All Forum Posts by: Kevin Dong

Watching the market closely.  You can’t really run faster if you don’t have enough experience.  Once you know your local market really well you will know if it is a deal instantly. 

Local title company would know that.  Just write up the contract put in the term.  Please don’t wait.  GET THE CONTRACT SIGNED first.  And worry about other stuff later. If it is a deal. Last thing you wanna hear froM the seller is someone just signed the contract with him 😂 

@David S. this could

Be a option. But I am not that type of investor. I don’t really like to deal with buy and sell for other people.  lol.   And yes. Most of the seller decides to sell off market know they are gonna get less money and they know they are trading the equity for time and less problem. But they don’t know exactly how much.  Most of the appointment I have gone to.  I am honest with seller.  I tell him exactly that I am gonna buy and make or lose money on the deal.  That is the business I am running.  They understand.   But if I tell him I am gonna make 40k-50k on my way out. What is the seller gonna do.    Hell no. Lol.  That’s The difference.   When they don’t know the number. They are fine.  A broad idea of I am making money VS exact number of how much I am making money is completely different

@Jay Hinrichs  An unlicensed individual has the right to tell seller that they don’t wanna disclose what they think the value of the property is.  And there is nothing wrong with it.  In some appointment. I usually just tell the seller. Hey. I have my own set of value for the property.   And I don’t wanna tell u.  But this is how much I wanna pay for the property it is your decision to sell me with this price or not.  But as an licensee.   You have to tell him exactly what the fair market price is no matter what.   

I used to buy auction and distress property in mls. But since auction goes online and too much money on the market. People are overbid on auction . Spread are really thin right now. There is basically no deal at all in MLS even for distress properties. They list at the price where the end buyer will basically break even when they fix it. And there are still people pay for it. I don't know how they do it. So now. Most of the deal are off market. That's 95% of where my deal come from.

Buying properties 30%-50% discount of ARV . I just don't think the coming correction will be as severe as 2018. Even they are. I am still okay since all of my buy and hold profolio are free and clear and cash flowing. My flips projects will get hit though if value drop more than 30%. But worse case I can still have them rent it out since most of my flips are under 200k Mark. So I am investing like the market will crash tomorrow. Lol

Yup. It is Florida's rule. I don't know anywhere else. But I think it is for everywhere. As a license holder , when seller ask you about how much their house is worth. You have to act professional and honesty.give them the correct information. That's one of the rule you have to disclose what u know . That's the downside. But if seller never ask u. U don't have to bring it up. But there are lots of seller will

From my personal experiences. There are pro and cons for getting the licenses. I have done more than 2 millions of transaction volume flips. I was kind of giving away 60k-120k commission when I sold them with an agent. And I lost quit a bit of deals because i didn't have the acesss to the MLS for the accurate comps that is the big one. So I finally buckle up. And got my license recently. I think i am gonna have more than 4 millions sale on flips in coming year plus my family memeber's listing as well. And being an license agent actually get u more credibility. People trust me more in the transaction and I actually can equally talk to appraisal when there is issue with appraisal when I sell it. Appraiser actually take my word more seriously just because I am an license agent. The down side is that when I actually go to appointment. I have to tell the seller exactly how much the house is worth lost out quit a bit of deal .

Cash flow is there. I would buy it right away. There is equity there 

don't get me wrong there are deal from MLS. It is rare though. Number has to work. Sometimes to get lucky. But remember. End buyer needs spread. We as the investor. Need free equity on top of decent cash flow to call it a deal.

property tax and insurance is extremely high.