All Forum Posts by: Charles Kao

@Aaron Wierda There are two on fileplace on BiggerPockets. Mine is almost identical. Only difference is I don't have a section for EMD because in Michigan the contract itself

is sufficient for consideration.

@Ian Ippolito I agree with this quite a bit actually. I do want to point this out that you still need to look at each syndicator individually because there are exceptions. In the leadup to the crash there was so much confidence in recession proof strategies and it led to poor assumptions and overaggressive investing, so personally investing in somebody who has acquired all of their deals in the runup we have had would be a concern.

@Steven Slivinski I'll address the adding value part but give you disclaimer you are potentially going to hurt if you don't execute your plan well because you need funds and knowledge to rehab. Adding square footage through finishing basement, attic or egress add most value for the buck, then adding a bathroom or converting a half to full. After that bathroom/kitchen remodel and painting are the next three and last new flooring and carpet. Its rare my flips don't get all or most. Things to save money on here and there are painting yourself if you can do it well, light fixtures, GFCI (you need one but not every outlet because you can tie them in with each other), tearout. For your kitchen know your market. If you are already pushing top of market granite and quartz may not be best choice.

@Kevin Swan You have so many options but you need to ask yourself alot of questions. What do you want to be doing in 5 years if you are successful? Is it doing bigger

deals? Is it living off your passive income? How active do you want to be? What real

estate strategies do you need to learn? The only advice I'd give now is be patient, you can afford it.

@Marty Summers It depends on the size of your 401k, but investing in real estate directly through you 401k is kind of a pain because you are investing with tax deference but that's one of the reasons to invest in real estate because of all the writeoffs.  In general I wouldn't advise someone to take the penalty, but consider a Solo401k.  With a Solo401k you have a loan feature which caps at 50k, and you can also get nonrecourse loans off of 50-65% of your retirement balance while still continuing to invest it in your usual retirement funds.  I use @Justin Windham for my Solo401k and it turned out wonderfully.

@Jose Alvarado You need to pickup the phone and start dialing. You need alot

more knowledge though to get

owners to take you seriously so find a partner that has experience and then you can leverage your collective experience. Whenever I go to storage conferences everybody is buying and no one is selling so good luck.

@Alena Harrison

Hot area but prices have not gone up as much as I would have thought. Not a ton of multifamilies in that area let alone those willing to sell as I market that area.

@Matthew Baltzellde @Dean Attali Matthew's response sums it up well but also line of credits

tend to get shutdown or called due or have variable rates so in a down economy could you handle this in addition to investment not performing? I personally only invest money I am 100 percent comfortable I can lose all of it in other people's deals and thats what I tell my investors. I don't want money they need for a wedding or to send their kid to college.

@Justin Pierce I was just thinking this but who is industry leader for this in RV parks?

@Anthony Carpenter

So how do your numbers look good but not done with proforma?