All Forum Posts by: Jerry Poon

@Steven Hamilton II Thank you Steve. I am more comfortable with a California CPA so I appreciate the link! Just curious. Do you have any California clients who have out of state properties?

0 Votes

For those of you who have jumped into real estate investments to reach the goal of financial independence, what is the lifestyle you have visualized for yourself after you have done so?

For those of you who have reached financial investment via real estate investments, what is your lifestyle like now? What was it like before? What hobbies did you pick up after reaching financial independence?

I am also interested in numbers. What were your personal goals that allowed you to be declared financial independent? How have you allocated your assets/cashflow for your lifestyle now that you are set?

5 Votes

I was speaking with a friend, and he mentioned a mutual friend who purchased a duplex for $28k that brings in $1000/month. This has an absurd rent/value ratio (almost too good to be true in my opinion) and I wanted to start a discussion.

How much weight do you guys and gals place on this ratio?

What is the highest rent/value (value includes purchase price and rehab costs) ratio you have seen? Where was this located?

1 Vote

I don't believe in blanket statements like this. I know people who have started investing with much less, me included. Everybody's situation is different. Analyze your own numbers and don't blindly follow rules like this.

0 Votes

I am a California resident with multiple out of state single family homes. I need someone who is capable of doing my taxes. Any recommendations?

0 Votes

@Diane G. there are better markets out there. Stay positive and you'll find something

0 Votes

Originally posted by @Mark Molander:

Michael, I only have one investment deal (buy and hold)under my belt so far, but... I used a portfolio loan and it was a much less painful process than the traditional loan I used on my personal house. The only items they looked at for me was:

-3years tax returns

-credit check

-information about the property... comps, repair costs and intentions for repairs, rental rates....

-Financial statement(I just asked for their template)

I asked for a little extra money for rehab, so, I had to lay out my intentions. Just like a regular loan they sent an appraiser to give a value "as is" and an ARV based on the improvements I told them I would do. With all that said each bank may have their own guidelines for that type of loan. But the process as a whole was very simple and I was able to do everything over the phone and through email.

I hope this helps

Do you still have your loan on your home? How does the portfolio loan work in detail? Do they take your home as leverage, meaning they get to signed onto it and get dibs in case you can't make payments? How much did you put down for the portfolio loan?

0 Votes

@Dave Toelkes @Matthew Kreitzer Thank you both for the resources. That is a great place to start.

0 Votes

All Forum Posts by: Jerry Poon

Jerry Poon has started 39 posts and replied 231 times.

Post: Show me your 2% rule

Post: CPA Tax Specialist Needed

Post: Financial Independence Lifestyle: Before and After

Post: Rent to Purchase Value Ratio

Post: Don't start investing until you have $100,000.

Post: CPA Tax Specialist Needed

Post: What is the point of investing in real estate NOW?

Post: First meeting with portfolio lender...

Post: Resident of CA with IN LLC. What out-of-state LLC fees do I owe?

Post: Resident of CA with IN LLC. What out-of-state LLC fees do I owe?