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All Forum Posts by: Rose Feng

Rose Feng has started 3 posts and replied 28 times.

Congrats BP. I thought I was a" master" before I joined it, and now I know I  am a" idiot". lol.  

I have learned a lot from here. Thank you so much BP !

Post: Deal Falls Apart At Closing-Lost $7k!!!!

Rose FengPosted
  • philadalphia, PA
  • Posts 28
  • Votes 2

Thank you for taking your time to wrote down the detail of the story. I feel bad for you that you wasted so much time for nothing. For me, I am not motivated for only making few thousands dollars in a deal that request lots of time of working. I'd rather to leave that time for my leassure and relaxation. 

Lesson has been learnt. As a not so experienced investor, that is kind of due of success that we have to pay for it. 

Did anyone test that sauce yet? spicy, hot, or sour? Since so many people request that sauce, I doubt that it is  still "secret sauce" . haha! 

Hi Brie, 

You are my hero! I admire your courage to give up a decent job and go big in REI.

I have a small business with good amount of cash comes in everyday. This is why I am having hard time to give up this business and become a full time REI. Because this business occupied too much my time and I could not concentrate in REI , which I want to do more but I am not able to.

Thank you so much for sharing your amazing store. Very inspiring!

Post: How can I get my rent payment?

Rose FengPosted
  • philadalphia, PA
  • Posts 28
  • Votes 2

Yesterday, I deposited the check that the co-signer who is the husband's mother sent to me, and today the check is cleared. 

As a landlord, I am always a "good guy", but I do things according to "book", which is the LAW-PA landlord and tenant ACT. Once my tenant is behind their payment for 5 days, I will send out the quit of notice with register mail. In the end, I always trying to work with them even though sometimes they are 15 days late but had scheduled of payment and kept their words. But this tenants are different. Because the lease is expires in a month, so they put their money for the deposit of new place and would not pay me. They thought they can get away with it and I can do nothing about it. In the past, I let them make late paymenst many times and never charge a dollar late fee although it stated in the lease with $5 dollars a day for late fee. Now they are "chewed me up and spit up". 

There is saying that you can not fix the stupid. The outcome is that  they paid  $200 court fee and begged me to drop the case. 

Post: Relocate my investment to SC

Rose FengPosted
  • philadalphia, PA
  • Posts 28
  • Votes 2

Russ, 

Sorry for misspelled your name. That is not acceptable. I apologize for my mistake. 

Post: Relocate my investment to SC

Rose FengPosted
  • philadalphia, PA
  • Posts 28
  • Votes 2

Ross, 

You are so right. I made few offers but all outbid by other buyers. Because I am not local, it is very difficult for me to determined make a strong offer to compete others. 

Thank you for the kindness of offer your knowledge about the areas. I will be carefully keep looking. Please keep me posted if you have some decent deals in your belt. 

Post: Relocate my investment to SC

Rose FengPosted
  • philadalphia, PA
  • Posts 28
  • Votes 2
Originally posted by @Russ Scheider:

Hi Rose,

I am constantly working on rehabs and wholesale deals, but Charleston is such a hot seller's market right now that my wholesales are usually gone within the first 2-3 days.  I will let you know when I secure my next wholesale contract.

The rental market is strong, especially within easy driving distance of Boeing and the colleges.  However, competition for these rental properties has driven prices up rapidly in the past year.  Watch your cap rates carefully, because the margins have gotten very tight.

lots of opportunity in North Charleston, but please seek local knowledge.  Some neighborhoods look good, but are not, and some look rough, but are perfectly safe.  As with most cities, one side of a certain road or railroad track may be a decent neighborhood and the other side may have much lower property values.  

I learned the hard way that a drive through the neighborhood doesn't tell the whole story.

Post: How can I get my rent payment?

Rose FengPosted
  • philadalphia, PA
  • Posts 28
  • Votes 2

Hi, I filed the eviction on Jan, 30th and today I got the check from the co-signer with full amount of due plus the application fee of court. I will call the court to drop the case tomorrow. That is the result. 

I had been communicating with them a hundred of times to try to work something out before I bring them to the court, but they are arrogant and rude to me. Their attitude was:" you would'not be able to bring us to the court. by the time , we are already gone" 

So , my point is : legal power is so powerful to overpower the humanity.  Do not be afraid to go to court if you have the legal rights on your side. 

Here, I want to thank all of my BP friends that offer so many helpful advises. I was inspired and encouraged by all of you. Now I am more confident than ever because I know no matter what happens, you guys will be always behind me and support me! 

Originally posted by @Pat L.:
Originally posted by @Rose Feng:

Oh, shot! English is my second language. Although I have been trying very hard to write better but it seems still a long way to go. I misspelled a lot in my posts. I am so sorry for annoyed your guys.  and from now on, I will do the spelling check before I send it out .  

This 'debate' reminds me of a discussion we had with a neighbor in Australia, (many years ago). She was annoyed that her immigrant housekeeper didn't have an adequate comand of the English language (esp when dealing with her children). As she was going to let her go another neighbor offered the housekeeper a job. Apparently, the original employer had no idea that the housekeeper was fluent in several languages which the new employer capitalized on for the education of her own children. 

I was pleasantly surprised, (when visiting in 2012), to discover that my old high school now teaches 7 languages. In my day it was French or Latin with severe repercussions if you made the slightest mistake.

 Hi Pat, 

Thank you for sharing the story. Now I have better excuse for my mistakes in English. lol