All Forum Posts by: David Zheng

@Dave Hurt Thank you very much :) I hope to be where you are one day!


@Mark Douglas Thanks for the kind words! and yes! the more you share your success, the more others want a piece of it. They start asking questions and you start pitching ;)
I had no idea it was a signup! I thought they usually just asked involved members haha

I'm going to tell a personal story as well


im 25 years old, grew up poor as most Chinese immigrants do. worked my butt off to get through Washington University in St.Louis debt free through scholarships, full time internships, and side jobs. Just started investing in real estate Dec. 2015 and now I own 10 properties. I tripled my wells fargo banking job salary my first year alone through my rentals. I own $1.5 million in real estate on paper. YES, 95% of my time is working my full time or on RE business. but 5% of that time is spent on my nightlife business and yes raving. (@James Triano I go to about 5-7 big EDM festivals a year so I guess I'm one of those clueless millennials?)

People say how do you get the funding for all this real estate? you must be some entitled kid who just got an inheritance or blessing from some rich relative. WRONG. I hustled so damn hard. my first success story, I posted everywhere on social media and when my friends took notice, I asked for small investments which led to the second deal, worked hard to get it rent ready, success story, pitch, invest, REPEAT.

People say how did you leverage so hard in your first year? cause I called 40-50 lenders and PER deal until I found one that would work with me. Cause my *** didn't give up.

I manage all my properties myself, do a lot of rehab myself, do all the taxes and paperwork and legal legwork myself. How? Google. Everything you can find on the internet. Again kids just are too damn lazy to work for it. Yeah all this on e 40-50 hour/week full time as a securities analyst.

My rant is directed at the older folk who call ALL millennials lazy and especially at the millennials who are entitled pricks that think the world owes them something.

good day all! :)

Michael, I had the toughest time reading what you're writing. You need to focus haha. You are literally everywhere and it will scare investors or partners if you aren't concise.

I just purchased a 5400 sqft. 3 unit building. 75% of it was old knob and tube. My local inspector required updates everywhere but said some of the knob and tube could stay as long as it was in good working condition.

was a 22k project haha...

I have not. 3x  also comes from me having to deal with utility companies and them not have to set up any accounts, worry about paying bills etc. so there's a premium in that service. I also only deal with students so they aren't home 75% the time :) 

I include all utilities. its easier for me and the tenants. I usually charge 3x what I think utilities will be

Hey....I'm  a millennial and I'm not lazy. 

My first year of investing and I now own 10 properties

triggered* 

I agree with everyone here:

1. you're probably not going to get 3x rent or even close

2. don't expect a nice family to come along and rent in a warzone it simply won't happen

3. go for the highest rent possible (for the area). Putting a mansion in a D rated area is still only going to get you minimally better rents
4. Definitely hire a property manager skilled in these neighborhoods.

5. Set a super high maintenance number for your places and hold a larger deposit if you can.

Inspiring :)

@Chris Mason Good thing Im a single 25 year old with no kids haha!