All Forum Posts by: Daniel Kong

@Hana Bae I have a guy in Indy that I really like. PM and we can chat. 

If you did your homework and are sure of the rehab and ARV costs, seems like a win-win. Just be careful of both of those numbers, and not to get overly optimistic with them...

People have stated it above, but I'd just reiterate and agree with them. House Hacking. Getting an FHA loan in a house hack will do the MOST to stretch that 10k. Also, it doesn't take a whole lot of knowledge and savviness like some of the other creative ideas presented.

Not paying rent because a window doesn't work properly is not reasonable at all. This sounds like a bad tenant/people problem. I'd suggest getting a good property manager who can handle personalities like that. Someone firm, but likable lol. It seems like a good property manager might be able to help you with a lot of the different issues the building is facing right now...

Wow, so the BOE is saying that your valuation is too low? And they want your property value re-assessed to be higher?

I'm attempting to purchase a property with a tenant already in place. The plan is to purchase the property this month. However, the purchase agreement that my agent wrote up has "The possession of the Property shall be delivered to the Buyer on or before 1/31/2020". She said this is standard language in the purchase agreement when there is a lease already in place. I plan to honor the lease, but would like the lease transfered over to me, along with the security deposit and any contract with the Property Management Company. Does this verbage sound correct, or should it be worded differently? Trying to protect myself also against the seller extending the lease or changing the terms such as the monthly amount, etc. Thanks in advance!!

Welcome to the forums @Brandon Rabe! Great advice from the guys above, and like they mentioned its a great community here on BP to learn and network with like-minded individuals. Joining local meetups when you first start is definitely the way to go. Good luck in your journey!

I think the fact that its unsecured makes it reasonable. The lender has no recourse if you just decide to "not pay". Thus, with higher risk, a lender will need a higher reward. If it was secured, then 10-12% would be more normal. 

Yes, you definitely need a separate bank account for just your LLC. If you mix money/accounts, you are now comingling. In the case you ever get sued, it will be easier for a lawyer to "pierce the veil" and get your personal assets for a lawsuit against the property held in your LLC entity.

Great comeback! It's definitely a tightrope to walk. I meet people who are WAY to cautious, and others who are WAY too reckless lol. I guess at the end of the day it comes down to your goals and risk tolerance. Nothing like grinding to get out of a bad situation though. Much props to you for that!