All Forum Posts by: JooYung Choi

I don't think you need to purchase software to get that info. ChatGpt and Google is your best friend and use credible sources. Just zone in on a neighborhood you like and learn everything about it. Your local market is a good start!

You should look into Innago! It's a great property management platform and it's FREE!

Lots of good info on here already! 

I would recommend starting by just working up deals. Do the maths. Know your local market inside out. See what $ homes are selling for and in what area, condition, style etc. Eventually, you'll stumble upon a home that could use some work, but in the right neighborhood. You'll know this because you've been studying the market. Take action and purchase! Do the right renovations for instant sweat equity. Enjoy the renovated home for 2 years and sell it for tax free gains. Or keep it as a rental and hold for that sweet ever growing appreciation. 

Study the game and you'll be a pro at it in no time. Good luck!

Be conservative in your numbers and always account for a contingency. Really know your area and the ARVs. Get multiple quotes and don't go with the cheapest guy. Have multiple exit strategies. Limit your holding costs. 

The more you know and plan for, the less risky an investment becomes!

Hey Fernando!

Some questions to consider to help determine the best lender for your situation:

What's the loan term length & down payment needed? - 9 months at 12% is different from 12 months at 12%!

 How many months do you expect you'd need to complete the project? -if you can do it quickly, maybe the one with higher interest / no origination fee? Gotta do the math!

Can you extend the loan term if needed?

What's the draw process / fees and how quickly will you have access to the funds? 

Dutch or Non-Dutch Interest? 

Definitely read all their reviews, see how they communicate and look into the company's reputation. 

Hope this helps!

I don't think it's worth it because it looks like there is not enough meat on the bones. What would be your renovation cost for a full gut on this deal? 

Personally, I wouldn't want to deal with the headaches of renting it out in a neighborhood like this. Not to mention higher vacancy & capex you would need to account for. For $800? I'd pass. 

Definitely get a pre approval! You can even go one step further and get a commitment letter. This would require a hard pull on your credit but helps make your offer stand out amongst the pre approvals of your competition.  

That sounds like a win to me. You seem like you know the local market pretty well so if you can get higher rents for that property it's a win. I would look into cohosting or have some agreement on how you'd be compensated. 

For example, since property is currently rented out for $1000.

If you are able to rent it out for $2000, and you take 20% of the gross income, that would mean $400 for you and $1600 for your family member. WIN WIN

Now with that being said, long term property management companies usually charge around 7-10% of gross rents. Depending on the services you are able to provide, you can justify charging a higher rate if it means more money in the homeowner's pocket!

Hey Andy, love the hustle! 22 and you are already making moves! 

I am assuming that you will not be selling your current home. What are market rents for your current house hack if you were to rent it out whole? Will 75% of it cover the PITI?

You should do a DTI calculation so you know exactly how much you can allot to your housing payment. Then it's the purchase price of your next home (and the associated PITI) that will determine what % down you can pay.

Love to chat more about real estate.. let's connect!

Hi Michelle, what are your investing goals? Are you looking for cash flow or appreciation? I personally do a mixture of both; investing in NJ (more expensive but higher appreciation) and investing out of state (more cash flow but less appreciation). Cash flow is nice and all but I am realizing that true wealth is built in equity! I'd say the trick is to find the property that will do both and hold!!