All Forum Posts by: Jimmy Ho

@Jo-Ann Lapin @Christal G.

+1 I'm also looking for NorCal attorney as well. If you guys don't mind can you sending that list. 

-Jimmy

Hi all, 

I'm going to visit Milwaukee on Nov 29 - Dec 1 to look at a commercial property. If anyone free around that time I would love to connect and grab a hot coffee. It would be an awesome opportunity for me if I get to meet you guys! 

@Johnny Hoang depending what you are looking for I think you should only narrow down to a few cities, the more you look the more overwhelming you'll become and that's how people never get started. If it's your first I would recommend you to look with in 2 hrs away from your area. I've good luck in buy and hold Stockton and Modesto area and I would say I know the area pretty well. If you need a second opinion on Stockton area or Modesto feel free to reach out I would be more than willing to give you my second opinion. 

Cheers! Happy investing.

The E-Myth Revisited by Michael E. Gerber hope that helps. Cheers! 

@Roshan K.

I've listen/ read to a lot of books and there are few books that I must say have changed my life " The Automatic Millionaire", "Set for Life by Scott Trench BP", "The E myth"and lastly "The One Thing". I hope that helps. I love listening to audible at 1.6X speed :)))

@Arlen Chou

My investment properties are in Modesto and Stockton. Yes I live in Milpitas and I do the PM myself. I was fortunate enough to have family friend that guide me through the process and he had been manage properties himself for over 30yrs+. I still have a lot to learn about property management but I'm taking one step at a time. I want to learn the in and out of real estate because I've interview a lot of property managers and they all seems to not have our (investors) mind at heart so I decided to manage properties myself :)

@Bart H.

Thanks for your input Bart! I couldn't have said better myself and I do greatly appreciate your input.

@Jack B.

Thank you for your input Jack! I'll definitely keep that in mind if there's an opportunity out there.

@Steven Gesis

Thank you for your input Steven! I'm extremely happy with my purchased. Congrats on reaching 700 post, that mean you have contributed a lot to the community (what goes around comes around :)))

@William C.

I didn't mean to say all the real estate agents are bad at pricing, but I don't think real estate agents the most reliable source of data. Lenders only go by the appraised value of the property by a license appraiser for a reason. I bought the property 160k, repaired 20k, misc 7k. Hired an appraiser estimate 370k, cash flow ~$600 a month.

@Hunter Fitch

Thank you for your input Hunter! That's what I'm afraid of and even though I'm not looking to retired anytime soon but the equity is like a shinning object syndrome that's hard not to pay attention to. It does takes a lot of discipline to play it off and I'm trying lol.

@Lesley Resnick

Thank you for your input Lesley! Honestly I don't need a large amount of money at the moment because I just purchased a property and having to focus too many things all at once will be extremely difficult to focus. Like @Arlen Chou had mention I'm also afraid it's most likely not always greener on the other side. Once  I've settled with my new property that I just purchased I'll than see what are other opportunities out there.

@Jason Dillard

Thank you for your input Jason! If I have cash in the bank instead of the equity would I buy this property today? "NO" the reason is for me if I would buy this property today the number wouldn't make sense to me and I wouldn't have enough cash flow that I want. Also not everyone is the same and for me the price at the moment is too expensive to buy as an investment property. 

I would buy an apartment complex with the equity BUT the investment property that would sustain enough cash flow for me would be too far for me to manage the property myself. I would have to hire a property manager and I've interview a lot of property managers they don't have our (investors) interest in mind all they want is list it at below market value and collect the fees. 

@Justin B.

Thank you for your input Justin! I've played your scenario already and if I do refinance the cash flow on my property wouldn't be enough for me to justify it as an investment property. I understand where you are coming from because more properties can/ potentially have more cash flow but the risk is a lot higher (if I get layoff and don't have enough income to sustain all my properties). 

@Dan H.

Thank you for your input Dan! If I would refinance my cash flow would take a hit and that for me wouldn't make sense for my cash flow to call it as an investment property. My interest rate on this property is 3.625% for 30yrs fix. I've called around and I've not seen any lender that can match it as an investment property.  

@Jeff B.

Thank you for your input Jeff. I think that's a great plan can't wait to be home and crack a beer :) I'm thinking the same thing because I also agreed that roughly 10yrs cycle as well. I'm planning to hold off on selling the property and just collect my cash flow for now. I'll play by ear and reserve my cash and hopefully when the market hit the downturn that's our time to buy even more :)

@Account Closed

Thank you for your kind input Arlen. Unfortunately my property is not in the Bay Area :( it's in Central and it does have excellent cash flow (see picture above). I would love to own a property in the Bay Area some day (finger cross). I hope I'm doing my calculation correct because I use a very conservative property operating expenses on my rental properties. 

1) DONE!!!! White Russian and Mojitos :)

2)OOOuch!!!

3) I'm getting a bit drunk already so I'll pass on this LOL

That's what I've been doing for the past 2 years saving up using my W2 as well as rental cash flow and was able to purchased another rental property. This new property I just purchased is going to need a bit of "elbow grease" LOL. 

@Rocky Griffin

Thanks for your input Rocky. I purchased this property at a discount and I do believe in the down market i would still have enough skin in the game and enough the cash flow to pay the mortgage and all other expenses (finger cross) 

@Account Closed

Thanks for your input Thomas. I'm currently have more than enough cash flow not to sell it at the moment. I don't fell comfortable to over leverage on the property that has already giving me lots of cash flow. I do have some cash reserve on a down market, if I do sell I'm thinking about selling it next year. 

Hi all,

Recently I just realized one of my rental properties had a ridiculous appreciation in just 2 years. I purchased the property "A" in 2015 and in two years my current property has appreciated 100%! The current rent is also 2.5x what I'm paying in P&I. I'm currently don't know what I should do! 

I do understand that cash flow is king and appreciation is queen. I'm currently working full time and just bought another a rental property "B" this month and planning to renovate the property "B" this weekend (July 4th). I don't know if I sell the property "A" what's the possibility of me hitting/ finding a property like that again.

If I do sell property "A" I don't know if my DTI will let me buy another property for investment. Buying property "B" this month they used my rental "A" as a source of income as well.

What would you guys do if you guys are in my shoes. I do greatly appreciate all your input. 

Thanks,

Jimmy