All Forum Posts by: Frank Wong

If your friend needs convincing he is not the right partner. You are either in or out and if you need to think about it that’s fine but if you have sell the idea it won’t work. Your friend has to want as bad as you. 

Don't assume that just because there is demand for a multi-family property in your area that you can just put it on the market and poof bidding war.  It doesn't happen that way.  You asked for tips.  Price it right, get professional photos, and put together a professional disclosure package with everything. You want to present buyers with everything they need to make a decision. 

Don't get the heater. The exact reason why I don't buy rentals with pools I don't even look at them. 

Your options are to sell the car and downsize but based on your age and credit you are going to get a similar rate of 11% or buy the next car cash.  Your balance is $13k.  You could just pay it off if you have the money now. You will automatically get an 11% return.  Where in the world can you get that with zero risks?  Hint you can't.

You got the car already why go through the drama of selling it $13k is little money. Pay it off and now you don't have to worry about the payment. You are 20 don't worry about getting a property today.  You can have enough saved in the next couple of years and be well ahead of the game.   Lesson learned here and don't repeat it. Lucky in this case you bought a lower-priced car and not a brand new bimmer.

It all depends on your investment objective. Buying the 2-4 unit owner-occupied is a good idea only if you can get one in the desired neighbourhood which you want to live in.  In most cases, 2-4 properties are located in less desirable areas. Do you really want to live in those neighbourhoods?  It is also much harder to find and buy. You could be waiting for a very long time.  You gotta look at all aspects of the market place. 

I go with new stainless steel at home depot every time. The cost is so much lower now that it's worth the extra money it makes the kitchen pop.  To me, the savings are tiny if something were to break down bc it was used it would cost me more time to get another one out there. Not worth it.

I picked out my worst-case scenario. At the time I was 21 in college waiting tables.  I said my worst-case scenario is that I buy this property it doesn't work out the tenants move out and I lose it to foreclosure. I still have my health, I am 21 and I have time to make it up.  I also had this planned out I had my down payment saved and I had 12 months of reserves.  

When you plan out your worst-case scenario and realize it's not that bad the fear really goes away. Yes, you need to have a well thought out plan and most importantly savings to withstand anything. Even though that was my worst case I already knew in my mind I wasn't going to fail.  That was just my mindset. 

There are enough deals for everyone and there is always another deal. No Fomo.

@Shiloh Lundahl

I am an early riser 530am and go to bed by 930pm.  I like being up when no one is awake it allows me to think clearly and get my most important work done by 10 am.  From there the day becomes easy.  I also notice that I am the most focused right in the morning. I use to get up at 9am but trained my body for the new time. 

You need all 3, in my opinion, to be successful and really take it to the next level and make life-changing money.  Hustle is the most important of the three and knowledge is worthless if you have no money or hustle.  Money is worthless if you have no knowledge bc you will end up losing it.  Hustle you need the right knowledge to apply that drive so you can have exponential growth.