All Forum Posts by: David Zheng

I don't understand how you could want to invest if money isn't a driving force. Sure it doesn't have to be the main reason, but why waste time investing if you don't care about the green at all

@J. Martin

Thanks for the awesome response! That is what I was looking for. Dunno why people need to respond if it doesnt contribute to the post...

bonnaroo too! I'm a festival goer myself but I'm more edc las vegas, Tommorrowworld, Ultra kinda guy. 

Very awesome and super inspirational :)

Personally, I have some pride when I talk about the properties I own and slip income hints to friends/family who ask.

As a way to encourage more people to see what kind of financial success real estate investors can have, lets see what your after tax year income bracket is! (only real estate related income allowed)

This is how it works. doesn't matter if you buy and hold or flip/wholesale!

1. # of flips in 2015

2. # of wholesale deals in 2015

3. # of rental units/tenants in 2015. properties purchased before 2015 count too

4. 2015 after tax income

A:0-5k

B: 5k-10k

C: 10k-20k

D:20-50k

E:50k-100k

F:100k-250k

G:250k+

Glad you mentioned this CJ, I'm from Stl as well and I had not thought of this. those storms were crazy

Personally I have one for all my units. As long as its growing at the same amount each month or more, I'm happy

if its a friend or family, the truth.

if its a potential rival, I tell him just barely scraping by.

If its a pretty girl, I usually tell them 100.

@Daniel Green
Unfortunately I wouldn't know about that...is it a lot of rehab or something you can get done in a week or two? if its the latter, you can still write a lease just having the start date of the lease when you project the rehab to be done.

All my places were ready to rent as soon as I closed so the tenants could basically see what they were getting. I let prospective tenants come with me during the inspections period and if they liked it, they would sign a lease with me. I would always write a clause where if I didn't close, the deposit would be reutnred and lease terminated.

but it gave me peace of mind that once I closed I had a renter in place.

That's really unfortunate....Im sorry that happened to you. the sad thing is, these prices will usually attract those with less money and consequently less common sense so I can see a lot of people falling for it.

I saw a lot of good solutions in the comments. I hope they work for you!

I am confused on what the scammer gets out of this....

Portfolio lender. but some bank do conventional with different underwriting. Personally

I started investing this year with a 70k salary. right now I've bought 6 houses worth around 850,000. my DTI is OFF THE ROOF and since my rental income haven't hit taxes, I show only my mortgage debt. I however have 3 portfolio loans and 3 conventional. the lenders I worked with counted my rental income as long as I showed deposits and proof of lease towards my DTI. even when I got leases while still in closing, they would count those.

really depends on lender so start calling :)