All Forum Posts by: Frank Wong

Cool Story!  I base my decision on statistics and the percentage for failure is very high investing with $4k.  I am happy it works for you and you are able to make money and scale a business.  I am sure you can help others. I'll keep doing what I am doing and play the high % plays but I appreciate your perspective. 

Everything I buy I plan to hold for 10yrs min. Doesn't mean I will actually hold for that entire time, something may come up and I would want to sell it but that's my mentality and game plan.  I want time to be on my side. 

Really hard to say without knowing the agent and property. If it's a hot property and you know it most likely it's Pending and the agent is just focused on closing it with the parties involved.  Should he respond? Yes but sometimes agents just don't have the time to respond or just lazy.  Move on is the easiest thing to do.

@Account Closed

All good, I am just trying to steer him in the right direction, His main singular focus should be earning and increasing his money not low probability plays investing with $4k. He can still invest and do this business but the odds are stacked against him.  Yes, you are the exception. That is great!

 Hi Barbee,

 I am not here to tear anyone's dreams down, I am actually here to help people. Just read through my posts that is the last thing I want to do.  I am giving someone advice which he asked for. Maybe it's not the advice he wants to hear but its a high probability play from my side. The exception doesn't make it the norm.  If I was 22 and I went on a public forum asking for advice, I would want everyone to give me their personal opinion and the truth.  In life it's not all about cheerleading and saying "woo hoo" to everything. The real world doesn't work like that. I want to know the reality and give me the truth and I can then take all the advice and decide for myself. 

Maybe I'll be a minority in this but $4k is not enough money to do anything serious. You are wasting your time. Go learn some high-value skills with the money and go make money by increasing your earning potential.  Go into sales something you can control your own destiny.  I like to work with reality, not fantasy.  Probably not the answer you want to hear but its the truth. 

I think it depends on your current equity and where your property is located. If the location of the property is in an area in which history shows that it appreciates then go for the cash flow. U have $340k in a loan you ain't paying that down anytime soon. The extra $500 a month will make a more impactful dent into your life today. BTW I love owning properties free and clear but can't deny that $500 cash flow on a 10yr I/O that is so solid.

It all depends on the layout. You will need to have a nice finishes. Vinyl floors stainless steel appliances granite counter. That's what I did to my house but it was also in a nice neighborhood and rented it out in 10 days easy. 

@Jay Hinrichs   

Yup Jay, I agree. I had a large team and it sucked all my time and the money wasn't worth it. I make more now as a solo agent and an assistant. 

No FOMO, you made a decision to sell it could be right or could be wrong. No way to tell if its the right move or not.  What we do know is you made money and you are moving all the way across the country. Not a bad idea to settle into your new life and location with some money in hand. Reset think and plan for the future.