All Forum Posts by: Tom Chen

@Joel S., thank you for that insight. 

@Tariq B.

Absolutely beautiful work...!

How does one go about starting to learn how to DIY?  I have NO handyman skills whatsoever...lol

So here's a question about the BRRRR...

I plan on investing in a market that does not appreciate, but the houses cash flow because of the low cost of entry.  If I buy these homes, and only do minor repairs, will this still be appraised at a higher amount for the refinance to pull my equity out?

Thanks in advance!

I don't think management is included. 

Hi BP!

So I understand the 50% rule, my question is how long to we keep socking money away in that account?

Also, do you combine all units' money together into one account?  Do you open a new account for every piece of property?  Do you pool all the cashflow money into one account or separate that out?

Hi @Mike Hopper, thank you for your response.  It is the cast in place concrete.  It runs along on both sides of the house and is about knee high.  I didn't get to the inspection stage because I was looking at multiple properties to determine which to invest in.  All the houses in Syracuse are pretty old...probably around 100 years or so.

The reason I'm even considering it is the apartments were the best looking, but then I saw the basement.  

@John Kaftan, I think I may pass on this house then.  It ran the length of the basement and was on both sides.  Thanks for your help!

@James Wheelock @Kenneth Garrett

Thanks guys!  To explain, it seems like the bottom of the foundation is crumbling away. This is in the basement. 

@Account Closed

LOL, that's true too. 

But my realtor says it shouldn't be a problem?  I've been looking at my first few houses in the Syracuse market and this foundation seems bad. 

Any thoughts?

Engelo Rumora So I used your question of "if we don't do business for about a year, but continue to build the relationship, will that be ok?" Here's the back story. I worked at a copier sales company with this man approximately 15 years ago and out of the blue, he reaches out to me to thank u and "catch up". So we decide to get some coffee and lo and behold, he's a "wealth manager" and was asking me all sorts of questions of what I've done these last 15 years. Since I'm just starting to invest in real estate, I said it'll probably be about a year before we can actually work together and will that be alright? Of course he said yes. I emailed him a week ago just to say it was great catching up and I look forward to continue building the relationship... **crickets** LOL, thank you for giving me tips to help me weed out these kinds of people from my circle of influence.

@Clayton Plank,

Again, thank you. I'm looking to do the BRRR for buy and hold. But to make it work, I'm thinking I need to find undervalued property hat needs some work.