All Forum Posts by: Daniel Kong

Like some previous posters have said, most real estate agents will ask for proof of funds before they go out making lots of offers for you. It would be good to start thinking ahead of time who you could partner with if funds will be an issue. Networking at local REI meetups, talking to family/friends ahead of time, or drumming up some interest and backing ahead of time, will probably be really helpful.

There are lots of creative ways to find financing and money, so many educate yourself on that portion of the equation first. Either way - Good luck!

@Irene Hunter Like Sasha said, most conventional lenders won't let you purchase a property in your LLC. It would have to be in your personal name, and then moved over after. The Title and mortgage are two separate things as well. So, from my understanding, if you bought it in your name, the mortgage would be tied to you as well. Even if you moved the Title into your LLC, I think the mortgage would still be tied to you, and would show up as debt in your DTI calculation. Is that what you are asking?

Thanks @Cassie Chun . Let me know if you find someone, and ill likewise do the same. My current CPA friends are all maxed out too, but they are reaching out to see who else would be available. Business must be good as a CPA, so many clients you have to turn people away lol. 

Thanks for the recommendation @Michael Mazzella . I'm looking for a CPA as well to start working with. I will give Diana a buzz. 

Craigslist, Facebook, Marketplace, and Offerup. I really like Offerup over the other two. Everything is done with your phone, and the interface is really simple, and genius. Highly recommend that for grabbing (and selling) used furniture. Good Luck!

Have you thought about hiring a property management company to manage the units for you? It sounds like you don't have the time/energy to manage the properties yourselves. Maybe a good property manager could take all that burden off you, and you could just collect checks. If the numbers don't work with property management, then maybe time to sell...

Zillow, Trulia, Realtor are a good starting points, but you really want to work with an agent to get you a little better information. 

@Brian Midden Rentometer is a popular site for that. 

I'd go with Scenario 1. The sooner you can get started in building equity the better. If you wait until 2020, all the rent you are paying is not doing anything for you. Plus the sooner you just buy "something" you learn a ton in that process and will help to motivate you to continue to learn. You may even be able to house hack or AirBnB a room out if you can buy a 2 bedroom. (You can also AirBnB your couch for cheap lol) Just some things to consider. Good luck either way! 

@Wei Jie Yang Great thread! Looks like you've done a bunch of research. I was in your shoes a couple months ago and came to the same conclusions about how important it is to have a great company to buy from first before the location. Obviously, you would judge each deal the company presents on its own. 

From my research, it seems like an up and coming company would offer you a better deal (ROI) because they have to to be competitive. Once the turnkey company reaches a certain size and have enough customers and "reviews" they will give a little less ROI, but you are getting their tried and true systems and knowledge that they will most likely be around for a while and be pretty trustworthy. So its something to consider when choosing your company. It's like buying the safe stocks with slow and steady returns vs slightly riskier ones that may pay off huge, or may lose you money. I have a friend who owns a couple of properties from both Memphis Invest and Mid South Home Buyers, and he makes small steady returns without a lot of headaches. He also owns some rentals he got from some smaller guys that could have paid off well, but have been a little more painful/time-consuming.