All Forum Posts by: Johnny Kang

@Sean Dougherty

You can get the bank to issue something called 1099-C (Cancellation of Debt). https://www.irs.gov/forms-pubs/about-form-1099c

(I'm not an attorney / CAP. This is just what we do when we do short sales)

@Trevor Asay

On our team, we have an Admin VA, and a VA who does skip tracing.

Most ppl will talk about going to some type of an online platform (UpWork) to hire your VAs, but you should try to find VAs outside of that for a few reasons. (we found ours by posting on the Philippines' Craig's List)  

- Although the talent pool is good at places like UpWork, I found that a lot of VAs you hire, once they get a better paying assignment, at times will drop you without even a word, so you end up spending a decent amount of upfront time training them, only to start the process all over again. They have more of a "consultant," or self-employed mindset.

- When you post directly in the country you're seeking help from, most people responding are just looking for steady work; "E" quadrant. 

- They can keep more of the pay you give them (we pay via PayPal). 

- Caveat to all this is that, you still have to have a filtering process; [i.e. test them on various tasks required for the job, have instructional videos so once hired, they can just watch the video(s), have bonus structure to incentivize, etc]

@Nguyen Quach

When you say no response, how did you try to reach him?

Also, keep in mind, it's a numbers game, so can't expect to get something going with 1, or a few prospects.

When I started targeting this niche, I was compiling 80-100 leads on fire damaged properties in NYC every month. Having lots of prospects puts you in a very different position. 

@Jack B.

Hey, look at that! Hope it's what you're looking for. :)

Wow, @Steve Babiak seriously? You having a bad day or something, you feel like you need to verbally snipe at someone today?

I'm fairly good about letting things roll off my back, although I've seen this kind of belittling comments from so called "seasoned" investors on BP more times than I would expect from people who, one would think, would have some standards, given how they've "succeeded" in business. 

BP should have a 3 strike rule with people like that (but I digress). So I kept it light, despite your initial snide comment. Like, "eh, just let it go." Heck! I even gave you a vote, man.

But for some reason, of all the things I pointed out in response to the original post, you feel the need to keep harping on that one thing I mentioned, like you just have to keep beating on a dead horse. 

So is this what you teach your kids? To try to bully people, if you can? If they're an easy target, for seemingly an honest different perspective they have? (again, you having a bad day, bro?)

You don't know me, so don't get sarcastic with me. And if you've done it twice on this thread alone, with your 13k posts, God knows how many times you've done it to others. 

Keep your attitude to yourself, cause I'm not the kind of person who rolls over and plays dead. Got it?

Have a good evening. 

@Chris Hosier

I wanted to see if I had the guts to go against the grain and make it. 

That I faced my fears and had the will to push through, when most quit. 

@Nick Hedberg

I started off with door knocking, till I realized, "nobody's home, cuz they just had fire!" 

Took me a whole day of doing that to figure that out. 

So I smartened up and call them now. 

@Steve Babiak

LMAO Great Point! 

I didn't even think about that. We NYers, we think the world revolves around our world view. LOL

@Nick Hedberg

I target fire damaged properties. 

@Jack B.

From just a few things you mentioned, seems like this is a disaster waiting to happen.

No real comps to speak of (I wouldn't count just the 1), not to mention it was $50k less.

Tenants who are suspect. 

Listing agent having an attitude towards a potential client. 

$200/mth to mow the lawn? Owner's definitely gone bonkers. I'm in NYC and I pay $80/mth. 

Negative cashflow; If appreciation was there, it might justify it (I don't know the area so I can't say for sure).

So basically they have it listed as an A priced property, with C/D class tenants...   

Even with a $50k reduction, I wouldn't touch this even with a 100 foot pole.