All Forum Posts by: Lien Vuong

I think that you should seriously think about the lifestyle you want to have and what type of property will give you that return. 

In the case where you're a self recognized worrier you should not buy anything below a B class property and mostly turn key. Having nicer units in letter locations means they're more qualified tenants and less surprises. I will definitely echo @Christopher Lombardi in making sure all your paperwork is in order to protect yourself. 

Additionally you could always hire a PM as well to manage your properties so you have less daily responsibilities with the units themselves and create passive cash flow. 

An alternative plan for you would be to get into a multi family property 2-3 units and have them pay for your mortgage. Since you're aggressively looking to save money and plan for the next phase of retirement savings you can have your lender do a 15 year note for you. 

In most situations your mortgage would be able to take care of itself and you live in the other unit for free or a very low cost. You take whatever funds you usually make on your mortgage and pay it towards principal. You'll have have it knocked down in no time and by retirement's age you will own your house outright and sitting pretty. 

Welcome @Angela Holmes! I'm glad you're already able to experience the hospitality and wealth of knowledge of BP! I think the folks here have given you plenty for advice but definitely go at it slowly and try to get a feel for being a 'landlord' first. 

This is clearly an incredible opportunity for you to build wealth and create ultimate cash flow and financial freedom and I see that you're not taking this task light. With that being said, I personally would buy a cash flowing property that's at least a four unit - less risk for vacancy - that currently cash flows under the 20% down payment structure with with added value. That could be repairs you could do as well as increase in rents to create stronger income. 

Be careful not to buy properties that need a lot of work as that can be very overwhelming and you'll be burned from this industry quickly. I would additionally keep in mind and remember that this is a PASSIVE income stream so that will help you make better decisions in allowing other to manage and create less of an intrusion on your daily life. 

Hi there! I am an a local agent who works specifically with investors advising them in buy and hold and flip properties. Let me know what questions you have and how I can help you achieve you goals! 

Well now you have to decide what poker strategy you want, bluff and have them walk or possibly win the hand. If you're open to extending this to them I think you should make a big fuss about it and let them be aware of the repercussions if they do not perform - holding the deposit and walking away with nothing - lender doesnt make money, agents dont make money... Make them see your pain and what you're allowing them to do is really a large sacrifice for you (because it is!!). Buyers are emotional and they will take it more seriously - esp. with that much money at risk. 

I think the trouble you're having is perhaps feeling like you've gone too far into the process. At this point you are allowed to cancel the contract and have the right to keep your EMD, that portion goes completely to you and not the agent. You can use your discretion in this if you'd like to share of of that with him or her for their time. Having this right will be the wakeup call for your buyers to not waste anymore of anyone's time through this transaction.

I Just went through this myself and buyers tried to reneg at the CLOSING TABLE and after some back and forth and I reminded them of the 5% that is in escrow with my name on it and they quickly changed their tone.  

This is a great tip! I dont think I realized this either, would it be the same situation if you purchased it under an LLC or Corp? @Russell Brazil @Jessica Zolotorofe

Obviously the internet is going to be your best outlet but with a 'millennial' mindset I would reach out to popular agent in your area and ask them to post your listings as a marketing tool. If your property is staged well it would be really easy to have that conversation with them and have them share the listing. 

Alternatively you can go the grassroots method and knock on neighboring homes and tell them about the house, pics inside, and ask them to share it with their friends and family looking to buy in the area. This strategy is an oldie but definitely a goodie as they can really talk up the neighborhood from their personal experience. 

I think it's important to clarify that you cannot just 'enter' into a fund with regular money. ONLY the funds that are being used in a tax deferment program would be eligible. For example, if you made $200,000 from a sale of a home you can select a product in the identified market and then create an LLC (required) and then specifically identify that property as your OFZ property and ''park' your money there.

Please see what I've attached as the guidelines to the timeframe of how much they will forgive your deferment. To maximize on the deferment and pay 0%, it would have to be 10 years. 

I think this is an important point to consider if you're looking to invest and be involved in the RE industry long term. Partnering yourself with the right agent will help you immensely in terms of economics, business strategies, and market knowledge. 

First of all, a buyer's agent representing you is almost always paid by the seller's side (aka free service to you), so wouldn't be a great bonus to have someone who's on your side fighting the good fight for you. Additionally, finding the right investor focused RE agent will help you to analyze deals, keep you apprised of off market deals, and allows you to keep a pulse of the market conditions. 

To address some of the point that are made on the thread - it is not only likely the the seller's agent will try to steer you towards a higher price and represent the selling side in the best light but it is their fiduciary duty to have the interest of the SELLER because that is their first client. This is the law. 

Always use an agent if possible in all your deals because on the buy side they will know all the procedural process and guide you in that, esp. in the infancy of your career. On the list side when you go to sell your investments, they will properly market your home and NET you the most for you property. 

Go the Robert Kiyosaki way and take care of these people, they will out earn themselves for you and make you very wealthy!