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All Forum Posts by: Jimmy Lieu

Jimmy Lieu has started 89 posts and replied 1826 times.

Post: How Much Do Cash Offers Matter? Just Closed A Cash Flowing 4/2 BRRRR For A Client!

Jimmy Lieu
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,890
  • Votes 1,499
Quote from @John Mullen:

Hey @Jimmy Lieu, nice going there.  In my limited experience, hard money as a cash equivalent wasn't an issue.  That being said, who wouldn't rather have access to to "real" cash haha.  

As a side thought, it seems that my personal network of potential investors (at the friends and family level) is holding its applause until I finish my first BRRRR (that I closed with hard money, thanks Adam Messmer). The sentiment seems to be "do one and prove you're for real, then I'll invest in your next deal." Much like job applications, some experience is usually required even if the job says entry level.

Absolutely! I agree cash and hard money is important right now in today's competitive market, any good deal I'm seeing is instantly bombarded by multiple cash offers. And yes, congrats on almost finishing that BRRRR of yours!! That's a huge achievement, many more to go!

Post: Best Home Inspection companies in Columbus, OH

Jimmy Lieu
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,890
  • Votes 1,499
Quote from @Clyde Boswell:

Just want to know what Home Inspection companies other investors are using in Columbus, OH. I have a property under contract in Hilliard, OH.

Hey Clyde, having done a lot of BRRRRs and flips myself here in Columbus Ohio and being quite experienced with renovations myself, I definitely go with a home inspection if I'm feeling unsure about a property. I'm happy to introduce you to my home inspection company that I've used, they charge extremely reasonable and always do a very in-depth meticulous job! As a local investor and agent here in Columbus, would be happy to refer and introduce you to anyone that you need!

Post: buying out of state

Jimmy Lieu
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,890
  • Votes 1,499
Quote from @Leo Hoffman:

hi im starting out i wanted to know can i live in nyc and buy out of state without traveling even once thanks so much

Hey Leo, I really like Columbus Ohio and work with a lot of out of state investors - there's so many catalysts for why you should invest here. Specifically, there's job growth (Intel, Honda, Amazon, Nationwide, etc) and the population is growing (unlike Cleveland or Cincy). I really see Columbus Ohio as an extremely safe bet for the next 10-20 years. Plus, there's still so many positive cash flowing and 1% deals here in Columbus Ohio. Just a few weeks ago, I helped a client close on a deal getting them 20% cash on cash return. My biggest advice for out of state investors is finding the right team members who has your best interest at heart (and not chasing a commission check or see you as a paycheck!). If that means interviewing multiple people, you should definitely do so! As a local investor and agent here in Columbus, let me know if you have any questions or want to connect!

Post: Newbie questions on out-of-state investing

Jimmy Lieu
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,890
  • Votes 1,499
Quote from @Sam Mukunda:

Hi all,

I'm currently in bay area, looking into out of state rental investments. I'm a total newbie at it.

Want to understand best possible route to take in this field.

1. What are the top states/cities that are hot right now for making a purchase ? Im looking at SFH/MFH under 300K.

2. Do you recommend buying tenant pre-occupied properties whether SFH/MFH?

3. What is the typical cost associated with out of state investments ? What are some of the hidden costs ? 

4. What is the usual cost associated if I were to hire a property manager to manage the house ? 

5. What is the expected ROI after deducting property management costs ?

6. Are roofstack /rentToRetirement reliable sources ?

Appreciate your thoughts. Thanks in advance.












Hey Sam, I really like Columbus Ohio and work with a lot of out of state investors - there's so many catalysts for why you should invest here. Specifically, there's job growth (Intel, Honda, Amazon, Nationwide, etc) and the population is growing (unlike Cleveland or Cincy). I really see Columbus Ohio as an extremely safe bet for the next 10-20 years. Plus, there's still so many positive cash flowing and 1% deals here in Columbus Ohio. Just a few weeks ago, I helped a client close on a deal getting them 20% cash on cash return. My biggest advice for out of state investors is finding the right team members who has your best interest at heart (and not chasing a commission check or see you as a paycheck!). If that means interviewing multiple people, you should definitely do so! As a local investor and agent here in Columbus, let me know if you have any questions or want to connect!

Here's the other answers to your question

2) Depends on if you are looking to flip or BRRRR but it's very hard to renovate a property with a tenant in it

3) You most likely will have to pay a bit more for extra due diligence

4) My PM charges 8% but industry standard is usually 8-10

5) Depends on your deal

Post: Out of State Buying!

