All Forum Posts by: Herman Chen

@Jesse Thanks for the suggestion.  Paying it off and refinancing it to where I can get break even cashflow and using that money to purchase more properties is a great idea.  I may end up doing that.  You're right about the China properties.  They are red hot right now.  Although outside the major cities, there is a huge bubble about to burst.  There are just way too many apartments, some at 800x-1000x the price 5 years ago, and empty.  

I would love to expand out to Philadelphia.  Some of my inlaws are there and would be an excuse to drive south once in a while.  

You're right about the cash flow in China.  I plan to sell one of my properties once I get my taxes in order, but that's a whole other issue.  Thanks a lot for your input, I definitely will consider to keep it.

I think there may be some properties around $350,000 that can rent for $2800-$3100.  You're right, it's hard to admit defeat

I guess I am holding on because I'm thinking of paying off the rest of the mortgage and then I can bet $1000/mo. I think it's worth that much cause I received a valuation. I also think it will appreciate, because it dropped a lot in value after I bought it and only this past three years has started to appreciate and almost return to the value I bought it at.

@4.25% interest

My NJ property i paid $460k (worth about $440 today), I owe $110k, and rents for $2100/mo. All fees together add up to $11,000/yr

I won't address any prejudice and ignorant comments.  To answer your question, my units are in a major city, recently ranked #5 city in China behind the Big Four: Beijing, Shanghai, Guangzhou, Shenzhen.  There's a large international community there and the city is still growing.  subways there just finished last year 

Thanks. I have thought ability selling this also, but I would be taking a pretty big loss. And I don't 'need' the cash now. Do you recommend to sell even if I don't need to cash?

Hi BP Community!  I'm very happy to be a part of BP.  I'm new to the BP forums and have been catching up on the Podcasts, which are awesome.  I'm 36 years old and just changed my career to real estate.  I am working as a home inspector in north NJ and training to be an appraiser.  I'm hoping to draw on the BP community's experiences to get started on investing and one day be experienced enough myself to pay it back and help others.  

I'm wondering what experienced investors would do in my current position.  After doing a lot of research, I am too excited to jump in, but I want to be smart about it and avoid being impulsive like my first purchase in 2008.  I'm looking for a passive, low-risk income

EXPERIENCE: Very Little.  I have a few properties that I bought as I moved around for my career, before any knowledge about real estate investing.  My first unit is across the river from NYC in NJ, which I bought in 2008.  And up to now still paying money into it every month, even with a tenant.  I also have two units in China, which have appreciated about 300-400%, mostly because of a real estate friend who suggested them to me.  

PRESENT: Once my NJ unit is paid off in 5 years, it will net me $1000/mo.  The units in China now would sell for approximately 300k and 400k today, and appreciating.

I want to buy properties to Buy and Hold to secure a steady income and wholesale properties, either concurrently or after gaining some experience from Buy and Hold properties.

Thanks to everyone taking the time to read this post and thanks to everyone who has already contributed to this amazing community.