All Forum Posts by: Daniel Ryu
Daniel Ryu has started 49 posts and replied 559 times.
Post: Investing In California
- Investor
- Suwanee, GA
- Posts 579
- Votes 347
@Account Closed
I was reading the LA times today about Kern County and how falling oil prices were hitting the region pretty hard. How has that played out in Bakerfield vacancy rates or housing prices?
Post: Want access to 285+ international investors in Korea and Asia?
- Investor
- Suwanee, GA
- Posts 579
- Votes 347
I hear you..
I just noticed something - I should change the title of this thread to 410+... We've experienced some growth since I posted! ^^
Post: Want access to 285+ international investors in Korea and Asia?
- Investor
- Suwanee, GA
- Posts 579
- Votes 347
Congrats on the 150 units! I hope that goes well and look forward to hearing about the progress.
I was at a Orange County FIBI Meetup yesterday. I heard Bruce Norris speak about the market for this year. Some good information. I also was able to meet 3-4 other Mobile Home investors. Good to know there's a community of us out here in So Cal. Some local, some out of state investors.
I also heard about a deal to take on the note for 19 mobile homes on a 500 lot in CA. All were tenanted but the owner of the note was tired of dealing with tenants re: payment. Said the note holder was looking to sell at a 12cap, and potentially seller finance it.
Never heard of a strategy like that before.. Guess it pays to go to these meetups ^^
Post: Indy vs. Cincinnati for CASH FLOW
- Investor
- Suwanee, GA
- Posts 579
- Votes 347
Originally posted by @Scott Perry:
Originally posted by @Mike D'Arrigo:
@Ben McMillan I spend a lot of time analyzing and evaluating markets. There's a lot of good ones but I happen to think that Indianapolis is one of the best. Here's a quick snapshot of some key economic and demographic factors in the 2 markets. Keep in mind that some of these numbers are fluid and can change month to month but it will give you a good comparison. These numbers come from the Census Bureau and Bureau of Labor Statistics.
Mike,
Thank you for the chart! Great info! I was wondering what the radius was for your numbers on Indianapolis. I am currently in the Army stationed in South Korea but am originally from Noblesville, IN. My parents and brother still live in the area and we are talking about finding some buy and hold properties in the suburbs.
Hi Scott,
Just wanted to let you know that there a bunch of investors in Seoul who regularly get together to discuss real estate. It's not a sales platform - we just share information on what's been working with us. No product pitches. We have a few contractors and US military personnel involved, as well as other expats and Koreans.
Anyways, if you're looking to connect with other investors in Korea, you can find the website info in my signature.
Post: 60 days from first purchase
- Investor
- Suwanee, GA
- Posts 579
- Votes 347
Hi Keegan,
Good luck with the property search! I was living out in Korea for a long time - over 17 years. I helped start a meetup out there - the Seoul REI Meetup. (you can see my signature for more info). The group is still going strong even though I just returned to CA. If you're interested in networking with overseas investors living in Korea or Korea-focused investors, you might want to check out our meetup site.
I've heard many good things about Landlording on Autopilot - here's one person's BP review:
https://www.biggerpockets.com/blogs/4445/34981-022...
Brandon Turner's books on BP also come with a bundle of forms that include a lease that might be a good reference point. I know Darren Sager's BP podcast interview was also well-liked by many and he touched on leases and tenant management:
https://www.biggerpockets.com/renewsblog/2013/12/1...
Hope it helps! good luck with it all.
Post: Moving beyond 4 mortgages from 6200 miles away (with my Brother)
- Investor
- Suwanee, GA
- Posts 579
- Votes 347
My real estate investing partner and I both live in Korea. My partner applied for and received a conventional loan though he and I both are working for a foreign company.
p356 of the April 2014 Fannie Mae Selling Guide states
Foreign income can be used to qualify under certain conditions - 2 years of income taxes filed (the LO wanted 3 years) and some income verification statements.
It wasn't easy. We went through about 4 lenders. The mortgage broker we ended up using was someone he knew through an aunt. Not a close relationship but it wasn't a cold call either.
It took about two months to process. We had to put together a very sharp presentation. The presentation included all the necessary documents and guided the LO and underwriter through the paperwork, including explaining the Foreign Earned Income Exclusion - form 2555. It probably helped that he also had some assets in the US and had been at his current job for several years.
