Posts 133
  • Votes 53
Originally posted by @Dustin Tran:

Does it matter if I find a local lender or not?  I am looking to invest in Texas but I have worked with a couple lenders in Kansas and Georgia for my primary home.         

 What part of Kansas do you invest in? and did you invest while you were out of state?

Post: New Real Estate investor--Wichita, KS.

Jimmy DangPosted
  • Las Vegas, NV
  • Posts 133
  • Votes 53

welcome!

Post: Jerry Norton's Flipster software tools for first time investors.

Jimmy DangPosted
  • Las Vegas, NV
  • Posts 133
  • Votes 53
Originally posted by @Blake Bryant Dior:

I'm going to give it a try and see how it works out. I think he now has a $1 15 day trial promotion. In terms of finding distressed property I believe you still have to do that due diligence but in terms of keeping an organized work space and tools and resources i think his software is pretty much competent on delivering that ease of hassle to you.


Any luck finding leads?

Post: Long term rental in Wichita

Jimmy DangPosted
  • Las Vegas, NV
  • Posts 133
  • Votes 53

Awesome find! how long did it take you to find this house?

Post: Struggling with process for evictions HELP

Jimmy DangPosted
  • Las Vegas, NV
  • Posts 133
  • Votes 53
i would second a lawyer. they are the best way to protect your asset from any legal issues. Also take it from my mistake I got rid of a tenant that was giving me some problems and now i cant find a new one because no one wants to move in the winter.

Post: 30k plus profit in D area flip? Possible?

Jimmy DangPosted
  • Las Vegas, NV
  • Posts 133
  • Votes 53
Originally posted by @Jonathan R.:

@Jared Viernes @Shardae Robinson @Jimmy Dang @Jason Lavender @Shane H. @James Galla @Dennis M. @Melody Kushi @Caleb Heimsoth

This has been an interesting couple months for me and I want to share my ending revelation from all this. Perhaps this is a topic of its own but I figure I’ll share here. For me, this is all bigger than money. One of my disabled Section 8 tenants (he’s been with me the whole time, cool dude) had a stroke and was in the hospital for a month. His sister apparently flipped a switch or something on his refrigerator during his hospital visit and all his food spoiled. I was there last week with my contractor, my tenant didn’t realize apparently how bad his house stank, so we aired out the whole house and sprayed the fridge and put baking soda in there to help the smell for 30 days or so. The quality of this man’s end of life will be drastically impacted by my company, big responsibility.

I volunteer coach 5 soccer teams and while congratulating one of my players, I noticed his teary eyed mother, whom I have come to know at a distance over the last few years; I immediately asked the matter and she quietly let me know they were living in a hotel and were officially homeless, she said her mother hadn’t spent the rent and bill money wisely. I asked her to call me if they get to where they need to check into a shelter and I may be able to place them in one of my properties, she appeared open.

I’m proud of what we (my wife and I) have accomplished in the last three years. Financial freedom is tough with rental properties, it’s crawling to financial freedom. I’ve learned to be okay living with next to nothing in order to be able to invest in areas of the city that need investment. Now that I’m probably 3/4 or so to fi, I don’t care about materialistic things anymore (my wife and kids might), I’m concerned with providing a job for my contractor, an amazing home for a 65 year old minority man, a place to go for a struggling 8 year old soccer player and his mother, painting graffiti off dilapidated houses in areas that need leaders etc. 

This house may sell for a great profit, at which I’ll roll every dime into more properties, but this is bigger than me. Removing blight, facing injustice, working hard, rewarding others, being bigger than one’s self. To my BP friends, please keep spreading the word of financial freedom, it’s bazaar how you feel when you get closer and closer. Life for me is about beginning the transition from being selfish to selfless. Thank you for your friendship.

 beautiful story and it is extremely motivating. Being in the position of helping a family in need must be a tremendously good feeling. Not only are you helping out that family but you are taking time to mentor these kids in soccer. I love it. keep it going! you will have a big impact on these kids lives.

Post: 30k plus profit in D area flip? Possible?

Jimmy DangPosted
  • Las Vegas, NV
  • Posts 133
  • Votes 53
Originally posted by @Jonathan R.:
Originally posted by @Jimmy Dang:

YESS!! make that sale! Wichita is a different animal

 What would you do with 69k in the ICT?

I'm in it for the long haul. The profit made from the sale can buy at least 2 more property and start multiplying from there