All Forum Posts by: Account Closed

Three years ago, on the date I signed a lease with a future tenant, after we signed the lease agreement, from our conversations, I had an uncomfortable feeling that I didn't want to lease it to them... Since I had signed the lease agreement already, I told myself that my gut feeling was wrong, and let's continue the lease, and give them move-in keys 1 week later. It turned out that, they paid the first month rent and security deposit, stopped paying rent starting the second month, I had to evict them. I was regret that I had not trusted my earlier gut feeling. If it happen to me again in the future, I would give all the move-in cost to the future tenant, and tell them that I change my mind. I would prefer to deal with it with the future tenant in court, rather than go through the eviction.

I remember one BP member said the following: At the right time, If cash is King, then leverage is GOD. I like this sentence very much. At current market, I try to maximum my leverage.

Two years ago, I pulled out 70% hard money loan at 11% interest rate. After two years properties appreciation, today, the money I pulled out has made more than twice the original loan amount. The trick was, buy, refinance, buy, refinance, buy, refinance...

Thank you for the advice from everyone. :) I will try to reach out to them one-by-one and see.

You are right. The current market direction is pointing to "Up". It is hard to change the direction in the near future due to the high demand/low supply. Until the home developer build enough homes to flood the market (create more supply), that would take at least a few years to reach it.

Long time ago, I remember I read articles on google that: One of the factors depends on the interest rate market. If the interest rate is going down, the lender may pretend didn't see anything even you transfer title to LLC. However, if the trend of the interest rate is going up, the lender has a big chance to call the sale due, so they can have you refinance at a higher interest rate, and the lender can make more money.

Buy now. Don't wait. The longer you wait. The more expensive it will be. Let say the current house cost $100k, say it peak at $180k, say it has a 30% dip. After 30% dip of $180k, it is $124k, the next bottom still more expensive than now.

You are right. I would never rent to anyone who have eviction before.

I have been upgraded my units and raise the rent to the top dollars. Even my units are the most expensive rent in the market, I still get multiple 700plus credit score great applicants easily fighting for my units. Before I upgraded my units, my previous tenants made "so-so" income and have low credit scores. After I upgraded my units, I received many good applications from professional like lawyer, doctor, accountant, etc.

I had a real estate agent help me purchase my first 10 properties. After purchase my first 10 properties, I'm kind of familiar with most of the paper work and the process. Later on, whether it is off-market or on MLS listing, I always write my own purchase agreement to the listing agent or the seller, always ask the seller to credit 1% to 3% to me (because I represent myself without a realtor), I negotiate the price, open escrow, escrow will handle the rest of the paper work, done deal. It always saves myself 1% to 3% of the sale price by writing the purchase agreement myself.