Later, I heard another person in the meetup I help organize - The Seoul REI Meetup - also applied for and received a loan. He had also been living in Korea for a long time and had a good job at a university (but it was foreign income).
My investing partner applied for and got approval, by the way, but he didn't end up using the loan because we ended up buying something all cash with some other partners instead - a short sale.
So perhaps there might have been more problems down the line.
Anyways.. just wanted to add that to the conversation ^^
Post: Newbie from Portland, Oregon
- Investor
- Suwanee, GA
- Posts 579
- Votes 347
Hi Eric,
Great, specific info on your investments. I appreciate the insights.
I wanted to let you know that if you're interested in meeting with others in Korea who are investors (in Korea, the US, and other places), you can check out the meetup in my signature. Our next meetup will be on Saturday, Jan 2.
Some of our members are in the same boat as you - living and working Korea with investments in the US.
Feel free to reach out anytime.
Post: Promissory Note or Deed of Trust - which is better to sign?
- Investor
- Suwanee, GA
- Posts 579
- Votes 347
The deal fell through so this was as far as I got with it, in terms of researching the subject.
Post: International Investor Success Stories
- Investor
- Suwanee, GA
- Posts 579
- Votes 347
Originally posted by @Simon Baker:
Ok @Dash Siva thanks for your support and i'll check out the podcast later today. Nicky sounds like someone we really need to know! Cheers.
Best of luck Simon!
Feel free to reach out anytime. ^^
Post: International Investor Success Stories
- Investor
- Suwanee, GA
- Posts 579
- Votes 347
Originally posted by @Dash Siva:
@Daniel Ryu, @David Gregory, @Simon Baker, @Deborah Tuck, @Helen Rolls, @Aaron Mercer
Great thread for those of us in the international space looking to network and share experiences.
Just a bit about myself - I'm an American (married to an Australian) now spending most of my days here in Oz and still investing in different cities in the U.S. with various ground partners, including with other Aussies, in a wide variety of types of real estate investing such as notes, buy and holds, flips, and new developments to name a few.
As previously mentioned in the thread, there are quite of few people offering real estate investments, many of which are extremely visible and active online. With that said, due diligence, both quantitative and qualitative analysis at the micro and macro level is key to ensure the investment matches your specific goals. Part of the due diligence process for me is to go thru all the possible scenarios of things that could go wrong and see how you would address those issues.
What if you have to evict a tenant?
What if you have to replace your property manager?
What if something happens to your partner?
How do you hold contractors, agents, etc. accountable?
What if a performing note stops performing?
If you are able to address all the issues, and the investment still makes sense and meets your goals, then continue on the due diligence process. I can’t stress the importance of due diligence, even more so when investing remotely, as in the majority of real estate investments, the profit is actually made on the front end when you acquire the asset, as opposed to the disposition.
Knowing what questions to ask is essential, looking beyond the numbers.
What are the key metrics/numbers?
How were the numbers calculated?
What assumptions were made?
And so on....
The U.S. is quite a different place than Australia in so many ways. For instance, the U.S. has 50 states each their own state laws, as well as local/city jurisdictions.
As Daniel Ryu mentioned, by finding the right network, it is possible to invest remotely and still complete the due diligence process thru trusted relationships. As I get on in my years, I find myself more focused on building scalable systems and processes to streamline my investing business. In my younger days I was more hands on which helped me learn. I will say the decision to be hands on and be physically present at your investment properties would be a personal choice based on your own comfort level and goals.
Another key point is to manage the relationships you’ve established in your investments by communicating frequently. If if you’ve subscribed to a turn-key solution, there is still the need to communicate and hold your managers accountable by remaining engaged.
I’d be curious to gage the interest in U.S. real estate here in Oz as I am considering starting a group similar to what Daniel Ryu has done in Korea to build a forum for sharing information and experiences.
For those in Oz, I spend most of my days in NSW and ACT and am always up to talk real estate investing to share the successes and mistakes over a coffee or beer.
Cheers,
Dash
Best of luck in starting your group. I'm sure it will be a great resource for investors.
Feel free to reach out anytime to discuss organizing meetups or investing.
By the way, I did an interview with a Nicky Roche. She has a podcast - "Small Business Drivers." She's in the property management business in Australia and I think she might also be interested in joining a group that helps investors invest overseas.