All Forum Posts by: Cuong Le

That's awesome Thomas. I don't think that will work here in Houston. $18k properties here would be in a war zone. Your market has this opportunity and you took advantage of it.

Thanks for sharing. We are currently shopping for flood insurance and good to know that a reduction is possible if you ask the right questions. Does this reduce your monthly expense by $100/month? If so, let Al Williamson know and you can get a Home Depot gift card!

Hi @Eduardo Moreno and welcome to BP. Listen to podcast #33 and 37 to help you started with wholesaling. We are looking for good, honest wholesalers so keep in touch. What are you planning to do on your marketing?

Get engaged, ask questions and have fun. Post a profile picture when you get the chance to help build trust. If you are iffy on putting your face as your profile pic, maybe post a profile pic of something you like. Anything better then the stock profile. Glad you joined!

welcome @Yang Xiao to BP! Looks like you have lots of experience that you can share with us which is great. Get engaged and have fun. What are you trying to do now? Buy properties to buy and hold for your self?

Hi @Rich Riesmeyer. What is the ARV for this property and does it need any rehab? Assuming the ARV is $85,000 (what you financed and downed) and there is no rehab, the 70% rule shows that you would need to make an offer of around $59,500.

For the 50% rule (again with some assumptions),

Rent: $1250 (two units)

50% = $625

Financing $65000, 30 yr fix at 5% = $349 (rounded for easy math)

Cashflow = $276/mo for both units

Per unit, that is $138/mo.

If this is the case, the this could be a potential good deal but like @Shaun Carl said, if it's $625 for both unit, no deal.

Besides PITI, be sure to include 10-12% property management even though you are doing this yourself, 8.3% vacancy (1 month vacancy out of the year) and 10% maintenance. Hope this helps.

Hi @JJ Cole . Based on @Mehran K. this past weekend. He was very helpful explaining ACV and replacement cost policies. It looks like their prices are competitive for 1-4 unit single families. We are still working on the quotes right now and should get this soon this week. Their requirement is minimum $45/sf for actual cash value and $65/sf for replacement policy. All of our houses are for buy and hold.

hi @Ryan M. And welcome to BP! Glad you made the decision to finally get engaged.

Wholesaling is a good way to build up some capital so you can start buy and hold later. If you find something that works for you, you can flip it and increases your capital much quicker.

What kind of direct mail are you using to acquire your wholesale properties?

hi Lynn. Call your insurance agent and ask them this question. They will tell you what they need. If it's a certificate that shows the dog is a service animal, then you can ask the tenant for it. I'm sure they will understand and the dog owner should be able to get this for you easily. The normal security deposit should cover any damages from the animal but if they are truly a service animal, this shouldn't be an issue. Let us know what you find out.

hi @Trang Nguyen and welcome to BP! You are in the perfect place to invest and at the right place to learn. We have learned so much in the pass few months. Listen to the podcasts going to and from work. My favorite is #33 and 37.

Get engaged, ask questions and have fun. Let us know how we can help. See you around.

Hi Sylvia. Another BP member @Tim Norris just helped us this weekend on our single families. His company is based for investors so I'm sure he can help you out as well. Try him out and see if he works for you.