All Forum Posts by: Jimmy Lieu
Jimmy Lieu has started 97 posts and replied 2101 times.
Post: New to Real Estate, Closing on first Multifamily
- Real Estate Agent
- Columbus, OH
- Posts 2,181
- Votes 1,655
Quote from @Mitchel Quinn:
My name is Mitchel Quinn and I would like to get a good foothold in the door of real estate to get on the right path and stay there. My girlfriend and I have been looking at properties over the last couple of months due to life situations changing and having a decent chunk of change saved for a down payment. We walked through a property that we went into thinking we were not going to like it and we ended up loving it and jumping on it pretty quickly after because the seller was getting other cash offers and the price/location/set-up of the property just fit our situation well. The price we thought was very reasonable in this current market based off the other properties we have seen prior to that with similar layouts. We would be incurring the tenants in one half and would live in the other half ourselves. Currently we are finalizing paperwork and figuring out what insurance we need and just trying to figure everything out all at once. I would love to just put my mind at ease with a little more knowledge and pointers as to how we can start out as strong as possible. Thank you for your time.
Congrats Mitchel! House hacking is the BEST way to get started in real estate investing! Stoked for you and your journey to financial freedom. See you at the top!
Post: Rental property in Florida or Texas
- Real Estate Agent
- Columbus, OH
- Posts 2,181
- Votes 1,655
Quote from @Lledenhia Romero:
i want to buy rental property in cities very good return using my sdria and also have property also looking for pm to manage it can anyone help me
If you're looking for a city with very good returns, definitely suggest Columbus Ohio! It's one of the hottest markets in the US right now with some of the fastest population and job growth and companies moving and developing here. I would recommend taking a look into Intel headquarters, Amazon, FB, LG, Google, Anduril, Nationwide, Ohio State University, and many of the other companies developing here! Additionally, you can still find properties for 120-180k that will positive cash flow and hit the 1% rule. Anything you buy in the Columbus Ohio market is currently blow up in terms of appreciation growth so it's one of those markets you want to hold the real estate for the rest of your life. Happy to connect and answer any questions you have.
Post: New opportunity out of state
- Real Estate Agent
- Columbus, OH
- Posts 2,181
- Votes 1,655
Quote from @Christine Vasquez:
Hello all!
I live in LA, and have a rental here as well. It has become too expensive to invest in another rental at this point. Looking for recommendations on states I can look into for a potential new investment. Long term/ short term rentals would work, ideally in the $400k range or lower. Thanks in advance for the help, open to any ideas.
Post: I'm a licensed architect just starting in real estate investment
- Real Estate Agent
- Columbus, OH
- Posts 2,181
- Votes 1,655
Quote from @Josh Abbey:
I'd like to purchase my first property and get the process started. I'm a newbie with a good grasp on the investment process but am a little discouraged with what's availabe in my immediate area of Denver. I'm interested in investing and have a small chunk of cash for a down payment but don't know where to look outside of Denver. I'm very familiar with home design, construction, and navigating zoning and building permitting challenges (if that helps!). Looking to build a team!
Hi Josh, I was in the same boat as I'm from Portland Oregon and moved to Columbus Ohio to start my real estate investing journey (all the way back in 2021). If you are looking for another market to invest into, I would recommend taking a look at Columbus Ohio! A lot of my out of state real estate clients really like this market because the macroeconomics look so good for this market - population is growing, job growth is growing, and so many companies moving and developing here. Look at Intel headquarters, Google, FB, Amazon, Nationwide, Honda, etc. Additionally, the price point is still cheap enough to find the 1% rule and positive cash flow and it's super landlord friendly (so you will never have to go through a 12 month eviction or anything close to that!). Lastly, the price point is still very cheap here in the sense that you can still find investment deals that hit the 1% rule for 120-180k! Happy to connect and answer any questions you have!
Post: Ohio Credit Union Lender
- Real Estate Agent
- Columbus, OH
- Posts 2,181
- Votes 1,655
Quote from @Christopher Boshae:
Does anybody have any recommendations for credit unions that lend for investment properties? Looking for some great rates!
Hi Christopher, I'm connected with 100s of lenders and know the whose who in terms of finding the best rate and terms especially for investment properties. Happy to make the introduction to some of my lenders. If you're looking for residential, DSCR, or commercial, I got you!
