All Forum Posts by: David Zheng

@Luke Grogan I like your approach much better. In the end, you are just helping yourself but installing a new appliance that Is still yours. At the same time, I'm sure the current tenants appreciate the gesture.

You have the right mindset about asking around and then knocking/looking inside. However even if they have one piece of furniture inside still, I would consider it occupied. what does your lease say about abandonment? is there a section that specifies the outcomes in relation to abandonment

for example, mine says that if the tenant leaves the premises for more than 10 days and leaves rent unpaid, they forfeit all their belongings inside the property to me and lose their deposit. However, because your rents have already been paid, you really can't do much. Honestly the best thing is if they just decided to up and leave. just keep it unoccupied. that way you can keep the years worth of rent and not have to deal with any issues with the house :)

Some people won't accept an offer until they see that you CAN get financing. if you already have the 20-25% downpayment ready, why don't you go straight to a conventional loan?


Personally I would see a pre-approval first. IF you sign a contract and pay earnest money and cant pay for it, you'll be screwed that earnest (usually)

Not knowing anything else, I would leverage the money. building equity and getting cashflow in another property is always better than just sitting on one paid off house.

Definitely just forget the one months rent. Make her move out through eviction right away, change the locks, and then keep her deposit. lesson learned and now just make sure she isn't crazy and destroys your place. Cause then you'll have a headache of a lawsuit that will cost even more than one months rent

@Chris T.

Sure you have 5 people who commented on this post offering help and not being a jerk, but what about the other 100 investors who look at these forums, don't say a word but go to the seller directly?

Everything is fair game and there are no rules from someone liking this analysis and beating him to the punch. Business is business in this competitive world and nothing is handed to you.

I'm simply saying this as a warning to him and other people as this has happened to me before. Also, I Totally agree he should ask help with analysis and numbers. HOWEVER, he shouldn't have posted the exact address. Zip is fine for market analysis, but the address really threatens his position

No offense @Ryan Redenius, but I wouldn't have posted so much info and analysis on BP.

You basically just did the work for any other thousand investors who dropped by this post to swoop in with the needed cash to take that deal from you.

Include a Tip sheet for how to use ovens, washers/dryers, changing temperatures in room or refrigerator, etc.

simple things that tenants may decide to call you on. I put up laminate paper holders around the rental and slip these in so they are easy to access. Change em ,when directions change

Probably works best with students rentals, since interior design isn't a huge deal to them

Personally, I don't even remember how I got started. I think I just offered on a house, closed on it, posted it on facebook the next day and now have quality tenants. I got hooked and kept doing it.

Now Im up to 6 properties and I started all this only 7 months ago. Run your numbers and if they are good, stop thinking, call 50 banks get that loan, then start marketing like crazy. You'll learn more as you grow :)

Hey all,

So I went to my first local real estate meeting and there were literally hundreds of people. Most of these people were middle aged to older white folks so I assumed they had done hundreds of deals in their lifetimes. After speaking with a bunch of people and splitting into introduction groups, I realized 90% of them had never even made an offer in their lives

Unfortunately it seems most of these meetings only attract "new investors" although it is the only one in my area. I'm wondering if this is the case everywhere, including BP? Seems a majority of people are all talk no action. sad I can't find a healthy community of seasoned real estate investors in my area.