All Forum Posts by: George Lui

No surprises here at all.  Even more a 🤔, is the fact that CA voters vote the same way each election cycle. SMH

@Account Closed. No concrete dates, but at some point I was gonna revisit getting a multifamily asset the area (or nearby).  I'm looking to scale at some point.    I'm curious how you like the contractors you've used (or will be using) so far.  

Congrats again!

Originally posted by @Account Closed:

@George Lui Thanks for reaching out George. I'm competent in servicing HVAC equipment and just recently started assisting in installs and startups. As for home renovations I'm completely new to it. I've been finding local contractors who do some work on the side to assist in most of the renovations. Had carpet installed and looking for someone to do some granite countertops at the moment. Only thing myself and my cousin have done are the wall cabinets and painting. But I do appreciate your time and I'll be sure to follow you on your journey so if there's any opportunities for a joint venture I'd be more than happy to consider anything in the area.

Congrats Ismael!  I own 2 rentals in Sparks, NV myself.  If you do any additional handy-man/contractor type work, I'd like to connect as I require service from time to time!

Welcome Jaime! I have 2 recently purchased RE investment properties in Sparks. I have to say that BiggerPockets itself here has been my most useful resource doing this stuff! Good luck on your endeavors. I feel it’s getting a little late to the game for Reno/Sparks to find a good deal. But I’ve been keeping an eye on Carson City lately as some of the Reno/Sparks RE hysteria seems to have migrated over to there.

Software Engineer since 1997.

Originally posted by @Chingju Hu:

Originally posted by @Andrew Tortora:

Chingju Hu your family and friends aren't crazy, they are just not as "financially literate" as you are. Do everyone a favor and succeed at what your doing, then reach out to your family and friends and help them. Also you should document this whole process per Gary Vaynerchuck and for BP nation

@Andrew Tortora I like the word "financially literate"! I'm reading "Rich Dad Poor Dad" once again. There are so much to learn in the financial world! I absolutely believe in buying assets vs liability and sometimes I think I should have done it sooner...

You are so ahead of the game and it starts, most importantly, with adjusting your mindset.  I started recently, but soooo wish I started 15 years ago!

I've been advocating the same out-of-state property investment strategy to my colleagues.  They're in the same boat as a lot of Bay Area professionals.  Can't afford anything in Silicon Valley, but want some benefits of property ownership.  I think what you did is great and smart!

@Michael S. Helton

 As an outsider investor of the area, thanks for this topic!

I currently just have a home warranty from Old Republic.  $300/yr  and it covers appliances and trade orders for personnel.  For example if dishwasher dies, then $65 deductible will cover a brand new one.   I think it makes more sense if your rental has older things that need to be replaced soon.   In general, it's also a relatively small "peace of mind" cost for unknown mishaps (HVAC, plumbing, etc).

Here's an example from Fidelity that I'm looking to switch to after my currently warranty expires. https://www.homewarranty.com/professional/applicat...

I consider the home warranty a fixed capexp cost to me versus an unknown, unpredictable, and variable capexp.  But like anything else, it really just depends on other factors like your budget size, age of home, etc

My $.02.

I'm in the same situation. I purchased my first SFR last Sept. Already contemplating my 2nd purchase (SFR or multi-fam?). Great advice from everyone. Thanks!