All Forum Posts by: Jason Chen
Jason Chen has started 11 posts and replied 229 times.
Post: Little help analyzing a syndicated multi family deal
- Tampa, Fl
- Posts 240
- Votes 153
If you all were able to negotiate a massive 35%-40% off the asking price, it would instantly turn into a good deal though. Time for yall to test your negotiation skills
Post: Little help analyzing a syndicated multi family deal
- Tampa, Fl
- Posts 240
- Votes 153
Mediocre deal at best
You might as well put all that money into a dividend stock that yields 2.5% and call it a day
just LOL @ spending large amounts of time and resources to retrieve a single digit return when you can accomplish the same thing with dozens of other kinds of investments with virtually zero time and effort
Post: 1 in 3 people who bought a home in the last year without seeing i
- Tampa, Fl
- Posts 240
- Votes 153
Originally posted by @David Krulac:
I'm not a big fan of "sight unseen"; though we have bought properties that we could not get into before the foreclosure sale, buying as-is where is, no inspections, no appraisals, no contractor bids etc. I do no recommend.
In highly competitive situations and markets I see people waive inspections, get caught up in bidding fever and buy property without knowing the total situation/condition.
Buying sight unseen is incredibly stupid
The only people who buy something sight unseen and it isn't that stupid are people like billionaires like Mark Cuban, who has purchased a 15 million dollar home, sight unseen, on a total whim. A friend called him about it and previewed it himself, then told Cuban about it, and Cuban liked the pics and just decided to buy it
If there was a deal that was going for 5-10% of its rough value in a neighborhood im familiar with, then i might go ahead and buy it sight unseen, but then again not because most likely theres a massive sinkhole or some disaster with the property.
I once saw a house literally split into TWO, and someone thought it was a good idea to buy it for $10,000 to rehab
Post: 1 in 3 people who bought a home in the last year without seeing i
- Tampa, Fl
- Posts 240
- Votes 153
glad to see there are still plenty of fools left to take to the cleaners when i decide to sell my property
these kinds of people are the people who keep us in business folks
Post: Pharmacist by day, Real Estate Investor by night?
- Tampa, Fl
- Posts 240
- Votes 153
Originally posted by @James Wise:
Originally posted by @Jason Chen:
Good things can happen from this, but I must give you one piece of advice that you cannot take for a grain of salt.
There are no groups of people that are more notorious for shooting themselves in the foot when it comes to real estate than:
A. a group of lawyers
B. a group of doctors/medical staff
C. a group of teachers/professors
For some reason, despite their high IQs and whatnot, they get into horrible deals time and time again, and their real estate careers typically last 1 or 2 deals max.
This doesn't have to happen as long as you're ultra consercative in all estimations and calculations when landing your first deal.
Funny observation. I have not ran into to many teachers who are investors but I have ran into a lot Doctors and Lawyers. I have a decent amount of memories of Doctors specifically finding themselves in rough real estate situations.
The question begs though, Are Doctors prone to bad deals or does it just appear that way because there are a lot more Doctors involved in real estate because they have the salary to do so? Hard to do a lot of transactions on a gas station cashiers salary.
No, it's all about ignorance and arrogance.
There is no group in the world that believes that they are automatically good at real estate and investing than doctors and lawyers. They believe that because they worked so hard to become a doctor and lawyer, and that because they are so smart, that they can just "skip" the learning process to figure out if a deal is good. Too bad life doesn't work that way. It's all good though because they give me foreclosures and such for good deals.
Post: Buying 10 units. Analysis
- Tampa, Fl
- Posts 240
- Votes 153
Originally posted by @Will Eagles:
@Jason Chen how do you get to those numbers. What are you looking for from a property?
I didn't really come up with those numbers from any specific calculation.
Whenever I see a possible deal that is actually good (which is rare), I think about what price point would make the property workable. Then, I think about how much lower of an offer I could offer them that they would accept, and at the same time, is higher than my competitor's offers.
is that an audi
Post: Buying 10 units. Analysis
- Tampa, Fl
- Posts 240
- Votes 153
Originally posted by @Will Eagles:
@Mike Landry Thanks yea thats about what I came up with...even though my post was extremely long. So if this was to be a good deal it would need to purchased at 430k right?
I'd vote less than that, like $375,000 and below. $430,000 just allows a workable deal where you can survive well enough
Post: time to kick them out. Am I right or am I wrong?
- Tampa, Fl
- Posts 240
- Votes 153
It's totally up to you. I'm pretty lenient towards my tenants, but you don't have to give them an absurd amount of time like over a month. It's Saturday today. Tell em you'll start the eviction process on Tuesday.
Post: Buying 10 units. Analysis
- Tampa, Fl
- Posts 240
- Votes 153
Originally posted by @Will Eagles:
@Jason Chen Hey sorry if you felt this was a waste of time I was more looking for someone to help me understand the breakdown and analysis. I realize it may not be a good deal but the point was to learn the process not be attacked.
@Nick B. The breakdown given was insurance 4k repairs 2k water and electric for the owner of 4800. All other expenses paid by tenants. This obviously doesnt include debt service but I did that on my own. I really am looking to know if im breaking down the numbers right. even if the deal sucks. Practice makes perfect.
It's not a waste of time because I know you just wanted to do the numbers right. That's good because I actually thought you might've seriously wanted to get into this. I will check out the numbers you want now