Jimmy Lieu
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,890
  • Votes 1,499
Quote from @Harrison Jones:

I have started building my own portfolio mostly consisting of single family homes. Theses homes are pretty concentrated in Eastern NC, where I live, I have always been able to scout the homes out. I have been considering in widening the scope of search to surrounding states that have strong markets as well. What advice do you have when searching for homes out of state? What do you search for in other markets? How do you personally vet homes when they are out of state? How to you manage risk when buying out of state?

Hey Harrison, I really like Columbus Ohio and work with a lot of out of state investors - there's so many catalysts for why you should invest here. Specifically, there's job growth (Intel, Honda, Amazon, Nationwide, etc) and the population is growing (unlike Cleveland or Cincy). I really see Columbus Ohio as an extremely safe bet for the next 10-20 years. Plus, there's still so many positive cash flowing and 1% deals here in Columbus Ohio. Just a few weeks ago, I helped a client close on a deal getting them 20% cash on cash return. My biggest advice for out of state investors is finding the right team members who has your best interest at heart (and not chasing a commission check or see you as a paycheck!). If that means interviewing multiple people, you should definitely do so! As a local investor and agent here in Columbus, let me know if you have any questions or want to connect!

Post: Looking for a tax accountant/CPA with real estate investment experience

Jimmy Lieu
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,890
  • Votes 1,499
Quote from @Brian Rosenfelt:

Hello all!

My partner and I are starting to explore some real estate investment opportunities, and seeking a tax accountant to advise on org structure, etc.  Any recommendations in the Cleveland, Ohio area?

Hey Brian, I have a pretty deep network here in Columbus Ohio and have an awesome CPA for all of my investment properties and he charges very reasonably - would be happy to introduce you over to him.

Post: Super motivated and looking to build a new career

Jimmy Lieu
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,890
  • Votes 1,499
Quote from @Matthew William:

I am new to the real estate space and am first and foremost looking to network.  I am very motivated, don't mind hustling, and can work as many hours as it takes.  Open to finding agents, investors, lenders, etc to help build and become success.  

Some other goals of mine:

1.  Looking to invest in properties, ideally starting on the residential side but open to commercial.  I am currently in Ohio but open to all states.  I can invest solely, or jointly.  What should I look for to avoid investment scams or pitfalls?

2.  Open to getting my real estate agent license.  Once obtained I'd be open to joining a team, or finding a mentor to help me gain an understanding of the market, being an agent, etc.

I understand that as a newbie in the space, it may take time to see growth and want to manage expectations.  However, I know with research, education, network, training, and putting in the time growth sooner rather then later may be possible.  


Hey Matthew, super excited for you man! That's an awesome start and you sound like you got a great head on your shoulders. I definitely agree with the route of getting your real estate license. I did the opposite - I became a full time real estate investor first THEN I got my license. I honestly feel like being an investor first helped so much because learning how to BRRRR and flip and use hard money and private money and buying houses myself, gives me such a huge competitive advantage over other agents. Also, I work specifically with a lot of investor clients and they trust me with reviewing their deals, estimating renovation budgets, referring GCs, etc. because of my prior investor background. As a local investor and agent here in Columbus Ohio, I'd love to answer any questions you have or connect!

Post: How Much Do Cash Offers Matter? Just Closed A Cash Flowing 4/2 BRRRR For A Client!

Jimmy Lieu
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,890
  • Votes 1,499

bump

Post: Contractor in Jail!

Jimmy Lieu
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,890
  • Votes 1,499
Quote from @Nathan Holt:

I hired a guy to do some drywall work, he did part of the job so I paid him 1/3 of the money (500$) then he disappeared. Just talked to his brother earlier this week, turns out he is in jail. Should I try and get my money back from him or wait till he is out of jail (no idea how long that will be). Has anyone had this happen? Any recommendations?

Thanks!

I'd say probably forget the $500 unfortunately - probably not worth the mental stress of dealing with this situation and move on!

Post: Columbus real estate

Jimmy Lieu
Posted
  • Real Estate Agent
  • Columbus, OH
  • Posts 1,890
  • Votes 1,499
Quote from @Tamer Ibrahim:

Hello,

Newbie here!

I would like to start connecting with other real estate investors and syndicators in Ohio and get the ball rolling!

Thank you

Hey Tamer, I'm part of a commercial real estate investment group here and we're working on a few large commercial projects (building 100+ units in New Albany right by Intel gigafactories and building 50+ units in Etna Ohio). As an investor and agent here in Columbus Ohio, let me know if you have any questions or want to connect - would love to tell you more about these commercial projects and introduce you to my partners.