All Forum Posts by: Frank Wong

We are currently in a Seller's market and if you found a great deal and want it badly then there are probably 5+ buyers that want it too.  Some agents just don't have the time nor care to respond to a buyer inquiring about a property that is in the contract.  Their goal is to represent the seller and if the deal is in the contract their focus is on closing the deal.

Should they respond? Yes, they should its the right thing to do.  I suggest texting the LA its much easier.  Everyone reads their texts. 

I think the housing market has changed drastically in the last 9yrs.  There is a true shortage of housing and prices have gone up because of it.  The asset is being coveted even more.  As for the recession, I have no idea when it will happen but maybe when everyone stops talking about it.

If a recession does happen, I personally don't think it will resemble what we saw in 07-09.  To me, the current market place resembles more of 99-01 Dot com era.  I think the next recession plays out like that.  This is just my hypothesis.  Either way, I am not concerned and actually never think about it until I read it on BP.  If it happens great I am in a position to take advantage if not cool let's keep ploughing forward.   I love the status quo. 

 This is such great advice from Daniel.  You really need someone to keep your contractor in check. He might be a great guy and do great work and trustworthy but you need a 3rd part to it just in case.  

I have guys that have been working for me for years and I still check them.  You have to.  People get comfortable and complacent and they need to feel that you are serious on your side.

This is what your realtor needs to do for you.

1. Create a comparative market analysis for you CMA which is a comp sheet. Explain it in great detail with you. Give you a price range on where the house should fall.

2. Get disclosures or reports on the house if there are any. Go over everything with you and answer all your questions.

3. Find out as much info about the sale to give you an edge.

4. Go over the terms and offer with you and draft a contract for you to sign.

5. Submit the offer and update you daily on the progress of that offer. 

18 is fine if you have the money and experience to go for it.  Real Estate is a long term game so if you start early you can have a head start. I wouldn't focus all my energy on it though.  I would focus 90% on making money and increasing that and maybe 10% on RE. 

I would not buy a Tesla reliability is crap and if you need a repair there are no parts. My big thing is "Time" I have to wait 30min for a charge? No way.  In your field you are an agent you will drive a lot put a lot of miles, you don't have the time to waste for a charge or if the car breaks down and wait for parts.  Buy a CPO LEXUS No brainer. Easy choice.

BTW I am all for buying nice cars. Life is short I want to drive something nice. If it gives me an edge and makes me make more sales. It's worth it!

I picked the one that made the most sense to me. It was also one that I had the most experience in and easiest to duplicate. I always go with the easiest road and the one with the most opportunities. Master one then just rinse and repeat. 

 Hi Curtis,

The reality is that you won't turn $10k into $30k a year in cash flow within 3yrs.  There is just not enough money to do any damage.  I think you are better off trying to start an online business which you can scale and have high growth.  That's the only way.  RE investing is a high capital slow moving investment especially if you are targeting long term rentals.

Especially in the current market, there is nothing in the market place that will help you achieve that.  I know you want to get started and I know you want to better your life but at this time it's the wrong focus.  You should focus on increasing your income and nothing else.  

Hi Alex,

What makes this deal so special to buy a 5BR house?  What you need to do is call another PM company and get a rental assessment along with that you need to do some personal research yourself and see what neighboring homes are renting for.  It's not hard if you see homes renting for $1500-1700 or smaller 4BR houses going for 1400-1600. Boom you just answered your own question.  If you really want to take your investing game to a serious level you need to do this all by yourself.  When I do a rent analysis I never trust anyone else but me.

@Brian Ellis

I am sure you don't want to pay it but doing it right and removing it will be better in the long run.  To me, it's an easy decision regardless of the costs.  You will sleep better knowing its been professionally removed.