All Forum Posts by: Jimmy Ho

@Jeongmin J.

Milpitas is currently building a BART station next to the Great Mall. I live in Milpitas but housing here are just too expensive for me to buy and I'm not a big fan of condos because of the HOA, investment doesn't make sense, harder to rent to make profit. I'm renting in Milpitas but investing in Stockton and Modesto. I can say my cash flow definitely cover my rent in Milpitas and than some :)

I've had a lot of failures in the REI venture and if I can only give you one tip I would recommend: to have GOOD DOCUMENTATION especially when you are under contract. I believe you had mentioned that you had spoke to the seller regards voiding the contract, I would definitely noted this down for instance: date, time, phone, who you talked to, what was the message about. For me, I had voice recording apps and depending on your state law you have to notified the other person when record the conversation (I feel that when you told them "this is a recorded conversation" they will take it very serious and more than likely not to flake/ change their mind). Hope that helps and don't be discourage, hold your head high and think positively. Not a lot of people can do what you did on your first attempt.

Cheers!

I love your enthusiasm Aaron!! A lot of people just kept on studying and never jumping in. I was like you, I did lots of research, read lots of books, and listen to podcast and than jumped head first. You can read and study as much as you can but what really helped me was the "Will" to get it done! I'm sure you want to achieve and close this deal you can find a way to do it. BP forum is a really helpful resource because I wasn't fortunate to find this when I did my first few deals :( 

You are in good hands here on BP but don't forget take everyone advise with a grain of salt. 

Cheers & G.L

Congrats @Syed-Shawn Azam on your real estate venture. It sounds like you have invested a lot more money to renovate the property than the $325k because I believe you had mentioned that you are only qualified for 300k so the additional amount will be out of pocket? If you only have 20k where were you able to find the money for the renovation, down payment, and the different? I'm very curious because I'm looking to purchase an investment property in Fresno or Merced and I only have enough money to do 25% down payment but wouldn't be able to do to extensive rehab. Did you use private money to do the renovation? Roughly 300k with 5% down you are looking about 1800 monthly dues to the bank... I didn't know Roseville can rent for that much to have a cash flow of $1k? Did you include the other expenses as well as cap rate? If you have accounted for all of the other expenses (BP calculator) I'm amazed if you are able to cash flow 1k!!!

Cheers!

I have 5 properties and I spent about 5 mins a month to check on my rental bank account usually on the 2nd day of the month. Occasionally send out txt to the neighbors to see if anything unusual to my property. I gave all my tenants my bank account and routing account so they just go to my bank and deposit the money on the 1st of the month. 

I spent about 20 hrs a week on looking for new properties on the market within 2 hrs travel.

Hi @Alonzo A.,

I just purchase a property in Stockton and I don't know a whole lot about Stockton but the number work really good for me. I'm very interested to see your opinion about Stockton market as well as where do you think is a good area to invest in Multifamily real estate. I know a lot of multi units are usually in a blue collar/ "secured neighborhood" (D) class where you can get a lot of cash flow?

@Shane Pearlman 

If you can upload the podcast onto Google/Android Podcasts, Stitcher, SoundCloud, etc that would be great because some of us don't have Itune. 

After listening to most all 200+ podcast from BP. Over the past couple years I've made six figures wealth aiming to hit the 7 figures wealth in a couple years ( can't wait for the real estate market to take a turn :) because I'm ready to buy even more when that happen. 

@Philip Lanza 

Great! I'm glad that you had made the right choice because you don't want to buy something that you will have buyer remorse down the line and it might even be a money pit. 

I do agree with you Northeast of Merced is a good area to invest but it's too hot at the moment. I would definitely recommend you should also look for properties in an A & B (close to trader joes, whole food, excellent schools, etc) class as your first investment property. Even though those area are a lot more expensive than the lower neighborhood but those areas are tense to draw more affluent tenants, as well as it's more demand, and easier to rent.

I would absolutely agreed with Bill and would recommend that as well because for 100k down payment you can put that as a down payment on a 3-400k property (need cushion for closing cost, misc repairs). The key is don't jump in too fast because you need to be patient to find a good deal. Money in your pocket is still better than money invest in the wrong property. It took me >1yr to find the property I just purchased in Stockton. 

In my opinion, investing out of state is uncomfortable for me at the moment. I would invest if the property meet these criteria: cash flow, excellent neighborhood, family members in the area (2hrs drive). If the property meet these criteria than I have no problem investing.

Cheers! :)

@Philip Lanza

Welcome to BP and to real estate investing! I've a rental property in Modesto that I purchased two years ago in zip code 95355. Please be careful with the inheritance money because it's easy come and easy go depending on your investment and due diligence. If you have not owned any investment properties before I would recommend you should purchase properties around your area. You can still find good investment properties in Modesto but you would need to be patient and there are duplex, fourplex, and even apartment in Modesto that you can buy for very good cash flow. If you want to have even better cash flow I would recommend look in Sacramento, Fresno, Merced, and Stockton. 

Happy investing Phil :) 

Feel free to reach out. I don't know a whole lot but I don't mind to lend a hand if needed.

Regards,

Jimmy