All Forum Posts by: Frank Wong

Hi Val,

That sounds about right for the area (1200-1400 sqft).  I have homes in the Dallas Ft Worth area.  My roofer could probably beat that price uses 30yr comp shingles.  DM and I can pass the info.

Hi Ben,

Counter the seller back with your final and best.  Just let your agent know it's your best offer. The seller may come back with a counter, go ahead and let them know that was truly your best and final.  No games, you negotiated a few rounds.

I think in 2019 we will start seeing money being transferred from the impatient to the patient.  Those who are not over leveraged will be in good shape.  Not saying there is going to be a crash. Just that there will be more opportunities available.

Hi Brent,

I agree with everyone else about getting your finances in check first.   You make $100k. So we know its not an income problem.  Time to look at what you are willing to sacrifice.  Live in your own place? Time to get a roommate. Eat out a lot? Time to cook at home. Have extra time? Go get a 2nd job Uber driver.    Your situation is actually not that bad and you can easily fix it.  Time to go do it. 

Hi Miranda,

There is "No Holy Grail".  There is not one thing that will make this easy, will make you a lot of money, and will give you financial freedom.  It's going to be a combination of everyone's suggestions and a lot of hard work and time.  That's it that's the secret sauce.

Hi Antwan,

I think if you found the right mentor and that person is the real deal then its worth it.  Anyone that can fast track you to your end goal is worth it.  The dollar amount is subjective and depends on the person.   Most people look at the cost and say it costs too much.  In reality, you should ask yourself what is it costing you not to have it?  Be careful there are lots of frauds out there.  Do your homework.

Hi Dominique,

I think you continue to rent.  My suggestion is to find a 2nd source of income.  You have an income and savings problem, not a property problem.  Get that extra money in and start saving it towards a down payment and reserve account.  Once you save up enough you are ready to make the purchase.  I wouldn't dip into your retirement account.  Make this your goal and it will happen faster than you think. 

I think the definition of what a "Good Deal"  needs to be realized first by the individual.   I see it way too often from new investors that they have unrealistic expectations on what a good deal is.  They are looking for the holy grail and they will let good deals pass them by and wonder why they can't find any.  

For me, a good deal is something that fits my parameters for the type of property, location, and price.  I am looking for a value-add rental property in which I can create a 10-20% upside.

Hi Fernando,

Not all brokerages do a CAP, actually, most do not.

1. The most important factor is support and training.  You writing your own deals right?  Well, you don't want to screw yourself over.  Most new agents think it's getting the highest split and they learn the hard way.

2. Be honest with them up front on what you want. Tell them your terms.  Then they will tell you theirs.

3. I suggest going with a big name.  You are new you want a big company to be behind you. 

Good Luck

Better 55 than 65.  In your case you got teenagers.  What a great way to learn and build life lessons to carry on forever.  Go for it.