All Forum Posts by: Troy Williams

There's never a bad time to buy...only a bad time to sell.

The purchase was a little hectic only because we had poor communication with our agent and title company, but the timezone difference didn't help either.  There was only a short window of time to connect via phone or check emails while all parties were in normal business hours.  In the end, though, it's an experience that is helping us to prepare for the next round of purchases this year....just have to factor in the extra time and travel costs.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in New Orleans.

Contributors:
Colette Chase

Excited to share a small win for two relative newbies in the realm of real estate. We started one year ago and end 2018 with a duplex purchase to bring our total unit count to 7! This year is going to rock!

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

The goal is creating passive income.

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

Funneled probably 150 potential properties down to 50 doing online analysis, then made a trip to New Orleans (I live in Shanghai, China and my sister/partner lives in Denver) for a 3 days scouring of the city. We narrowed the the list down to 4, and made an offer on top choice...closed 2 months later. Boom!

How did you finance this deal?

Long story, but ended up being a cash buy, with 12.5% down on our side with a 87.5% paid by a third partner. The 37.5% portion for our was a personal loan from (at a rate lower than our bank would have given us) the third partner.

How did you add value to the deal?

My sister and I did all the work to find and analyze the deal as well as manage the rehab quotes and property management.

Thanks on the mention @Brian S. .

@Cliff Kelley    i have 15 years experience living and working in Shanghai.   The opportunities are still here, but as others have mentioned, there are restrictions from the government.   For example, expecting to find a Chinese buyer to be able to pay even $100K cash as sole owner of a property would be very difficult simply because there is $50k outboard foreign transfer limit per Chinese national per year.   Will send an invite to connect...

btw, @Judd Campbell total side note, but I would love to see how you have your financial spreadsheets setup for all those self-managed units.  Always looking for ways to improve.... 

Hi  @Judd Campbell   welcome to China. I've been living here in Shanghai for many years already and currently managing 7 units with my sister (who is stateside).  Where will be you based?   If in Shanghai, we should definitely connect. I run a small real estate gathering group here....good for keeping the RE buzz alive.    If you are familiar with WeChat, feel free to add me... troy7845.  

@Mason Onkes   I did find the answer previously, but thanks for confirming!  Happy Holidays!

Great thread!  thanks for the read!  In China, where I currently live, there is a minimum deposit of 50% on first residential home, 70% for second and 100% for 3rd... 

Thanks everyone. Managed to find a registered agent called Northwest and get it sorted. Seller accepted our offer, now for the fun part.... finding a small team to rehab!!!

Thanks @Mike Wood I am looking for a relatively small team for a duplex rehab on the north end of Bywater / south side of St. Claude. Not a total gut, but call it heavy handy man work a solid 10 to 12 days with 2 to 3 guys. Would you happen to have any recommends could share? Happy to connect via PM if you are interested. Thx, Troy