All Forum Posts by: Frank Wong

There will always be fear and doubt in anything new you do. That little voice in the back of your head telling you it won't work.  For me it's all about perspective and understanding the worst case scenario and realizing its not that bad. Worst case scenario, I suck, I screw up I lose all my money.  I still have my health, I still have another day to try, I still have my family and friends. 

Whats worst and what I fear the most is not trying and not taking action and being in the same position 20yrs from now. Telling my 65yr old self in the future. Frank, I gave up, I didn't try, it was to hard, I was lazy, the timing wasn't right, I didn't believe in myself.  That should scare you and make you do whatever it takes. It's all mindset. 

Nothing wrong paying retail if you love the property and your plan is long term. Doesn't have to be hold forever but if it is 10, 20yrs why not. I always plan to hold for a min of 10yrs. I think there is way too much emphasis put into buying under market properties and trying to BRRRR.

A person's time can be better spent working making money and then using RE as an investment tool. Thats what RE investing is a slow moving asset that builds your wealth and passive income over time. 

I have no idea what the next recession or down turn will do with real estate. It does make me feel better and better reading all this real estate crash talk though.  As for your plan your plan should already be in place. De-leverage increase your cash reserves. Sound simple? It should be. 

I always go Home Depot. Prices are usually the lowest and everything is always in stock. Whirlpool stainless steel. I don't like outlets bc they may not have what you are looking for, could be damaged and thats a lot of wasted time looking and searching. Price will be pretty much the same if you just go to HD to begin with. Everyone price matches if they are brand new same model. 

Really tough to say and hard to predict. Just depends on supply and demand and even that will vary depending on price points. 

The best time to sell is when you are ready to. Yes seasonality helps but why wait if you are ready now.  Can go both ways. Maybe there will be less buyers but there will be less sellers too. Sell if the time is right for you. 

Take the $1,000 and learn a high-value skill which you can use in the future to make money. Sales skills or get enrolled in a coding school if that is your thing. It doesn't mean you can't invest it just means you can't invest right now. 

The reality is you need money to make money. Sure you can buy a property with no money down you hit the 1% chance of doing it. Cool, you got it. What now? It doesn't change your life. You need a high income earning skills. That's it. Focus on that. 100% of your attention only on that.

I would finance the car especially at these rates. Lots of places offering 1-2%. Thats a no brainer. Keep the extra cash in your pocket. 

Hire it out and get it done right from the beginning unless you are a contractor. One thing you can do is the yard work to save some money.  I know when I wanted to save money in the beginning I would do all yard work while my contractors did the skilled stuff. 

There are eviction attorneys that will handle all of this for a flat fee usually under $1,000.  Pay the money and just get it done right from the beginning.  Don't waste your time.