All Forum Posts by: Huy N.

@Joel Owens

You are right Joel. I might think about the fee more as i move into larger deal. for now it's still family and friend deal. I don't feel like charging my girlfriend..yet haha

@Chris Bounds

Thanks man! sorry my day job, plus this keep me too busy from coming to the networking event. I will see you around for sure.

Despite the rain we had in Houston recently, I managed to get the exterior repair completed. It cost me $1600 to repair all the siding and roof. paint job was another $4800.

Now it's time to move into the inside and work with the inherited tenants....One of them decided not to pay me rent already. Let's see

For me, i just sprayed like two can around the house, setup multiple trap, then heavily fog (bomb) the house 3 times both in the house and up in the arctic. i'm talking about 2 can of fog for each room. The thing with roaches is that you can't kill the egg, so u have to want for it to hatch then kill again.

When my tenant left, they leave a mess behind. of course they are not getting any deposit money back

I hope it's better than the picture in my house below haha

 Thanks Tracie, My property manager actually complaining about the color haha.

hopefully a bit less @Kelly B. I have good insurance rate and the loan down-payment is 20%. I am refinancing it out of my credit line right now

Yes, It is commercial loan.

@Mike Jury, keep looking. Deal are still out there, just gotta look 10 times as hard as before

Source: wholesaler

Purchase price: 87k

Repair: 10k

Loan term: 5 year fix at around 5% with 20 year amoritization

Rent $1275 - leased within 1 week

Simple and straightforward, no drama (rare). Now off to the next one

@Chance Housos 

Every dollar coming in and out of the deal is split by 4. After rehab rent are going for $1200 on each property.  I haven't thought of a plan to refi or buy out yet since the loan i get is below 5% already. it's a 5 year fix rate with 20 year amortization period. 

Depending on how the market does. If i can sell for a good price after 5 year, i might just sell it. 

Recently inspired by John Cohen and his recent success story post on Syndication deal. I decided to post one of my own that i closed last week. It's a mini version!

This is a triplex found on the MLS but it looks like a single family house attached to one another. Original Listing price is 270k but i successfully negotiated the price down to 190k. The property need about 50k of work but since i have great relationship with the bank. They are willing to finance 75% both renovation cost and the purchase price as well.

I wanted to go solo on this deal but I remember Rich Dad saying that investing is a teamsport and you have to help other people get rich with you. Also if i go solo i will be exhausting almost if not all my reserve cash so if some thing come up in another rental or if something happen to my day time job, i would be screwed :(

So i asked my gf if she have 18k to chime in, she said yes, I called up another buddy to see if he wants to chime in, he said yes. I call up another friend who i know is financially stable to see if she has the money, she also said yes. and yes, I do have a strong track record with all my current rentals in order to do this!

They way i structure this deal is very simple (aka I have no idea on how to do the compliate one yet). we opened an LLC with all 4 members. each of us put in 18k to fund the purchase price and the rehab. I thought about charging them an up front acquisition fee and all kind of fee i can come up with to compensate for my time and expertise but i decided to drop it. An experience investor once told me "Let your investors win" and also "Don't do syndication because of the fee. You do syndication because you want to share the wealth and even if you go solo on the deal, you still make your investment objective" I decided to practice that very strictly and charge each member...only $25 bucks each month.

And that's it, after going through all the drama. we closed the deal and the renovation on the outside already started. one other cool thing about this deal is that there are already tenants occupied in all 3 houses. I can do the outside work and they still paying rent (hopefully)

Happy Investing!

@James Park

 thanks for sharing. this is great info

This is super @John Cohen. Thank you for sharing. how much does it cost you in term of the attorney fee to setup the syndication?