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All Forum Posts by: Tuan Le

Tuan Le has started 6 posts and replied 123 times.

Post: Input Data on Rental Property Calculator

Tuan LePosted
  • Investor
  • Houston, TX
  • Posts 142
  • Votes 32

Maybe @Brandon Turner can help with that?

I was looking for tutorials to use the calculators too

@Account Closed I got it in SW Alief.  I'm investing in areas I'm familiar with.

My lender was Flagstar Mortgage, I believe.  So ask your mortgage broker about them.

Post: Home Inspection Packages

Tuan LePosted
  • Investor
  • Houston, TX
  • Posts 142
  • Votes 32

I'm in Houston, TX and my home inspector just started using thermal detectors.  It's a pretty nifty tool that goes well with his report.  However, he does charge $100 above his $275 inspection. 

I just picked up a townhouse that lender allowed me to use 75% of the rental income.  They do require proof like current lease agreements, transfer of lease agreement.  Without the rental income, I probably would not have gotten the loan.

I believe the cap rate is a personal number.  There is no standard rate.  You just use it as a metric against your other investing options like savings, CD, etc.

Post: How do you charge tenants for allowing a pet?

Tuan LePosted
  • Investor
  • Houston, TX
  • Posts 142
  • Votes 32

What can you find with the black light test?

Post: How to educate myself

Tuan LePosted
  • Investor
  • Houston, TX
  • Posts 142
  • Votes 32

This was the first "book" I read:

http://www.biggerpockets.com/real-estate-investing

The book is very informative and gives you a general idea of what you can do with real estate investing.

I also recommend Building Wealth One House at a Time by John Schaub

Post: Do investors have a need for this service?

Tuan LePosted
  • Investor
  • Houston, TX
  • Posts 142
  • Votes 32

CMA are preferred because its free and easily accessible.

If you were leveraging your investment, the bank would require you to get an appraisal anyways so it doesn't make sense to pay for it twice.

Although, it can benefit a cash buyer to determine ARV of a rehab property.

Right now, I'm in a situation and I'm wondering if an appraisal is better than CMA.

http://www.biggerpockets.com/forums/311/topics/166690-how-do-you-find-arv-if-comps-are-spread-out?page=1#p1122437

Post: How do you find ARV if comps are spread out?

Tuan LePosted
  • Investor
  • Houston, TX
  • Posts 142
  • Votes 32

@Jonna Weber Thanks!  I didn't think about the location and view of the units. #3-4 are a bit more up to date.  

Post: How do you find ARV if comps are spread out?

Tuan LePosted
  • Investor
  • Houston, TX
  • Posts 142
  • Votes 32

I am looking at a townhome that needs a bit of TLC. The wholesaler is offering a little bit over 55k that needs about 5k in repairs. He suggested $77k ARV. I've looked at comparable properties with the same sqft, bdrm, bathroom. The numbers are:

#1 $52,000 DOM: 2 days

#2 $55,000 DOM: 12 days

#3 $70,000 DOM: 11 days

#4 $79,000 DOM: 66 days

#5* $87,500 DOM: 10 days

*The first 4 are from same subdivision.

How would you figure out what the ARV would be from those numbers?

If I were to do a cash-refinance, how can I prove to the bank that it's at least $77k after repairs. 

Post: Investing in Houston while oil prices fall?

Tuan LePosted
  • Investor
  • Houston, TX
  • Posts 142
  • Votes 32

I think it depends on the area you are buying.  Houston market is really hot right now.  A lot of people are paying higher than listed price.  I know because I've been outbid many times or if it's low, I get taken out by cash buyers.  

How are you evaluating your properties if you're out of state?  Do you have someone here that help you inspect the house?