Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Daniel Kim

Daniel Kim has started 3 posts and replied 92 times.

Post: New Member Introductions - Pharmacist interested in Real Estate

Daniel KimPosted
  • Rental Property Investor
  • Garden Grove, CA
  • Posts 100
  • Votes 69

After engineers, I feel like those in the medical field and also maybe accountants delve into real estate the most. Welcome and I wish you best of luck with overcoming the analysis paralysis and your studying!

Post: Lets say you have 300k cash (LA)

Daniel KimPosted
  • Rental Property Investor
  • Garden Grove, CA
  • Posts 100
  • Votes 69

I wish I had an answer for you...

I do have to say that the typical BiggerPockets response of "first buy a multiplex and house hack" just doesn't work well in markets like SoCal. Sorry to sound negative, but you probably won't find a duplex in a L.A. neighborhood that you would actually want to live in. And like you probably already know, househacking a SFR (i.e. roommates) ain't gunna come close to paying the mortgage...

Post: What state to purchase duplex-4 plex??

Daniel KimPosted
  • Rental Property Investor
  • Garden Grove, CA
  • Posts 100
  • Votes 69

Good luck, hope you find a good place to invest and a great deal. You're lucky to have family in Georgia and Michigan - those seem like great places to invest (lower prices in both plus Georgia seems very landlord-friendly and growing in population etc.). Hope you're close enough to your family to have someone check up on your boots-on-the-ground/on the property once in a while.

Post: Using 2 HELOC's to Purchase my Next Rental Property?

Daniel KimPosted
  • Rental Property Investor
  • Garden Grove, CA
  • Posts 100
  • Votes 69

That's what I did to buy my last rental - I pulled from my two different HELOC's. Of course now my DTI is through the roof but what can you do...

Luckily I'm still in the interest-only phase of my HELOC's but not looking to 2025 when my first HELOC draw period ends and I need to start paying back principal. Penfed is the credit union always mentioned for HELOC's on non-owner occupied properties by the way. For your primary residence there are probably a lot of good options with high LTV. Good luck!

Post: Best place to advertise room rentals in a single family home?

Daniel KimPosted
  • Rental Property Investor
  • Garden Grove, CA
  • Posts 100
  • Votes 69

I've always advertised and found roommates on Craigslist. Other than that, maybe Facebook groups? For example, I just checked out "Los Angeles Housing, Rooms, Apartments, Sublets" - seems legit

Post: Should I consider tenet application with low credit and eviction

Daniel KimPosted
  • Rental Property Investor
  • Garden Grove, CA
  • Posts 100
  • Votes 69

I would also pass. I've rented to tenants with low credit scores - some people just don't know the tricks to raising their credit score, have medical bills that they didn't know about until they were sent to collections, etc. etc. But evictions? Assuming their previous landlord maybe offered cash for keys or other remedies before eviction, that means they were the kind of tenant who fought their landlord/court all the way to the end...

Post: Are Turnkey Investments Worth It?

Daniel KimPosted
  • Rental Property Investor
  • Garden Grove, CA
  • Posts 100
  • Votes 69

Thank you for your service. I personally did not choose to use any turnkey provider. Their properties may require less stress/maintenance since they are turnkey but you would be getting little equity in most cases. I would much rather choose a market, study it and then build a team of your own. Yes, it would be time consuming since you are on active duty but I feel like real estate is never truly passive - when you do let it become too passive you will be at the mercy of a property management company that may not care about your interests. 

If you have any idea of where you would want to settle down once you are out of the military (hopefully an affordable area) and any family or friends in those areas, I would cut out the turnkey provider a.k.a. middleman and try to invest on your own.

Post: How did you decide on your first Out of State Market?

Daniel KimPosted
  • Rental Property Investor
  • Garden Grove, CA
  • Posts 100
  • Votes 69

I spent months and months comparing data like property tax rates, population growth, economic outlook, etc. etc. When I felt myself getting gripped by analysis-paralysis, I just said "f it" and took the plunge lol... 

After Googling things like "Best Rental Markets in the US" over and over again, I just didn't feel like jumping into any highly-competitive market that was on fire. Why would I as an out-of-state stranger do better than locals who did this for a living? So I didn't end up investing in one of those "Top Ten Cities for Rental Properties in 2019" or whatever. I guess when other people go left, I go right - I've always been a weirdo like that. 

I also asked myself, do I really want to fly to a boring town/city once a year and then fly right back? So out of the markets I was considering I narrowed them down to ones I might actually enjoy a day of visiting after getting real estate work done. And maybe areas I might even see myself retiring to one day...

But yeah, in the end, I guess it came down to which realtor in the few markets I contacted was the better communicator.

Post: how to get started using equity in primary home

Daniel KimPosted
  • Rental Property Investor
  • Garden Grove, CA
  • Posts 100
  • Votes 69

I can't speak to cash-out refinancing since I haven't done one yet (tempted with all these low rates though...) I took out an HELOC on my first home to buy my second. Since you don't know how long it may take to find a property and spend the money, I think a line of equity is preferable since you don't start paying interest until you use it.

Post: New investor interested in out of state RE. Any advice?

Daniel KimPosted
  • Rental Property Investor
  • Garden Grove, CA
  • Posts 100
  • Votes 69

Out-of-state real estate investing is so risky because if your boots on the ground (realtor, contractor, property management, etc.) is not doing a good job, it's hard to find out about it. 

I would usually recommend to first-time buyers to buy where they live. The whole home-buying process (buyer's agent, inspections, appraisal, escrow, seller's agent, insurance, etc.) is stressful enough as it is without having to do it from afar. The feeling of helplessness ain't fun...

However, that's easier said than done in coastal markets. I don't know anything about the New Jersey markets but "cash flow" and Bergen County, New Jersey (or Los Angeles, San Francisco, New York City, etc.) probably don't go in the same sentence very often. From forums about New Jersey I've seen people recommend Monmouth, Ocean Counties, etc. but that would still be a drive for you into unfamiliar local markets. Plus isn't New Jersey 50 out of 50 for highest property taxes...

The best thing would be if you knew someone in a more affordable (eastern Pennsylvania towns?) that you could depend on if there are problems. However, I would explore the market by flying/driving out and meeting your realtor and property management before you even think about buying.