All Forum Posts by: Ken Nguyen

Update!

Offer accepted! But not my offer unfortunately. Well.... it's back to shopping. Missed another property but leaves me the opportunity to find a better property. Also I had my agent tell the sellers agent to inform us if their deal falls through. This is a crazy market and I knew not to get my hopes up too high.

Thank you everyone for the positive vibes.

@Jaron Walling So from my analysis, similar units in my area are renting for at least 1400. This unit can fetch at least 1400 without an update.

Investment Info:

Townhouse buy & hold investment.

Purchase price: $211,000

This will be my first property. As of 11.1.20 I am 1 of 2 offers on the table. The owners will be selecting a offer soon. Offered over asking.
Property is a 2/1 955sqft with a 2 car attached garage and decent size private backyard and patio located mesa 85207. Plan to owner occupy and hack and make upgrades while i live there. Then once I'm ready for my next property I will rent this out and start on the next property.
As it sits it could cashflow 300-350. more after upgrades.

What made you interested in investing in this type of deal?

Im new to REI and not working with much capital to start. Properties like these fit my current budget.

How did you find this deal and how did you negotiate it?

MLS from Agent

How did you finance this deal?

conventional

Investment Info:

Townhouse buy & hold investment.

Purchase price: $211,000

As of 11.1.20
Waiting for my offer to be accepted. I am one of 2 offers. offered over asking price.

This a 2bd 1ba. about 955sqft. 2 car attached garage. single story. decent sized private backyard and patio. Will need upgrades.
cash flow will be around 300 before upgrades.

Good info here. Thanks @Bob Okenwa for the information.

Also, my rock star agent told me about this company that tracks nationwide mortgage delinquency and gives a monthly reports. Maybe this could be of some use to you as well.

https://www.blackknightinc.com...

@Thomas Franklin some good info there. thanks for posting.

@Necho Williams Wow! 39 properties! Impressive! You and @Cameron Lam should be interviewed by @Brandon Turner on an episode.

@Cameron Lam I haven't closed on my first deal yet. Key word is "yet". Unfortunately the sellers agent got back to us this morning and informed us that the HOA won't take FHA loans. Been working with my lenders all morning trying to figure out a strategy where I can still try and get this property. I'm not working with much cash here. Considered the conventional route with 3-5% down, however it work with my current situation. I'm passing on this property. AZ market is tough right now.

So my plan is similar to yours. Get into my first SFH and hack it while I continue to work a full-time job. Once I build enough equity and some savings, start on looking for the second property and so on.

@Necho Williams Wow! You're an inspiration as well! I wish I knew about this in my 20's. I'd be way ahead of my current self. Also 4 years is really fast. How many properties do you have if you don't mind me asking?

@Cameron Lam What an incredible story! Thank you posting with such great detail. I am a noobie here in Mesa, AZ and I actually just submitted an offer on my first property located in Mesa today! Reading your story was such an inspiration and has motivated me even more. Cheers!

- Ken

@Rachel N.  I know this post is older but I would love to hear about how your condos are doing now. Do you still have them? Any issues since your last comment? 

- Ken