All Forum Posts by: Phong Thanh Ngo

Thank you @Cassi Justiz for the feedback, I'll definitely need to interview and put a few more lenders in my network if I want to scale.  

Hello to the BP community,

As an intro I'm a new REI closing on my first rental property in OKC this upcoming Monday and really excited to keep the momentum going.

Diving into my question/problem/confusion: During the last month of getting to the closing table, I've seen multiple amazing deals where the numbers worked out even in bad scenarios and I wanted to put offers on it.  However, I was recommended by my lender that trying to close on multiple loans at the same time is a fiasco for both the seller/buyer and ultimately blame and extra work falls on the lender(s).  As such, I couldn't get a new pre-approval letter that would allow me to make offers on the upcoming properties.

With exception to deals that could go under contract without a pre-approval letter for whatever reason, I hear and read about many out there on the podcasts and forums that they're closing on multiple deals in a month or having many deals under contract.  

Is my problem specific to my lender that isn't willing to work on multiple deals at a time from different sellers or am I hamstringing myself by thinking that I should stick to using one preferred lender at a time?  Note: I still have a few easy conventional loans left for future purchases and my DI ratio has plenty of buffer, so those aren't constraints.

Thank you for any advice/guidance that is to come.

Was that partnership set up before looking for the opportunity with parameters in mind, or after the potential deal was found?  Thanks for the details so far!

@William Hamburg Nice! Would love to hear more about how you creatively structured that deal where you only needed to put in around 3.3% for the purchase price.

Hi @Sneh Pandya, does your monthly mortgage and HOA expense include other things that are substantial such as the monthly property tax, homeowner's insurance, and potential property management expense if you go that route? With a 500-700 buffer in rent, it sounds like you may still cashflow but the CoC return % may be a consideration depending on how much money you are putting in.

Subbing to this one for educational purposes.  There's definitely a human (emotional) element to this scenario, but from those more experienced...are most sellers in this position open to further questions for understanding the property or do they tend to be a "you get one shot, make it quick" kind of thing?

@Patrick Orah Specific to your difficulty in finding a handy-person, have you tried using services such as Angi or Thumbtack to source some based on reviews of their previous work within their community?  This is assuming that they have coverage in your market, but generally they do or it could be another similar service.  On a personal note, I've only had great experiences using them to find a handy-person where I could see contacting them and possibly establishing a more working relationship for all your properties.  It's unlikely that any would shy away from the potential of having consistent work.

@Douglas Murray It would be good if you can expand on your question whether it relates strictly to REI (since you're on BP.com forum) or investing in general. Also, it would help myself and many others that want to provided suggestions focus their response if there was more background as to what you want to do strategically.

Like you, I'm intaking everything I can regarding the investment strategies that peak my interest, but my biggest suggestion would be to dabble and then focus. In poker, if you're short stacked (relatively small amount of chips/funds), then you'll want to focus on one hand that can net you big rather than getting chipped away slowly on multiple hands. Assuming you're in a situation to do so, you could side hustle or continue saving a bit more where your $5k nest egg could grow a bit more and you could get a very low down payment FHA loan for your first home where you could house hack and generate cash flow while living for free. That's just one of thousands of ways to get into your first real estate investment.

Hi @Titus Logan, I'm new to the REI scene and have been a long time lurker. I'm looking into my first investment property and actually have my eyes set on Sugar Land with a potential bid that may be accepted tomorrow. However, if that falls through I would very much like to get details on the property that you have. Let me know and thank you.