All Forum Posts by: Bao-Chau Tran

Hi,

I just got a bank loan with my wife for 100k, conventional loan for a townhouse. What are the possibility for me to get another bank loan (for rental)? 

Is it best to save up money to buy another house? Or to pay off the loan quickly so I can buy another investment home?

I just got a second job to quickly pay off these loans. 

Any advice/suggestions would be appreciated!

 Thank you Kelsey! Talking to realtors (as well as appraisers and contractors) in the area is on my to do list this coming week. I am in the process of looking for a cash/equity partner. And I'll probably plan to visit Aberdeen to see if the city is worth investing. Many thanks!

Could you provide any advise for newbies investor like me?  

 Thank you for this tip! I am listening to Josh and Brandon Turner's podcasts. And they have amazing content. Also, I am attending some of Brandon Turner's webinar. I will plan to contact him to see if he think this is a good deal or not. Many thanks!

Hello,

I came across a good deal (I think it is a good deal) from a wholesaler here on BP marketplace. This particular property is a 3bd/1bath single family home that is in moderate condition but would need to be fix up before re-selling in MLS marketplace. The wholesaler marketed this home in Aberdeen WA to be around 60% of the asking price. And that is around 20 to 23k plus 2k wholesaler fees.

After fixing up, I think it could sold for 70k to 85k (ARV) based on three comparable homes in the Aberdeen, WA area. I would like to fix this home up and sell for around 80k. After about 10 to 15k rehab cost, we may profited about 25 to 35k (depending on actual rehab cost). But I am a little hesitant based on three factors:

1. I am new to real estate investing and so I don't know much about flipping houses.

2. I don't have the cash equity and so I need to find a cash partner for this deal. I am not sure how easy or hard to find a cash partner to split this deal with. How do I goes about finding an equity/cash partner?

3. Aberdeen WA area seems to have more crimes and below average school than I am comfortable with. And I am not sure about the real estate market in Aberdeen? Whether it is easy or difficult to sell home? Can some Washington investors comment on what they think about investing in Aberdeen? 

Any advise would be deeply appreciated! Thank you very much!

Bao Chau Tran

Hello,

I am new at real estate investing and I have been actively learning, as well as looking at real estate properties for sale. I have come across several good bank owned REO, which is being sold through property manager group. I found this advertisement on the BiggerPockets' marketplace. I am a bit hesitant to proceed because these properties is out of state. Because I don't really know much about these out of state market? I am not sure how I should handle out of state properties.

Do you have any advise for me? Should I avoid this? Or proceed with caution? These deals are low enough that I think I should at least look into it. But again, I don't want to invest because of cheap price. Many thanks!

Yes, I have been reading some ebooks from Amazon. Now, I am exploring the podcast, blogs, and forum at BiggerPocket.

Hello, 

Hello, my name is Bao Chau. I am new to real estate investing and I have a lot to learn. I am very excited about reading, learning, and asking questions at BiggerPocket Forum. Next week, we will be closing on our first primary (but will be our investment property in a few years) going to close on our first property in Mount Vernon area. Interestingly, when we initially put an offer in for this property, we didn't do it as an investment mindset per say but as a primary residence (owner occupied). But in a few years, this property will be our rental properties. Also, we are renting out one bedroom in our new upcoming property and so there will be some cash flow in this. But hopefully, I can learn and grow in this real estate investing, as well as do more deals. Many thanks!