All Forum Posts by: Joshua Chen

Happy birthday!!

Hey all! I just recently came back to BiggerPockets after a long hiatus due to best friend issues, and had been working on a couple of things while I was gone. Check out my personal website at https://sites.google.com/site/joshuachenswebsite/ ! There's also a free copy of the first ebook I wrote on that site, although the topic is not related to real estate

Welcome back to BP, Guy! Great to hear your story.

Well first ask the seller to find out for sure whether she'd be open to seller financing. If that doesn't work, you could try bringing in an equity partner or resorting to hard money loans. If you have a primary residence, you could tap into a HELOC (home equity line of credit) for it and bank on that.

Look up "portfolio lender" online and find one near your local area. They usually don't have as stringent regulations as the big banks in what they can lend. And unlike big banks, they can break the 10 mortgage limit. You could also resort to hard money lenders, find in the "Hard Money Lenders" section under the "Resources" tab up top. Although, hard money lenders charge very high interest rates, so they will sap away at your cash if you try to sustain them for too long. If you do resort to that, I'd suggest refinancing to a lower interest rate as soon as you can.

Investing out of state as a newcomer is very challenging! Mostly because you don't have a way to access the property and physically check the condition, so you have to rely on property managers. That said, it can still be done if you are determined and do your proper research.

A good idea is to add more value to the place and then say that the raised rent is fair given the increased value.

You could just ask the buyer what the motivation is?

I wouldn't say this is the "best," but one possibility is using that 30k towards a down payment on an SFR that you well-analyzed to be a good deal, and then flipping it. Flipping is a great way to generate a quick burst of capital, especially for someone who already has capital to work with.

I personally run team players from various companies. I don't really work with particular companies; I just work with whoever I like.