All Forum Posts by: Cuong Le

Welcome @Brent Hulen to BP! So glad to see more veteran investors like you on here to share your experiences. Just listened to podcast 47 with Joel Owens who has a very similar background with the commercial real estate. Very good podcast.

welcome @Ronald Stith to BP! If you haven't done so, read the ultimate beginners guide which will help you decide which niche you would like to focus on. When you focus on one strategy, you can get really good before moving on to the next one.

Have your "why" written down too if you haven't already done so.

Listen to the podcasts on the strategy you'd like to work on. Lots of great tips. Glad to have you and we will see you around.

Sorry to hear this Krystal. It makes you mad that people would do this for a quick buck. One of our houses gotten broken into while the tenant was out of town. Our stomach dropped hearing this when we first heard it from the tenant so we can only imagine what you were feeling.

Alarms and fake dome cameras are a deterrent. Hopefully the insurance company will provide enough money to trash the house and clean the site so you can sell the land to put toward another house.

Another BP wholesaler, @Aaron Mazzrillo

Also, don't think this is a pass to not know how to estimate rehab. I've tend to agree with the philosophy to learn the rehabbing through buy/hold or flipping first as a beginner and then do wholesaling last. This way, you know how to accurately estimate rehab and ARVs.

Hi @Scott B. and welcome to BP! Good to see that you've decided to take action and do something toward getting your first property. Your background will definitely help you and BP will get you the rest of the way.

Many people have this and that excuse on why they can't started or get analysis paralysis and end up doing nothing. It is a bit scary getting that first property but this is a good thing because this keeps you alert and learning. So many experts in their own field coming together to create this wonderful community where no one judges anyone. Experienced investors know how it was when they first started and they wouldn't be where they are now without someone's help.

Do you have your "why" written down? You may have it but the first step is to have this down. When life gets in the way or the process gets tough, this "why" will pull you through.

You're about to venture into a wonderful, challenging journey of real estate and we are all here to lift each other up every step of the way. Looking forward to see your success. See you around!

Hi @Travis Strow and welcome to BP! So glad that you were able to use BP to get your first deal going. Very exciting. We too are new and love this site. 1 house/year is a great start and then quickly ramp up as you can. Keep us updated on your first deal and how it turns out.

I think you have one thing wrong though...the best university is THE University of Texas at Austin :D Hook'em Horns!

@Mark Hu , we like things simple. We use Intuit's Payment Network system which charges only $.50 per transaction no matter the amount. There is no setup, monthly or cancellation fees so you can start and stop when you want.

There is no fee for the tenant and the money is pulled directly from their checking account. We setup monthly invoices that are automatically sent to the tenants every month so it's pretty mindless. The money gets deposited directly into our bank account so no need to go to mailbox and then to the bank to cash them.

The other cool thing is that it syncs up with Quickbooks so the process is seamless. You can't beat $.50/transaction. Let us know what you end up using.

Hi @Gina B. and welcome to BP! If you have the best product at the best price, you will have no problem finding a tenant. Which area of Houston are you looking at? There are some Houston turn key companies that you can look into and think they do PM as well.

Hi @Mike Moody and welcome to BP! Visited Hawaii earlier this year and how can you not like living there! What we would do if we knew we wouldn't be there too long is to learn, network, flip and build your reserves. This way, when you leave, you have some experience and cash to invest in buy/hold properties wherever you're comfortable. Best of luck and let us know what you end up doing. Thanks for your service as well!

6 months PITI per home is a good general rule. Some suggests 6 months rent per home to help cover capital expenditures but it really depends on your risk tolerance.

For us, we keep 6 months of our J.O.B. income for our personal savings and try to keep 6 months of PITI for each of our rental homes in a business savings. We have to tell you that it was difficult in the beginning since we kept dipping into our personal savings but we're at a point now where we can separate the two.

With everyone's suggestions so far, what are you thinking your strategy on your reserves would be?