All Forum Posts by: Fay Chen

I own a SFR in Pomona. My friend runs a student housing business, so he's leasing it from me. Sort of like a triple net lease, where I get a guaranteed free cash flow every month. I'm looking to acquire a couple more properties, but haven't decided the location. Now I'm leaning towards TX...

@Brent Seehusen, I find the biggest challenge is not finding the property that fits in the 1% rule. It's finding a good management company. Do you self manage?

Try Palmdale, San Bernardino, Beaumont. Try duplex, triplex & 4-plex. Maybe not in the A & B neighborhoods, but they are still out there.

Sorry, I meant the owners voted for HOA. Some HOA's may have different rules. My HOA communicated directly to the owners, not the tenants.

I owned a condo before. Usually the tenants vote for the HOA. Most tenants have no interests in being in the HOA. So if you self nominate, you may be the only one running for the position. From what it sounds, the investor didn't have interest in running for it, otherwise, he/she would've taken over long time ago. It's an opportunity to get some experience in PM. Some HOA's have rules on the % of units can be rented. Doesn't sound like you have that problem here. But getting involved in the HOA can prevent rules made against investors. So even if there's no compensation for being on the HOA, it's still worth considering.

If they want to find out where you live, they will. I have a PM to manage and collect rent for me on a property. Somehow, the neighbor (a 90-year-old woman) managed to find out where I live and sent me a letter directly to my home address. You can't hide...

I was going to say... If it's $7000, and you want a 10% ROI, it should bring you at least $70,000 of value that you can't easily obtain elsewhere.

 I'm new too! I didn't upgrade because I feel I don't even use my free account to its full extend. So I'm still exploring the site like you. 

Welcome, Leon! I'm new too. I listened all the BP podcasts. Since most of them are interviews, I learned a lot from personal success stories and mistakes. Check out "Events & Happenings" under the "Network" tab. You may be able to find a meetup near your area. That's another great way to learn. Good luck and have fun!