All Forum Posts by: Charles Kao

@Matt Ward

When you mean see do you mean by social

media? I can't tell you how often people

see what they want to see. I used

to think what you think but as I market to

owner operators over the years I can't tell you how often I run into the quietest multimillionaires with generational wealth that are not on podcasts, facebook, bigger pockets and instagram. In fact I would say the majority of investors I run into that invest where I want to be and how with generational wealth are not even on social media because they find it a waste of time and low return on time. Even when I was working in finance my wealthiest clients were always the most lowkey ever. I actually wrote an article called the "Millionaire that greets you at Meijer" which was a story of a woman with millions in her bank account that worked at a grocery store as a greeter in retirement. I personally witnessed it because I was nice to the woman everyday, not even bothering to trying to solicit her business and eventually she told me she wanted to open a bank account before depositing over 2.1 million out of nowhere. What you see is because somebody put it there. What you don't see is wealth is all around you but may not want to be seen.

@Russ Marlborough I have concerns about whether the deal is that good of cashflow because it sounds like its in the hood and properties in hood have high return on paper and low return on time. Why was there not a contingency to appraise? I'd find a way to close but first tip is never buy a property you don't know if it will appraise without a contingency let alone why would you want to pay more than appraisal. Your other option is go to another lender.

@Kelley Phan

Whoever is building that pool needs your permission to build. Get a hold of them and if it is them send a notice to them to stop. If they are only 3 days late they could be paying rent soon though. I have a tenant every month she is 5-10 days late and she still

pays us a 50 dollar fee so making an additional 600 a year so it is welcome.

@Andrew Powers

I would not use the Zillow estimate on rentals but look at the active rentals in your market. A lack of rentals is good but you want to see what tenants are comparing to. I never use MLS for residential comps. Nobody uses them and no realtor wants to use them. Zillow and Facebook is way more relevant for residential rental comps. Commercial is a whole other ball game.

@Allen Hudson

Talk with a small local bank, especially the one the seller banks with. They will want to

keep the business if they are familiar with it.

@Thomas Eigner

Definitely possible. Alot of the land and buildings in NYC, and airspace is like this. Keep in mind if this is not commonplace in your area it could hurt your resale value as when buyers are not familiar with something they tend to go conservative.

@Aurelien Bonin

Is your goal to be an operator or be a money raiser? I always believe do as much as you can until you have to partner which also includes doing any type because you really are partnering when you do those programs.

@Zechariah Crosby

Ask another investor for theirs but if you have a business plan on a duplex it would not have to be more than 2-3 pages with comps to get me to lend on it. I would not need a 5 year proforma as I would only need 1-2 years out

and more concerned about strategy. If you give me a 25 page summary, one I am going to think you are probably copying and pasting off an appraisal of something and I won't see what I need to see. I don't make a ton lending on deals that small so all I want to know is will you pay and can you execute. I want to get a good idea of the deal in 10 minutes of less and if I like fundamentals I will read more so if you do have a detailed report make sure there is a quick summary page.

Bill her but be careful because if you aren't prepared to evict you have no leverage.  Next time post rent and then separate fee for lawn maintenance monthly that they pay.  Most tenants look at rent and don't look on add ons outside of gas and electric.

@Erin Auman

If you want it bad enough your fear of failing will exceed your fear of sales and engaging others. Sales is everywhere and is a necessary skill. You may not even notice when you are selling and thats when you are doing it well. The difference is those that are good at it do it naturally because they have the utmost conviction of what their purpose is. Make a goal on how to overcome and stick to it for at least 2 months. It can be 5 cold calls a day everyday even. I do 10-15 cold calls a day everyday in about 30-45 minutes calling on commercial and small

multi family owners. In the last year we have closed over 11 million in deals for ourselves/investors/clients just from that few of calls. It doesn't take alot in a short time. It takes a little all the time.