All Forum Posts by: David Zheng

It really depends...


I actually have tens of thousands of investment money from several investors I dont really have contact with or just know me through facebook. They are not on the title and our contract is only half a page that says I'll pay them back or I'll liquidate anything I have to pay up. Not super in depth but I do have a good track record of being honest and hardworking.

what if old lady dies? does it become free and clear to you? do payments get passed on to her next of kin who may not  live in the house and you're still overpaying the mortgage because you gave her a full offer?

theres a lot of scenarios to consider....a lot of things can happen in 10 years

if things get into even more trouble and you fire/don't pay them, be extremely wary of your property and have eyes on it every minute you own it. If they are this sketchy, I wouldn't put it past them to go back in and secretly break or mess things up in and around the place.

That was my scare on a rehab I did and about bought a gun with me everytime I went to the property.

Amazing story! Hope I can teach my (future) children like you and your wife! btw I would get rid of the 14 year old and focus on the other two. Just kidding!
 
Tell him congrats from me :)

I say let them fail if its their fault for not actually learning more before taking the plunge. It helps the experienced/knowledgeable ones come in and take over their mistakes for a discount.

You learn best from hard mistakes

Great great story! Super inspirational :)

I agree with the freedom number changing. Originally, it was just to make the same amount as my current work. I doubled that in my first year with buy and holds. Then I wanted to make 15k a month, before I quit my fulltime. Now I want to make at least 20k/month before I even consider dropping to a part time and 50k before I quit.

DONT BE LIKE ME haha. I've changed my lifestyle significantly since doing this and therefore my income needs to grow with it. You may be happier if you stick to your original plan.

I actually use venmo. No transaction costs and instant transfers. People usually use it to pay their friends for a crap ton of other stuff, so its easy for them

@Drew Bonner thanks for the words! yeah, I'm lucky in that I can grab high paying tenants.

I'm actually still a little too scared to leave my W-2 job yet and I like it haha. I told myself I'd start cutting my regular job hours when I felt like I had no time or I make 50k/month in cashflows.

omg you're so Asian. like me :D