All Forum Posts by: Lilian Chen

There's never going to be a perfect timing. If you scroll down the forum, people are doing deals left and right - if they can do it, what's stopping you? If there's will, there's always a way. :)  

I bought my first rental and initially hired a (inexperienced) property manager because he's had a lot of experience being a broker and I liked him. This was a big mistake. First, he listed my home at a slightly above market rent, which discouraged many people from applying. So in return, he lowered the security deposit. This not only turned the good candidates away, but attracted people who couldn't afford to put up a decent deposit for some reason (he charged a $500 for an apartment renting at $1450).

Within one month of the tenant's move in, I got a call from the HOA saying they called the police on my tenant, found out he kept pit bulls I wasn't aware of, left trash in the hallway and received complaints from the neighbors, and was doing meth in my bathroom. Beginner's luck?

So I decided to manage it myself. I started asking people I knew and whether they had friends looking for a place to rent. Within a week or two, I was recommended my current tenant and reached out to him directly. I offered him rent at $1,300 instead and took a full month's deposit, which he had no problem putting up. I hopped on a call with him, stalked his social media, called his manager and his previous landlord, and by the time I'd met him in person I even knew in advance some of the things he was telling me.

Needless to say, he's the best tenant one can ever have. He pays me on time through Venmo each month, is friends with my neighbors (whom I'm also friends with), and is even friends with me on Instagram. I can't say this will be the case every time, but no one is going to care about your property as much as you do, and doing good due diligence beforehand is absolutely crucial. Find someone you trust, and listen to your gut when vetting potential tenants. Don't be too nice. 

Hey Rhys!

My ex-coworker was also an Australian investing in the US, and he both wrote a book and hosted podcasts about how foreigners can invest.

https://www.amazon.com/Investing-US-Ultimate-Guide-Estate/dp/1731042779

His Podcast is also called Investing in the US. Hope this is helpful!

@Hai Loc Thanks Hai for the reality check. Makes complete sense. I’ll need to figure out if this would be the deal breaker.

@Rodolfo Canon I love and am inspired by your story. It seems that by finding a way to give back through teaching, you ended up gaining much more. Thanks for the great advice as well. I just ordered Linked and will start to work on my business plan. I care about relationships a lot and I’m very excited to read the book - thanks for the recommendation!

@Christopher Phillips Wow, these are some amazing and practical advice! It seems like the bulk of being a commercial agent is networking, probably even more so than residential. Definitely good for me to think about whether or not these are things I want to be doing in my spare time. Really appreciate it.

Hi everyone, I juat graduated from college and currently have a full time job in commercial real estate fInance. I am trying to save up for a down payment and am thinking of becoming an agent on weekends. I felt that my quantitative background can give me a great advantage because I probably spend more time on excel analysing and building models than most agents out there. From my full time job, I’m also staying on top of developments in the neighborhood, since I live where my company is at and invests in. However, the two biggest worries is that I simply may not have enough time for being an agent. I usually get off work 7-7:30 PM, which is probably too late for any showings or prospecting. The other issue is I simply don’t have a car, and am hesitant to get one because it’s a big cost even if I get an old car. My questions are: 1. How can I become a commercial agent, and how is it different from becoming a residential agent? 2. Do I even have enough time to do this well - being responsible, making calls outside of work, etc. I don’t want to do this half heartedly. 3. Do I need a car, or could I possibly bike? Thank you so much in advance!

@Austin Hendrickson Thanks! This is really helpful.

@Brent Murphy I’m from Bay Area and I think it’s reasonable if you have a college degree from a decent college! Depends on which industry of course.

@Benjamin Kleven Hey! I just started my first job as an Analyst for a developer in Southern California, straight out of college. I majored in economics but I think what really helped me was my work experience and skills. I knew I wanted to do development since sophomore year and have been working towards it. My job is a lot more like a corporate finance job (not 9 to 5 - more like 8:30-7:30). It sounds miserable but I’m loving every moment of it. It’s something I’m truly passionate about and I walk in every day with brand new challenges across various asset types, from hotels to multi family to medical offices. Of course, this is very different from what I can invest in now. However, a major perk is I have access to finance people, mortgage people, construction people, city approval people - all in the same office! I definitely plan to ask them for advice. I actually would advise staying away from sales because you’d get stuck doing sales, unless this is what you want. I’m learning so much and I’ve gotten so much better at analysing numbers. This is definitely an advantage I’ll have when I invest in my own properties.