All Forum Posts by: Robert Chuang

I will be attending. @Tom Mole  is taking me out on a date

@Sheila Villacampa 

I would establish the Joint venture contract instead. He does not own the property nor paid for the property, he has no reason getting equity on it. What you can do. Establish the material cost and labor cost then figure out which one cost more (hence one will have higher % of profit).

You should definitely ask for another contractor for their labor only, to confirm the labor cost.

Worst come to the worst with your finance, you will have to go out and present the number and have hard money (or private) to fund your construction. There should be some bank will fund you construction cost when you own the property 100%.

Hope it works out for ya! Best of luck!

@Karen Margrave  both look awesome!!!

I personally would choose #1 to give the "wow" effect. 

If you don't mind me asking where are you getting your fireplace and how much those cost?

@Peter Fokas 

@Bryan N. 

If you have your own business like me (real estate agent/full time developer). According to my accountant (you should ask your own accountant too).

If I drive a car 100% business (lease, I can fully deduct the lease payment and milage (depends on the car, the more expensive the less % can deduct)

If I drive a car at 99% business or lesser, I should own the car.

Sometimes its really not horrible at all leasing a car.

I also have connection that will buy any bmws that is one year old too so it saved me on my lease.

It seems to me that he is asking too much. if he wants to play game with other investors, don't you think he will play game with you too? $4900 plus 1/2 of profit? Absolutely not kind of pie I would like. LOL

As far as the first lien, most likely you will have work it out with the first lien. I am not so sure about if you will get it free and clear (Most likely won't be).

You can use property radar to pull off foreclosure list in California and 6 other states I believe, it only cost 50 bucks a month.

I would be very cautious with this @Jennifer Silletto . Best of luck!

@Elizabeth Colegrove 

@Mel Rosario 

what Elizabeth said was all correct and to the point! If you use a RE agent, the agent should've told you any of those what she mentioned. If you are the one writing the offer definitely keep those points in mind.

For example, I was in a multiple offer (4 offers 2 cash) on a listing for 1.13 million. I came out on top with a hard money loan at 5% EMD and close in 15 days with 3 days inspection contingency. Again, I also called the listing agent multiple time to connect with him, let him know that I won't be playing game with him (ask for credit back and such) and I will be very transparent with him. After said and done, I did more homework than other investors (who secure the contract then do their homework later). He liked the way I was with him and he gave me the deal.

best of luck!

@Mel Rosario 

Have you tried raising EMD to 5% and shorter contingency if it is possible?

Perhaps talk to the listing agent and create a great relationship with them while figuring out what they are looking for? 

Or maybe even let the listing agent to double end?

In LA, you are more looking into 300k range. I know a city where there was a city bankruptcy (San Bernardino)  the home would cost around 100-150k range but I am not sure how much the rent would be

@Joe Tran 

I know many chinese investors and agents who work with chinese buyers. Usually the chinese circles are small, and they only work with people who speak the language and understand how chinese people work. Not only that, gaining the trust of chinese investors are very difficult. On the other side, they will definitely do anything to get a deal,  including skipping agents who work for them and introduce the deal. Im not suggesting not to work with them but it is definitely something to know.

I understand a lot of chinese fluent agents who will perform workshop or bring deals to china or have a small conference to introduce the ideas or deals. Though due to the new restriction in Hong Kong, many couldn't get their money out anymore. Therefore less and less chinese investor able to move out their money (other than the one already have an account)

My family works china and we have foreign money that's why I know all of these. And my funds to do the rehab is forigen too. I hope it helps! 

@Jonathan Makovsky 

Another success story! That is absolutely awesomeness you put everything in the video and share your thought after the rehab. Much appreciation for sharing this experience.

Do you use yellow letter to market as well? And what type of filter (prospecting criteria)you use for your marketing?