All Forum Posts by: Leon Li

check with your insurance agent if your insurance covers rental income during repairs. Your tenants should get free hotels paid for by insurance you should ask that as well. Depends on if you tenant still wants to live there after its repaired. Also congrats on a brand new home, insurance will likely build a new one depends on how severe the damage is. Either way everything would be brand new paid by insurance.

I think your problem is been too cheap, stop looking at the numbers on paper and buy something nice. Just bring up a zillow page and tell her that you own this house. bigger the house the better. Stop been so cheap and investing your biceps no1 likes that crap.

There is no good reason to purchase your first property under the LLC. You should max out your 10 conventional mortgage per person, to take advantage of the good rates. You can always move the property into the LLC after purchase.

@Anthony Wick

Thats perfect, thanks.

I just realized mysmartmove tenant screening does not provide any information that the tenant entered in a report. That means I won't have their SSN or personal information. Does that mean I should give them a rental application and mysmartmove screening? Curious to what other landlords do. Thanks.

I like to put my money in Real estate investments with 20% cash on cash returns. If you like CD or savings account I recommend opening accounts and collecting opening bonus 100 - 400$ all around town.

Originally posted by @William Brown:

Exciting! Are you looking to acquire a turnkey portfolio where you buy houses that are ready to be/are being rented? Or are you looking for value add opportunites where you can go in, put some sweat equity in and have instant equity and higher cashflow?

Have you purchased or owned properties before? What experience do you have with penciling deals? What area would you be looking at? I might have a couple contact for you, I'm connected with other wholesalers in different markets and just picked up a package of 5 SFRs myself to wholesale.

I'm looking for turnkey for this portfolio deal. I'm also interested in value add and flipping but only 1 at a time. I'm fairly new to flipping/rehab. I have a few out of state turn key and a few rentals locally in WA that I manage my self.

I'm exploring the idea of buying a portfolio of residential real estate Sfh/mfh etc. Little bit over 1m with commercial loan. Any recommendation would be great, like a website or any source.

@Lane Kawaoka

Thanks for the advice, it makes sense. The Syndication as LP making less returns is what i expected as well, when you say you can scale more with LP that sounds interesting I would like to learn more about that. Can I schedule a call with you on your website.

The issue with eviction and 300 cashflow a month and possibly having to replace a furnace for 5k destroys the cash flow, I had that in mind a while a ago. With that in mind, I try to get more expensive properties. For turkeys out of state, I try to get at least 100k+ which brings 600+ a month in cash flow after mortgage, also property management screening is very important, Im not sure if that might be an issue with you. For big ticket items i buy warranty so it would be free to replace but also adds to the cost 500 a year roughly, which imo well worth the cost. Although roof replacement cant be avoided. I do see having 20+ SFH been a problem but i think screening tenants is the key to avoid evictions, and if capEx and repairs is added correctly, the numbers shouldn't be a problem.

@Lane Kawaoka

What do you suggest if someone does not have the capital to do commercial multi family or a network of people to start a syndication them self. Do you recommend joining a syndication? if so how are the numbers any better buying SFH vs joining a syndication. Im interested to hear.