All Forum Posts by: Frank Wong

 What great advice here by Marc. I remember doing this. You want a contractor that is owner operator and still does the work maybe a 2-3 man team. You want this person hungry for business.

I wouldn't use 1% as a rule so making an exception to it is fine. I always look at area first and make sure that it will be something easy to attract tenants and be in demand. 

I'm old school, get a job or 2 and hustle and save your money for the down. I made extra money selling things on eBay and finding things on craigslist to resale.  It was so much harder back then.  Now with technology there are so many different ways to generate money with side hustles. 

This way you don't have to repay back anyone and you prove to yourself you can do it on your own. This will pay dividends down the road. 

3% of the purchase price in my area.  Min 1% of purchase price.  The deposit is to show how serious and committed you are to the deal. 

It really depends on the deal and what time of the year and what is on my plate.  Personally, I like a light rehab.  I can change like floors, kitchen counters and bathroom vanity. Easy stuff that can be done quick and have the property on the market to be rented. Most important is to evaluate your own personal time, finances, and skill level.  Play to your strengths. 

They are basically telling you NO we are not interested and if you resubmit with something higher we will respond.  Real estate can be emotional and this is a normal response from a seller who gets low-balled.  Whats the point of responding if they have other offers or your price is too low to even close the gap. 

Each market will have a different % of good deals and bad deals. Each market will also be different in what it offers.  Some are cash flow markets some are not. You need to understand what it offers then you can know what a good deal is in a given market.

3D printed houses is very far away from being anything substantial. At this time I just can't see the build quality being the same as a traditional built house. Just look at manufacture homes vs regular built homes. Quality is not the same. 

Def some disruption coming but thats technology in general it goes and looks for things that are inefficient and makes them efficient. 

It really depends on the exact difference in price.  If you are looking for appreciation 2/2 will be better. It will attract a larger buyer pool in the future. A 1/1 works well as an investment because the cost the acquire is much lower and you have a better chance to cash flow.  Could be different in your market but this is what I see here in the Bay Area. 

Hard going into business with family and friends. I wouldn't do it.