All Forum Posts by: Frank Wong

Be prepared for anything.  I am always open to all scenarios but to say a crash that makes me think of 07-09. I don't think that happens. Could we see price drift lower? Yes, this is natural real estate prices do not run in a linear line up.  I think what is more important is focusing your time and energy to put yourself in a position where a crash won't affect you. Worrying about an unknown is a waste of time. 

The BRRRR method is good in theory and works in some type of markets and market conditions. Anyone could have made it work during a purchase of 2010-2014. You have low prices and an accelerating market in appreciation and rents, of course, it worked.

Now the market conditions are different, the deals and meat on the bone slimmer, and rents and prices are not accelerating to cover peoples mistakes. Could it work still?  Yes, it's just very difficult to find deals today and won't work in every market. 

My issue with BRRRR is that at some point you need to bring fresh money into a new purchase. You can't just continue to refi cash out buy more, refi cash out and buy more. Your risk and debt load will be too much. I guess the idea of getting rich with little money makes it very appealing. What happened to the days of just buy an investment work your tail off and save and buy another one. Slow and steady wins the race.

Vinyl plank through the entire house except for bathrooms. Makes the house feel bigger.  I never put carpet in my buy and holds. 

When you don't have money but have time you DIY when you need more time and have the money you hire.   Time is the most important commodity in this world the rich know this.

It appears that you work a lot of hours with an unpredictable schedule.  You need more time. I would look at your daily schedule M-S and list the entire day of hours and fill in what activities you do. Work, eat, TV, etc. Then cut out the fat and create more time.  For me I cut out TV, I have gone cold turkey for about 2yrs now and I may watch a few hrs a month of the golf channel and that's it. I can tell you it created so much time for me and my production level has skyrocketed.  

But Frank, what about Game of Thrones, Stranger Things 3, etc. Yeah I know those are great shows but you know what's even better than those? Making money in the real world and changing your life.  Gotta sacrifice something in order to get something you don't have. 

Give it 2 weeks, lots of inquiries to a small number of applicants is normal

It's simple.  If you fear the tenant or fear being a landlord and property investor then don't do it and be POOR. It can be just as easy as that.  Now if you don't want to be poor and want to be rich accept what @Jim K. said that these things will happen nothing you can do about it. It's all part of the game.  Once you realize that the worst case scenario isn't that bad compared to what things could be in the world the fear is gone. You still have your health, you live in America, you have tomorrow to try again.  Tenant issues are nothing. 

WOW!  What a sexy home love that island.  The staging really took the house to the next level.  Congrats!

Something is wrong with your portfolio. 5 properties and that's all you are netting.  The underlying issue here is that if you got to 5 and you still don't know what you are doing this is really bad.  You can keep the best performing asset then sell the rest, but what @Joe Villeneuve said to sell it all makes a lot of sense. Just rip the band-aid off dump it and figure out how to do it properly. 

Tough situation but your friend does have a mentor that can help.  The big thing that your friend brings to the table is "trust". That is one of the most important things in RE.  Can I trust the person that is representing me?   

Everyone starts somewhere. I once didn't have any experience and was a rookie and someone took a chance on me.  I am forever grateful for that, and that person is my number 1 client after 15yrs.  My vote is for your friend and if they don't perform let them know that you will find someone else. This is a business and they have their shot, that's all they want is an opportunity to not let you down.  At least that's how I felt.