All Forum Posts by: Lam N.

Yes, best candidate for that particular unit. It's only $500/month. In a relatively low income area. 

The other people who applied included someone with several felony convictions gang and drug related, one with bankruptcy and DUIs, one who had several sob stories to try to get out of paying security deposit, and one with 3 pitbulls, several cats, a bird, and some reptiles. 

At least this guy works 2 jobs to support his wife and kid. My mistake for having called him a wife beater. It was an arrest, not a conviction. They paid the first month rent and security deposit upfront. 

 This is a great idea. Will add this to our lease. Thanks! 

haha damn. 

My husband did say if I ever hurt him the dinner plate is flying into my face. 

OK, I'm revising company policy. No domestic violencers. 

I was reviewing background checks and stuff of our tenants (we got 5 properties with tenants) and noticed something. A young mid 20s couple with a 4 year old. The husband was charged with domestic violence a year ago or so. 

I asked the property manager (aka my husband) about it and he said when he asked them about it the wife hugged the guy and said they were fine now. Apparently, they were the best candidates for the unit. 

I'm just wondering anyone with experience with renting to wife beaters? If it happens again, will it affect us? 

What's BRRR?

You guys are quite right that I shouldn't worry about what others think. Thing is I'm Asian and our family is bonded rock solid. And yes, I am the stereotypical Asian that constantly seeks approval of my parents LOL. 

Edit. 

I would imagine that the way they view my husband is the same way blue collar workers view us white collar workers. I've had many blue collar people telling me I don't do anything all day in my office. 

Here's what I mean.  For reference, read link. I'm not going to repeat everything there. 

https://www.biggerpockets.com/forums/48/topics/705...

Basically, my husband runs oir home Reno and rental business. Income from it right now is actually more than what he was making with his last full time job in PR. 

And yet, my parents keep asking me when will he get a "real job" again? 

Then yesterday, I was talking to a long time girl friend of mine. Told her about our business and whatnot. She asked me "so what does he do all day not having a job and all that free time? "

It seems to me that some folks seem to have trouble understanding that working for yourself is also a "real job" and that you're actually more busy than if you were working for someone else. 

I had to explain to her that my husband stopped having free time the moment he quit his job to tend to our real estates business. She was so surprised by that. She said but it doesn't sound like he has a lot to do. After I rolled my eyes, I told her exactly what he has to do throughout the day. It is quite a lot. Not to mention we are constantly expanding the business so we are always on the look-out for more properties to buy. 

Update.  Our flip just closed today.  Another successful flip woohoo.  

Tomorrow, we have tenants moving into our 4th property.  A young couple in their mid 20s with a 4 year old daughter.  And on Friday, we have another young couple moving into our 5th property.  All 5 rentals filled!  Passive income, baby!

We are eyeing another property to add to our arsenal right now.  Will be our 6th if we get it.  I have a good feeling about it, but we will decide once I've inspected it myself.  I'm a structural engineer, so... 

I was at the property with tenants moving in tomorrow earlier today.  While my husband (the property manager) was showing them around before they signed the contract, I was changing out FGI outlets and double checking the plumbing.  It was pretty cool watching him work.  

See, all our properties got brand new toilets, brand new outlets and light switches, brand new LED lightbulbs, etc.  We decided from the beginning that we will not be slumlords.  We paid cash for these properties and they are our investments.  Why let them rot away?  We have experience with renovating houses.  We can get 10 new electrical outlets for $3 and 10 new light switches for $4.  Every little thing like an outlet and light switch makes a huge difference when they are all replaced.  

And as a preventive measure, we switched out all the water valves in the houses as the old ones were visibly corroded and such.  Again, the valves all together probably cost us less than $100, but we now have the peace of mind.  I've seen the damages a bad old water valve can cause.  We also replaced all the old corroded faucets and drains.  Again, they don't cost much but now we can be sure they won't be leaks anytime soon.

We have plans to renovate these houses gradually in the next few years.  Rental properties need just as much TLC as regular homes.  

Are we being too idealistic for thinking this way?  Keep in mind we are still relatively new at this. 

 Oh, that's old info. We moved out of state long ago. We tried to start up our business in cook and Kane counties but the property taxes were strangling us. So we sold everything and moved out of state and started here. Property taxes of all 5 properties here combined is less than what we paid for a single family home back there. 

OP, please please please please be careful. There are a lot of predators out there. 

My husband and I have seen it happened twice already regarding someone inheriting money and then get taken advantaged of. They will say what you want to hear. You're the greatest person in the world. They will bleed you dry without you knowing it. 

In one instance, we tried to tell the girl who inherited a large sum of money that her boyfriend and "friends" were using her. She cut us out of her life because she didn't want to hear it. A year later she was broke and the boyfriend left her. 

Husband and I have worked very hard for everything we have. We know what we are doing so send us all your money and we will know what to invest in for you. You're the greatest person in the world you're so smart. LOL just joking. 

But seriously please please please be careful. Don't panic spend. Don't just invest for the sake of investing. So-called advisors may not even have your best interest in mind.