All Forum Posts by: Jimmy Hong

Hey Gary, obviously Rich Weese is 100% correct. Also, because you are fairly new with limited experience, I would focus on purchasing SFR instead of building specs. Buying SFRs for cash flow income or fix and flips will be way safer investments than building a spec home without knowing the network of people required and with limited knowledge of the process.

And that $65k is assuming the home value is $250k and not $214k. If you are conservative (and you should be), there is only $39k of equity.

Hello everyone, has anyone used the Rex Report in Austin or San Antonio? Are the property info accurate? I just wanted to get your opinions and reviews before I purchase it.

Thanks in advance,

Jimmy

What about finishing your flip as you originally intended, then use that cash capital and buy other properties to proceed with your long term buy and hold strategy.

Joel Owens, thanks for putting the difference pricing points into perspective. I'm gonna think about that.

I agree Ryan Logsdon, $1920 monthly net does not look that great at $188k investment.

Thank you Bryan H. for putting the pics up.

David Beard, I did not realize commercial financing could be that big of a problem. That would definitely make this property a no go.

Troy Fisher, I agree the $188k would be spent better elsewhere.

Thanks all for your input, much appreciated. I was on the fence before but seems clearer now. I am now thinking I should stay with SFH or 4 plex and less properties.

Thanks ANISH TOLIA, unfortunately I can't because I'm in Cali, but my agent did today. Took pictures but I can't figure out how to post them here.

So with 60% costs = $23,040 yearly NOI,

I'll be looking at $1920 per month. Hmmmmmmm....

Thanks Matt Devincenzo, already on it :).

Ryan Logsdon, I will be finding out about the rent rolls soon. I just hired a commercial agent (after interviewing 4 others) and he seems capable. He will be requesting the pro forma, rent rolls, etc. Seller agreed to pay agent commission and we haven't finalized agreement regarding closing costs.

Thanks Joel Owens, I was hoping you take a look at this post.

Thanks to both Ryan and Joel about negotiating the deferred maintenance. I haven't thought of that and this is exactly why I'm on BP.

This all goes back to my question, is the cash flow worth it to own in a war zone? Because I'm certainly not doing it for appreciation.

Ryan Logsdon, I definitely agree. I'm doing my own due diligence with every aspect of this property. My Columbus agent physically checked on the property, spoke with few tenants, will be getting officially appraised and inspected.

Thanks for your input Ryan. I totally agree 100% that its a gamble. My 1st priority with this is the cash flow.