Rental Property Investor · provo, UT · Member since 2018 · 11 posts · 1 vote
Hi I’m 23 years old from Taiwan ! I own 1 house in Taiwan and 1 in Provo ! I am very interested in real estate but I don’t know how can I start making more money all I earning is from the rent that’s not much ! I am wondering if anyone can help me give me a direction. I’m also am a international student so I have some limited in loan and other things . I hope I’m not asking too much but if someone will to be my mentor I would be very thankful ! Thank you !
Sincerely
Ching Yao chang
Real Estate Agent · Minneapolis, MN · Member since 2016 · 361 posts · 296 votes
8y
Hi Ching,
Welcome to the BP community!
Most starting investors get involved with the "BRRRR" method, where you Buy a property (most often a house), Rehab it, Rent it, Refinance it, and then Repeat the process.
An Example: (using estimated Provo numbers), you'd buy a house for $120k, rehab it for $60k, and then rent it out for $1200/month. At this point you'd talk to a bank about getting a Refinance. The bank will send out an Appraiser, and hopefully, they appraise it for a lot. Let's say they appraise it for $240k. These days, banks lend 75% on a rental property, so the bank lends you $180k on the house. All in all, you put $0 into acquiring a rehabbed house ($120k + $60k to get and rehab the house, but the bank lent you $180k), you're receiving $1200/month in gross rent, and have $60k in equity in the property.
If I were you, I'd continue reading all throughout BP and getting connected to other investors, rehabbers, and wholesaler. Poeple will mentor you only when you have something of value to offer in return, most often your time or investing dollars.
Real Estate Agent · Minneapolis, MN · Member since 2016 · 361 posts · 296 votes
8y
Hi Ching,
Welcome to the BP community!
Most starting investors get involved with the "BRRRR" method, where you Buy a property (most often a house), Rehab it, Rent it, Refinance it, and then Repeat the process.
An Example: (using estimated Provo numbers), you'd buy a house for $120k, rehab it for $60k, and then rent it out for $1200/month. At this point you'd talk to a bank about getting a Refinance. The bank will send out an Appraiser, and hopefully, they appraise it for a lot. Let's say they appraise it for $240k. These days, banks lend 75% on a rental property, so the bank lends you $180k on the house. All in all, you put $0 into acquiring a rehabbed house ($120k + $60k to get and rehab the house, but the bank lent you $180k), you're receiving $1200/month in gross rent, and have $60k in equity in the property.
If I were you, I'd continue reading all throughout BP and getting connected to other investors, rehabbers, and wholesaler. Poeple will mentor you only when you have something of value to offer in return, most often your time or investing dollars.
Real Estate Agent · Salt Lake City, UT · Member since 2016 · 30 posts · 7 votes
8y
Hi @Ching Yao. I have actually helped 2 different people from Taiwan in the last year find properties in Draper and Magna. With a student visa it might be difficult to get traditional financing. Both of the people I worked with ended up using cash for their purchases.
What type of real estate are you most interested in?