All Forum Posts by: Jonathan Chan

My name is Nik and I am sort of making a comeback to real estate investing. Looking to connect with the seasoned folks, mentors, and other like minded folks.

My background really comes more from construction and development in residential and retail construction. Over the years I have also built out several new construction residential homes and townhomes. I am more looking to get further into either flip or rental properties and would love to be able to connect with folks in that side of investing. Currently looking at Akron, OH and Bessemer, AL areas but open to expand.

I'd love to connect. I've been in real estate for 4 years now and have done land flipping, wholesaling, buy and holds but am now just focused on lending.

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Just get a good umbrella insurance policy to start.

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Quote from @Travis Timmons:

1. Run your own race. Be perfectly happy watching someone else make a giant pile of money pursuing a strategy that you have no interest in doing.

2. Play the long game but realize that maximizing long term net worth has to stop if you want to be financially independent.

3. It's going to take longer than you thought and be harder than you expected.

These are really good points. Hard lessons to learn in the beginning but the sooner you get there the better.

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Orlando, Florida

Quote from @Joe Villeneuve:

Quote from @Jonathan Chan:

Quote from @Joe Villeneuve:

So what was the lesson? Based on what you wrote here, I think the lesson should have been to not chase a specific number of properties, rather chase a specific number of dollars.

The lesson was to build some sort of active income within real estate through lending, which I'm currently doing, rather than chasing ownership of rental properties.

Good lesson, except I would change the words "some sort of active income", to a "specific active income".

I have my specific active income. I was saying some sort because lending is not for everyone. Some may prefer STRs, fix and flip or wholesaling. My boat is lending.

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Orlando, Florida

Quote from @Joe Villeneuve:

So what was the lesson? Based on what you wrote here, I think the lesson should have been to not chase a specific number of properties, rather chase a specific number of dollars.

The lesson was to build some sort of active income within real estate through lending, which I'm currently doing, rather than chasing ownership of rental properties.

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Orlando, Florida

Quote from @Doug Kirk:

Quote from @Jonathan Chan:

Quote from @Doug Kirk:

Newbie in the North Central Ohio area (Lucky me) who hopes to have about somewhere around 6 digits near the new year to start out with and cannot decide which way to go. I make good money and am single. Goal is to try for 8-10 Properties and try to leave my W-2 in 3-5 years. I can't decide whether to be aggressive on buying and paying down one or spread on a couple and pay down slower. I want to limit my risk as not knowing where the economy may be going.

Have you looked into becoming a lender? I honestly wish I had done that before accumulating 30 doors.

Not really. I may look at that option down the road. But for now, just want to get good at the one strategy first.

Thanks

Of course. Feel free to reach out if you ever have any questions about lending. Happy to share experience along with do's and don'ts to make sure your money is protected.

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Quote from @Patricio Acosta:

Question for experienced flippers: Where do you find your deals?

I'm a new flipper based in San Diego, CA. I started last year and have completed three successful projects with 30% returns before tax within 3-6 months. I'm motivated to go all-in on flipping and currently source all my deals from the MLS and Zillow, focusing on properties in the $1.5M - $2M range. However, after a couple of months of searching, I haven't found anything promising recently. This makes me wonder—where do you find your best deals?

I've heard some people rely heavily on the MLS, while others use wholesalers, pocket listings, etc. What's been your experience with these different channels? Does the effectiveness of each vary by location? Any insights specific to California or San Diego?

Google San Diego Cash buyers, sell my home fast in san diego, san diego house buyers. These are all wholesalers. Hound them like they owe you money until they bring you deals.

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Figure out what it is that you want to do and in which market. Find someone who's doing what it is you want to do in that particular market and reach out to them with value. For example, if you want to eventually fix and flip in Orlando, FL. Find a fix and flipper in Orlando, ask them what their buybox is and bring them deals.

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Quote from @Ed Hoffman:

I was told that if you purchase a property using a conventional loan (mortgage in your name), that within a month or so after you purchase the property, you can use a Quick Claim Deed or Warranty Deed to transfer the name on the Deed of the property to your LLC. My main reason for wanting to do this is for liability purposes. Any advice on the steps to do this is appreciated. Also, the costs involved. Thanks in advance.

If you have the WY holding company for your corporate structure, DO NOT just quit claim the house into your LLC. That leaves a paper trail and defeats the purpose of having a WY LLC.

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Wilkes Barre Scranton, Pennsylvania

I had a full time job and invested in real estate doing the BRRRR method. I got to 30 doors and left my W2...however, realized that landlord income is not the best way to survive. You'll need some sort of active income, whether it's wholesale, fix and flip or lending.

1 Vote

Los Angeles County, California

All Forum Posts by: Jonathan Chan

Jonathan Chan has started 27 posts and replied 123 times.

Post: New Member- Let's Connect

Post: is an LLC necessary?

Post: Biggest Lesson Learned?

Post: Biggest Lesson Learned?

Post: Biggest Lesson Learned?

Post: Best Strategy for Starting Out in Real Estate

Post: Where do flipper get their deals from?

Post: How to get into investing even though I have no money to do so

Post: Using a Quick Claim Deed or Warranty Deed to Transfer property from Personal to LLC

Post: Full time registered nurse in CA, part time real estate investing?