All Forum Posts by: Account Closed

To rent at $950 per month, I see properties on MLS are selling at about $140k. Approximately 0.678% rent/price ratio in Las Vegas.

Try to ask the seller to pay for the HOA lien. If the seller pay for it, problem solve. If the seller say no, and if it is a very good deal that you don't want to lose, you just pay the $5k. If you think you can find a better deal somewhere else and are ok losing this deal, walk away from it.

However, I will not leverage forever. At some point in the future (most likely the next few years), I will stop leveraging, as it may be a bad time to leverage a few years later... If you want to leverage, do it asap, the longer you wait, the riskier it will be in this boom cycle... When the boom game is ended in the future (we don't know when will it end, but looks like not the next 12 months), I will have "zero leverage".

I love leverage! Last few years, I always maximize my leverage using all different sources, such as 0% interest rates credit cards for 12 to 18 months, 401k loan, IRA fund, 3.25% conventional loans, 11% hard money loans, 5.5% portfolio loans. Without the credit cards debt, my credit scores is always in the high 700's. Once I pull out "all" the 0% interest rate credit cards fund, they drop my credit score to 580. I'm always able to pay off the credit cards before the 0% interest rate expires. Once I pay off my credit cards debt, my credit score is back to high 700's. Then I will re-borrow all the 0% interest rate credit card again for another 12 to 18 months. Using leverage last few years, I am able to have a cash flow that is more than my last W-2, so I can have more free time now. My equity has grown several times since then. Leverage is risky, especially risky using hard money loan, but it is a very powerful tool too. I know my case is risky, and yes, I do consider myself a risky person. But I love math and numbers, I did the math before my risky leverage. I'm able to sleep very well every night even I currently have a huge debt. (As I also have a decent equity after the debt). This is a numbers game. I enjoy moving the numbers around and will continue expand my portfolio at least the next 6 to 12 months. Currently, I don't have much cash for down payment . I'm in the process of cash-out refinance (more leverage), so I can use the leverage to buy more. The refinance process is taking too long... Can't wait... But no choice, have to wait for the loan approval... We need money and borrowing power to make more money. :)

Ask them, "estimate how long would it take to have the title search come back? One week, one month? Or one year? See how they answer this question...

Email the escrow officer directly, ask him/her what is holding to close the transactions? They will give you the details. I like to communicate with the escrow officer directly myself to find out the status of the transaction all the time, instead of having the realtor email the escrow officer.

Hi @Arianne L. , my real question of this topic is, is it worth to spend many hours looking for off-market deals. I heard many people said look for off-market deals. I did find and closed several off-market deals, but it took me many hours doing so. And to be honest, it was not easy for me to find those off-market deals. Unless the off-market deals come to me themselves, then I would be happy to look at the numbers and consider it; but it seldom happens... That's why I'm trying to ask, is it worth the heavy effort to look for off-market deals? Thanks

All of us will be in the position of both buyer and seller at some point in the future.  

Does it means the followings?

From the seller position, to maximize the profit, we always want to list it for sale on MLS, unless...

...unless the seller can find a buyer to pay for the same MLS price without paying the commission. (Usually, the chance is very slim...)

Conclusion: Most of the time, seller don't need off-market deal unless the buyer is paying the same MLS price. Then it can save the seller's commission.

From the buyer position, if the seller list the property for the same price on both MLS and off-market, what is the differences buying the property on MLS or off-market?

During buyer market, deals are everywhere, there is no need to look for off-market deals. 

If this is the case, the buyer don't need to purposely work very hard to look for an off-market deal unless...

...unless the seller sell it below the MLS price... (...which is not easy to find such seller who is willing to make less money while they can make more money on MLS...)

or ... unless it is a very hot seller market, unless the MLS competition is too high, unless there is multiple bids everywhere to the point that it is not easy to buy a property on MLS, then at this time, the buyer may want to look for off-market deals for the reason of less competition even though paying the same MLS price.

Same thoughts or different opinons please?

A question always in my head. Why would buyers always want off-market deal? Is it because off-market deal are cheaper than MLS deal? If off-market deals are cheaper than MLS deals, as a seller (all of us will be a seller at some point in the future), in order to maximize my profit, I would not want to sell my properties off-market. If MLS deals are more expensive and have the largest pool of the buyers, as a seller, I would always want to sell my properties on MLS listings to maximize my profit. Appreciate any advice please.

I would do the tenant a favor by postponing the new lease date to be Nov 1st. So the new rent will begin on November 1st, 2017; and next year renew date would be November 1st, 2018