All Forum Posts by: Daniel Kong

Seems like a winner. I'd just verify that the tenants are paying utilities. That can be a real deal killer if they arent. 

@Ryan Ingram Do the properties you own in your LLC, also have the mortgages tied to your LLC as well, and not to your personal name? I'm assuming these aren't conventional loans if thats the case...?

Small multi family (2-4) or commercial multi-family. Also, what type of apartment rentals?

Someone gave this great analogy and advice thats helped me a lot. How do you know that Milk on sale is a good deal when you go to the super market? Well, if its your first time there, or 2nd, or 3rd you dont really know. But if you've been shopping for months and have checked whenever you go, you get a good sense of what a "good deal" is. 

The same applies to real estate. Start looking at and analyzing deals - lots of them from all over. After you've seen maybe a hundred, couple hundred etc, then you will start to know a good deal when you see it. 

You could also post in the marketplace over here at BP. If the deal truly is good, I'm sure you would be able to find someone willing to partner with you. 

Some other creative strategies are AirBnB, seller financing, or 1031 exchanges. 

Like @John Warren said, you have to find a great deal. Same as if you were going to flip a house. Most of the time, deals that people can just google, and that are listed publicly won't be good enough deals for the BRRRR method to work. You'd usually have to find something off market, or see something in a deal avail publicly that others didnt notice. (Ability to add another bedroom, or force appreciation for really cheap)

This is the spreadsheet I used to compare Amway with Amazon. If you think of Amway as "Mercedes" and Amazon as "Kia", then the price difference makes sense. Otherwise, if Tide, Colgate, Downy and Red Bull are ok with you, then maybe not. 

But like I said earlier, I know some amazing people who are in Amway, and their leadership development, and personal growth are phenomenal. It just didn't make sense for me to join from a purely numbers standpoint. 

@Rachel Heslep Yes for sure you can. But just be aware it will cost you around 500-700, and you will have to get another one done during the refinance- the lender will require it. Just another “double” cost if you pay cash then refi. As long as the discount for cash is big enough it will be worth it. 

Sounds like a great deal! Congrats!!