All Forum Posts by: Jason Chen

Have you thought about quitting college just all of a sudden? I quit college and it was a very smart choice. The amount of money you could (and you shouldn't ever be losing money on any deal at all except on a super rare occurrence) make in real estate is absolutely hilarious compared to anything a "college" related job could offer. College is an utter scam for 98% of people. Think about it - why would one of the most efficient, safest, biggest ways to make money in the world not be covered at all in college? From middle-class married couples that just want to ensure financial betterment for their family to world-famous billionaires, people from all walks of life participate in the game of profiting in real estate.  Just a thought.

Get your hands dirty asap after a few months of learning real estate and see what kind of loans/partners you can get. Two keywords are loans and partners. For right now, I can tell that you still need to uncover more details about how to invest, and how to ANALYZE WHAT IS A GOOD DEAL AND WHAT IS A BAD DEAL, AND EVERYTHING IN BETWEEN. Literally everything to learn about real estate, deal-wise, all comes down to simple addition, subtraction, multiplication, and division. After 3-4 months, I think you'll start to get the hang of it by reading here a lot.

Later you can buy a new porsche like me and laugh at all the college snobs who think theyre better than everyone else and doubted you, yet they make as much as 1-2 burger king workers after accumulating $50,000+ in student loans (my favorite tactic was to post pictures of it online with me in it and then proceed to give them facebook pokes to force them to look at my profile, and then ask them what their experience with V12 engines have been like because im planning to purchase a new ferrari next year)

Perhaps my line of thinking is way different than everyone elses?

I would tell him "alright, here's your 50%". he'd probably be surprised. he does a great job, and I pay him the rest of the 50% later. I am now officially one of his favorite customers. I tell him next time, can I just front you 35% instead of 50% because this relationship looks like its going good. I want to make sure the job gets done RIGHT. Who and how who gets paid is important too, but it's not like he's asking for the whole $6,000 upfront or something ridiculous.

Great flip.

How long did it take from Day 1 to Closing Day?

I really felt like altering your end strategy for a first time home buyer vs. a landlord would've been worth it in the extra dollar amount it would bring to you, but who's counting at this point?

This is a good measure. If you are receiving too many calls that fast, you might want to raise the rent anywhere from $25-50 a month

And once the calls get down to about 5 to 10 calls like you said, you know you've hit a good spot.

There's no point in charging overpriced prices in my opinion because not only might the tenant risk leaving, but they may not be able to pay the rent well either. I don't try to make people struggle hard to pay their rent.

Dumb and clueless foreign investors are awesome

I can't wait until I start rehabbing and flipping high value properties and then have them overpay for them

Yes as long as you "lend" "all" of "your" "money" to "ME"

It's quite common, and sometimes it's a bad idea, and every now and then, you might have a renter who is just that good of a renter, that it's ok not to increase rent by $25 a month or even $50, unless it's been that long. If it is a great tenant, and it is a family friend who basically intends on living there for decades, then I'm going to be very slow to raise the rent. Especially if they like to fix small problems themselves without contacting the management company or you.

There's no right or wrong answer to this, but GENERALLY, it is a wrong answer to not raise rents to keep up with the market.

Rents have to be increased because let's not forget, you have expenses and upkeep to pay yourselves. You've got management fees and repair expenses will exist year round. There's no reason to cheat yourself out of your own money and leave it on the table, unless you've got a very very good reason to.

I would never advocate sharp increases in rent prices though to previous tenants or more than $30 a month when renewing a lease. I am ok with raising prices to a standard price if the old tenants leave, and I need to put new ones in.

Never forget that no matter what property you are renting out, the customer is a lot better of a shopper than you'd like to think - especially with the internet and finding the best deals with minimal effort nowadays.

Having SLIGHTLY lower than usual rent prices are usually ok if you have just rehabbed a property, and would like to fill it up with tenants fast. Higher than usual rent prices will almost always result in long waiting periods (months) for someone to rent from you. Common sense goes a long way here.

05/17/2005 Sold $129,500 —

Also saw on the price history that he paid only $129,000 for it at pretty much the peak of the huge housing bubble back in 2005/2006. This is a classic case of "i suffered a huge loss because i made a bad purchase, and im going to offload it to someone else now, but first lemme see if i can turn a profit"

Comparable properties in the area are selling at a way cheaper dollar per square footage as well. I'd run away from this one if i were you.

I scrutinized the photos and this deal.

The photos look ok. I don't see a roof that needs repair or anything.

The problem with this deal is just one thing - the PRICE. It needs to be purchased for about $75,000 or less in order for it to be a good deal. I'm pretty sure the owner is either retarded or delusional as he is listing it for $175,000

Sauk City has a population of 3,500. Just LOL @ paying $175,000 for a 4/2 old, non-new house in a city with a population of 3,500. You could pretty much almost construct a BRAND new house for that much that is above and beyond that property on an empty adjacent lot.

Tile, tile, and more tile

Basic tiles, exotic tiles, you name it. Tile is just the best. Slap down a cheap persian rug in the living room and maybe another one in the master bedroom and you're good to go.

Just LOL @ using carpet in the year 2017. just LOL @ all the junk and gunk and gross things that accumulate in it over time