All Forum Posts by: Vic Liang

@Johnny Espinoza Congrats! Are you self managing both the standard rental and the AirBnB or do you have solid property management in place to assist you? Without knowing much about the situation I'd say have the management company in place to assist your transition into being a new landlord. My property management team in Chattanooga has helped supplement the knowledge I gained from my agent whos local to the area and is instrumental to my successes. 

I personally think doing both is fantastic! What works in one market might not work in another  

@James Wise good looking out for him, but I am a tinkerer and encourage experimenting to find what quite honestly work for your personal investment style. At the end of the day buy and hold long term and (most) of the time you can't lose!

I just started a Meetup group in Portland! We alternate between the East and West side twice a week (Wednesday and Saturday). I was really happy with our first meeting this past wednesday which had a great turn out!

Look out for the group on Meetup.com, I hope to meet more and more bigger pockets fans as time goes on! 

Hello Jay,

You're absolutely right! Although I do want to create an environment for newer investors to come into the scene and not be given a sales pitch. I was burnt out at a Legacy Education 3 day training event where we were berated with their 45k$  mentorship program. If the events turn into hanging out with friendly investors I still consider that a win! If one new person shows up to every meeting and I can make a lasting friendship/help them get started investing I consider that a bigger win!

What I meant by no selling was agents coming in and smelling blood and asking for what I was looking for before getting to know me, I told a woman at a meetup that I already had an agent (who is killing it already finding me off market deals) and was an agent myself yet she kept talking about finding me a deal and talking about collecting a referral fee and salivating over my desire to purchase an apartment building. It turned me way off. There's a right way to sell, and a wrong way to sell.

I could in fact be doing things the wrong way and I'll learn the hard way. But I really strongly believe what's holding people back is just simply people feeling like they're a number in some investor/agents pocketbook. That's what did it for me. So I want to change that and find other like minded folks!

And to be honest I stole this "chill and hang out with other real estate investors over a beer" meetup idea from The Best Ever Apartment Syndication Book by Joe Fairless/Jay Hicks. It worked for them and I'd like to see if I can replicate their success!

Really appreciate your concerns @Jay Hinrichs!

I just started a Meetup group in Portland! We alternate between the East and West side twice a week (Wednesday and Saturday). We had our first this past wednesday and it was a blast! Chill and relax with other real estate investors over a pint and let the night go where it can go. 

NO SALES PITCHES THOUGH. If you're selling something please leave can't stress that enough (as I pimp out my meetup).

Probably can't post links or anything and I don't want this taken down so just try to find me on Meetup.com!

My parents are immigrants and I want to live up to the idea of the American Dream. My parents hustled and built a business that unfortunately went under. Started from scratch again. They eventually got us back into a home of our own. When my father passed, he passed the torch onto me to not only care for my mom and make sure she never is forced into a situation where she loses everything. But to continue forward and build upon what advantages I have going for me, that I have only because of them. Then one day I hope my kids will have that same fervor to take I've built and go bigger! 

TLDR: Generational Wealth. American Dream. 

Hello everyone!

I'm working on partnering with someone on a repositioning deal in Memphis, TN and we both live in Portland, OR so neither of us would be necessarily boots on the ground.

He would be the main funding source (essentially 85-95% of the deal) I'll put in as much money as I can whenever we close. As well as providing the net worth to convince lenders to see we're playing with the big boys.

But I would be the main point man co-ordinating the brokers, lenders, as well assisting my partner who, while extremely knowledgeable in real estate transactions and creative financing, does not himself have experience specifically in larger apartment complexes as well as the english reading comprehension to delve into the legalese of the contracts and will rely on me and his daughter who will also help translate.

All I can say is I've read Multi Family Millions by David Lindahl/Crushing It by Brian Murray so I have some ideas of how to reposition properties and tactics to deal with issues that come up. But of course practice will always trump knowledge that I've read in a book.

Given this info would it be fair to ask 10% above what I am able to fund myself. So if I contribute 5% of total acquisition costs, I'd receive 15% total equity and cash flow.

After the conversation today I realized I need to get my feet wet and probably should just bite the bullet and just use this as a learning opportunity and just split the percentage based solely on my monetary contribution. I'm hungry to play with the big boys in real estate and I see this as my opportunity. But there is a feeling that I should stand up for my contribution to the deal.

Would love some guidance from the Bigger Pockets community.

Hello everyone,

A coworker of mine's church friends has run into issues with being able to afford their mortgage payments as they slowly decline in health. They were contemplating selling to me knowing I'm a real estate investor hoping that I could rent back to them for a lifetime lease while transferring ownership of the property to me, and I'd be responsible for taxes/insurance/remaining mortgage.

I've done some research and it seems to be similar to a Home Reversion which is fairly common in European markets. In terms of doing this, has anyone met anyone that has done something similar to this? Is it even legal to do here? If any Oregon real estate attorneys are willing to sit down with me to talk that'd be awesome.

And in terms of tax implications, the idea was that the fact that I was renting back to them was their compensation. So on paper the value I'd be receiving from them should be equal to the average rent prices, and how would that look like for my taxes? How do I need to structure the contract to make it look like I was doing a standard rental? If any CPA's would be able to clarify this I'd be happy to talk as well.

 @Dan Handford 16 Units.

Investment Info:

Single-family residence buy & hold investment in Knoxville.

Purchase price: $135,000
Cash invested: $27,000

First Oxford House rental, previous landlord wanted to liquidate and move on to greener pastures.

Cash flows 500$ a month.

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

Oxford House and their amazing systems/business. Also presented the opportunity to do my first seller financing deal.

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

Networked with folks from the Oxford network and when a landlord wanted to sell I was contacted to take over.

How did you finance this deal?

HELOC from primary residence.

How did you add value to the deal?

No value add. Seller was willing to sell at slight discount and

What was the outcome?

Just closed the other day.

Lessons learned? Challenges?

Originally wanted to finance traditionally, and when it fell through I asked if we could seller finance and he was willing to! All I had to do was ask...

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

Steven Sivers of Jackson Square Title Company - in Oak Ridge, Tennessee

I'm currently in the process of finding my next deal and I've been looking at Memphis and Little Rock for strong cash flow markets. One of my main concerns entering an out of state apartment investment is to whether I should have my own agent represent me or be dually represented.

I'm in a position where I need to be able to have options to propose creative financing such as seller financing, maybe lease options, ect. But worried that a listing agent will shut these ideas down to their seller. I figure the higher commission will motivate an agent otherwise.

Any advice?