All Forum Posts by: Shuai Zeng

Investment Info:

Single-family residence buy & hold investment in St Petersburg.

Purchase price: $68,000
Cash invested: $28,000

Bought my First Rental when I first started thinking about investing the extra cash I got around in 2013. Drove to FL after requesting work off for 2 week, and picked a house that I never went in and had that feeling I should buy it and made a offer.

What made you interested in investing in this type of deal?

Wanted to get into Real Estate, and thought I should buy a rental to get some extra income.

How did you find this deal and how did you negotiate it?

Found it on Zillow, and had a agent I was working with made a offer 3K higher than asking price.

How did you finance this deal?

Me and my wife had about 12-14K saved up, and I had a inheritance from my father about 15K to put as down. Not as rental mortgage, but as Vacation home at the time.

What was the outcome?

Rented out, did not start out as cash flow much. But since area eventually got better, better cash flow and appreciation of the house went up.

Lessons learned? Challenges?

Rental can become a major PITA when you are out of states, but when you have good property management that are willing to work with you everything goes smooth.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No.

Hi All,

I have a purchase rental back in 2013. Currently it's still a rental, and there is a nice chunk of equity due to appreciation. The remaining balance on mortgage is about 40K, and market value at 160k; also rented at 1.1K. I'm currently under purchase contract for my 2nd rental, so I will be out of cash after this purchase. I do like the ideal of full cash flow, but I also like to have some cash on hand. Would you guys take out equity out of house or pay off remain balance and milk the cow for the cashflow? 

Also the refi I checked before is asking 10K as fee to refi and I would only get about 50K cash. It's positive cash flow at the moment. 

Anyone know the estimate cost for a sf around cleveland height insurance? Trying to figure out if number make sense or not. Thanks. About 1.5K sqf 3b1.5 b

@Andre' Arceneaux

Which insurance broker ur using currently?

@Steven Taylor Really? I was looking at couple property that is within my comfort budget range. I'm not really looking to do Flip at the moment but more of turn key property. 

And thanks all for your reply.

Going to visiting Cleveland & Columbus OH, any tip for area to avoid in those city? and Area to look at?

Hi Sunita,

Mind email me the info?

[email protected]

Thanks

-Shuai

Hi Zach, 

Please send info

[email protected]

Thanks.

Can you send me the info for this. 

Thanks.