All Forum Posts by: Lin Ding

Hi everyone, I'm a newbie and the very first real estate investment deal is so nerve wracking, Especially I have no idea what I'm doing. I'm working with an agent on a property posted on MLS. I've been reading, listening to podcast and even took some real estate courses. But still doing the real thing is so different from what can be learned. So please help me evaluate my first deal. I know there are these amazing calculators to use. But some numbers I don't know what to put in there, so the estimate can be way off... My strategy is BRRRR and after a few years I may consider to renovate and sell. That said, my first deal, HELP!

It's a Single-Family located in a nice location and quiet neighborhood with newer homes being constructed on that same side same street, and it's just steps away from CVS and Walgreen. It's also only a few blocks away from "The Bayshore"(waterfront). The house is built in 1940. The report shows it has lead paint since it's built before 1978 and has termite problem in the unattached garage building. They already got a full price offer @ $179,900 but because of the termites, the buyer insists on treatment, so my agent suggests me to put a matching offer in. ARV based on my agent's comps is about $220k, however using some other comps system it comes out as about $250k. Estimate repair cost is $15k to bring the property up to date. Property tax $691/yr. Rent in the area about $1300-$1600/month. I'll go with $1500/month. Hard Money lender will fund 65% ARV ($250k) which is only about $163k, which means it has to come out of my own pocket $17k plus repair cost. Can I find a second lender to partner for this deal if I don't have money to put down? Also could you help me to evaluate if this is a good deal or I should walk away?!

Thank you very much!

Lin

Hi Andrew - I'm on the same boat. I'm curious what you found out. Did you get advice from your immigration lawyer? 

As a tenant/rent payer now, I do prefer to e-pay my landlord to save the direct contact and for convenience. Plus we live in different states. Bill Pay is a good way to set up with your online banking, however, they don't need your routing or account number. All they should need is your name and email address that's linked to your online banking account. I know Chase has system like this, BOA also and a few others. Nowadays people use PayPall, or even Facebook Messenger to set up automatic incurring money request. There are so many creative way of collecting money. And they all have some sort of security. But make sure you do your bookkeeping and stay organized. Hope it's helpful for the folks out there.

Best,

Lin