Post: 2-4 Family With Cash Flow
- Real Estate Agent
- Columbus, OH
- Posts 2,181
- Votes 1,655
Quote from @Matt Schreiber:
I know this is a common question but wanted to hear specifically from investors or realtors that are seeing MLS cash flow for 2-4 unit properties. I've only invested in STRs and was looking to get into small multi-family but haven't seen anything that made sense in any of the markets I invest in so was curious where people were seeing good opportunities.
Hi Matt, if you're looking for cash flowing 2-4 unit properties, I'd definitely recommend looking at Columbus Ohio! It's a super affordable real estate market where you can still find deals that hit the 1% rule anywhere from $120-180k for a single family (or $200-250k for a multifamily) purchase price. It's one of the hottest markets in the US right now with so much population growth, job growth, and companies moving/developing here (26B Intel headquarters being built here, 68K+ enrollment in Ohio State University, Amazon, FB, Google, Honda, Nationwide, Anduril, etc.). You can still find positive cash flow (aka the 1% rule) and amazing appreciation potential. Happy to connect and answer any questions you have.
Post: Introduction- New Investor
- Real Estate Agent
- Columbus, OH
- Posts 2,181
- Votes 1,655
Quote from @Hiram K. Ortiz Rodríguez:
Good morning everyone, happy to be here in this community. I'm a rookie investor motivated to learn more about the industry. My next goal is to invest in a multi family property with a partner.
Welcome to BP! I recommend checking out Columbus Ohio especially for multifamily. Still tons of deals that hit the 1% rule and positive cash flow here and you get amazing appreciation potential. In terms of finding a partner, I would recommend partnering with someone who has something that you don't have (understands renovations, real estate experience, has money, etc.)
Post: DO I need a wyoming trust?
- Real Estate Agent
- Columbus, OH
- Posts 2,181
- Votes 1,655
Quote from @Anne Christensen:
I'm just starting my real estate adventure, but I do rent my basement on my primary home. I rent through Furnished Finder which has a standard rental contract. I also have registered my "rental company" with the state of Maryland, where we live. Someone contacted me about setting up a Wyoming Trust and said I was ask risk...."piercing the veil". Any advice would be greatly appreciated!
You do not need a Wyoming Trust. I've worked with many many real estate investors and I've noticed a lot of new investors put wayyy too much weight/emphasis on structuring out their LLCs. You don't need to overcomplicate it. Just have one LLC for all your properties for the most simple/easiest way to buy investments (not an attorney and not legal advice).
Post: Californian new to REI - looking for out-of-state rental property
- Real Estate Agent
- Columbus, OH
- Posts 2,181
- Votes 1,655
Quote from @Ben Callahan:
Hey everyone! Nice to meet you (electronically).
Currently renting a single-family home in a very expensive coastal Southern California city. Not able to buy in this area without going house poor. Not able to move (at least for a while) due to my job.
Looking to use savings that would’ve been for a primary residence down payment to invest in rental property out of state.
Would love to make connections, hear thoughts on good markets to look into, strategies to maximize return, etc.
Happy to answer any questions and excited to chat with you all!
Welcome to BiggerPockets Ben! I'm the same way, I'm originally from Portland Oregon and moved out to a new real estate market for this exact reason. I'd definitely recommend looking at Columbus Ohio! It's a super affordable real estate market where you can still find deals that hit the 1% rule anywhere from $120-180k purchase price. It's one of the hottest markets in the US right now with so much population growth, job growth, and companies moving/developing here (26B Intel headquarters being built here, 68K+ enrollment in Ohio State University, Amazon, FB, Google, Honda, Nationwide, Anduril, etc.). You can still find positive cash flow (aka the 1% rule) and amazing appreciation potential. Happy to connect and answer any questions you have.
Post: My 1st Fix & Flip
- Real Estate Agent
- Columbus, OH
- Posts 2,181
- Votes 1,655
Quote from @Min Zhang:
Investment Info:
Single-family residence fix & flip investment in Columbus.
Purchase price: $62,000
Cash invested: $60,000
Project in progress: Off market deal
Purchase: $62,000
Rehab: $60,000
ARV: $165,000
What made you interested in investing in this type of deal?
It's the only that I can affordable
How did you find this deal and how did you negotiate it?
Through a wholesaler
How did you finance this deal?
hard money
How did you add value to the deal?
It's almost a full gut. I expanded the kitchen and updated the bathroom
What was the outcome?
I end up spending 20k more than I expected. Initially the numbers were 40k for rehab cost
Lessons learned? Challenges?
Pipe leaked after closing. Didn't do an inspection on the sewer. That cost us 3k to fix
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I bought it with my mentor and partner who has experience in renovation and hard money financing
Congrats!