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All Forum Posts by: Sunday Nguyen

Sunday Nguyen has started 1 posts and replied 24 times.

Post: Success on 1st R.E investment, tips on doing it better the next?

Sunday NguyenPosted
  • Real Estate Investor
  • OAKLAND, CA
  • Posts 24
  • Votes 30

@Michael Plante

I agreed that it seem like a lot more than I had initially prepare for. At the beginning, we were only plan to do quick rehab on a 2/1 but the finish product is a 3/2. The additional room attached to the property, we were told that it wasn't legal by the owner's son(the owner passed away). 

When we applied for kitchen remodeling i had the record pulled and found out that IT WAS LEGAL and permits were pulled in 1961. When I found out about that, we were almost half way through the project, so a change of plan we convert that ADDITIONAL ROOM into a bedroom with new bathroom built into the same sqft. When we pull permit for the additional bathroom, inspector delay signing due to some minor things like incorrect pipe material for the bathroom, electrical sub-panel is not up to date, central air heat certification needed, etc... All that plus more, those items we were trying to not get permits for, hopeful to fly under radar. Rookie mistake on my part that I should've pull all records on the house and not assume.

 I would continue to work with the same contractor next time around, he did a good job and his bid was more competitive than others.

Post: Success on 1st R.E investment, tips on doing it better the next?

Sunday NguyenPosted
  • Real Estate Investor
  • OAKLAND, CA
  • Posts 24
  • Votes 30

@Jarett Park, Thanks Jarett. I'll sent you a P.M, looking forward to get in touch with you in person. 

Post: Success on 1st R.E investment, tips on doing it better the next?

Sunday NguyenPosted
  • Real Estate Investor
  • OAKLAND, CA
  • Posts 24
  • Votes 30

@Clayton Danly nice to hear from you again Clayton! How's it going? I attached pictures before and after below.. 

before...

after...

BEFORE..

AFTER...

BEFORE..

AFTER..

BEFORE .. FIRE PLACE REMOVE AND MAKE AN ISLAND

AFTER ...

BEFORE..

AFTER.. KITCHEN REMODEL

Post: Success on 1st R.E investment, tips on doing it better the next?

Sunday NguyenPosted
  • Real Estate Investor
  • OAKLAND, CA
  • Posts 24
  • Votes 30

Hi to all BP friends!

After a year or more of grooming and learning everything I could about R.E investment, I've made my first purchase in Feb 2, 2018. It was a probate property, no court confirmation needed, and also tenant occupied. After 2 months of back and forth on negotiating with the lawyer/owner we come to agreement of $260k with contingency of tenant moving out before funded the deal. Originally asking price of $320k dropped down to $285k after initial negotiating without inspection of property. With all current comparable of 2/1 in the area with same sqft is around $385k-$400k, I converted to 3/2 with permits our contractor and I ran into many challenges with the city inspection and also tried to stay within budget. Our estimated was $45k rehab which end up at $72,550.00 project. We overcome all challenges and ended up with an appraisal valued of $459,000 when we did re-finance for better term/interest rate. I will post a complete Deal Detail below. At the end of it all it was well worth it, the house is now rented for $3115.00/month and the feeling our getting our first rent check is amazing! Thank you to all of BP members that been helping me answer all my questions in this R.E journey. Special thanks to @Account Closed