All Forum Posts by: JingJing He

Haven’t been able to make payment for 4 years? I feel like there are more to the story. What is she hoping to get out of paying? And what is she hoping for in the future?

This is a very vague question. I would say extremely different if you are doing all on your own. If you have the money and can put a smart and reliable team together, then it may be ok. Just real estate investing has many different routes in different markets. It’s like if you were experienced at Tech startup and then make the switch to pharmaceutical products.

I would start with crunching numbers to see if you would Have any cash flow. I don’t know your area well and not sure how much houses or duplexes are going for at your area. If you are looking for the experience and to learn, I would go for the duplex. Just be prepared to spend at time working as a landlord and for owning a house. It is not always rainbows and sunshine, especially for beginners. However in 30 years or sooner, when you are done with mortgages, u still have a house. With renting, u get nothing but freedom. Anyhow, start with the numbers!

Don’t fall for it! I had felt for mother’s with little kids for two times straight when I was first starting out! I am a people person and sucker for cute kids. Both ended in eviction! :( too much drama. Are you having a hard time finding tenants? How much are they paying for rent at their current place? I would let my property sit if I was in your shoes.

For all future buyers, a home inspection is never a guarantee for a problem free property!!!! I would say it’s good for roof leak check or foundation check, but everything else is 80% on luck! Know the history of the house or the owner! If it’s a owner occupied home, it usually have been care for to some degree. However, if the owner have been living in it for 10 plus year, I know for sure there are deferred maintenance items! If it’s a flip, you should know things are done on the cheap side! Those ikea type cabinets look good in person or on pictures, but never practical!!!! I always tell my clients to expect 10% of collected rent to be spend on expensive because eventually you will hit big ticket items. If you are looking at tech growth, Oakland is a better place to be. However, I wouldn’t rely on this if I were you. The last thing to depend on is tech, especially when you work in tech too. If that goes south, your job and investments are down the drain. With that said, I am currently in love with Oakland potentials near BART. I don’t know much about Texas at all, had never been. I am just surprise to see how different it is from California. No smoke detector will not fly with lenders in California.

Need more info. Ex. Condition do the houses, expenses...

Would also suggest getting some quotes for rewriting the house just to be on the safe side. Requiring a house is not a deal breaker as it will add value and convenience for landlords. Imagine renting a house out and having tenants complain about electrical issues! Even an experience electrician would have a hard time figuring out old wire connection behind walls.

Make sure u do pay per job and per week instead of paying for all. Make sure u have a project timeline in agreement! And if there are any delays, penalize the contractor. The last thing you want is someone taking ur money and doing side jobs instead of working for u( my mother in law moved to a new area and found someone who is very nice and sweet to her. She paid for the whole job and the contractor took a year and a half to finish-.-) Get multiple quotes! See if u can find someone reliable on Nextdoor per neigbor recommendations or not.

I would suggest doing more studying before jumping in. It seems you don’t know much about real estate investing. Conventional loans are more affordable and more reliable for a newbie then going for the private money which is more for educated investors. Look out for scammers. Start with reporting all of ur income. U won’t go far trying to cut out the IRS.

And to add, I asks for “ 1. Full application form filled, full credit report, proof of move in cost, proof of income(ex 2 most recent pay stubs) for everyone who will be living in the house that’s over 18.