All Forum Posts by: Lien Vuong

Congrats! What am exciting deal!

Try commercial - they're offering about 6% at the moment, no pre pay. 

I would expand my search as far as your crew and resources will allow you to. You can certainly start new in a big market/state but expanding locally here first would give you advantage with your existing network and understand of the geographical area. 

You can increase your HELOC in the instance that your property is worth more either by market appreciation and/OR value add projects.

Yes or you can even ask the same HELOC lender to increase the amount of your equity in it to avoid the additional paperwork and closing time.

You cannot bill them for the water if its not submetered but you can put in the coin-op machine as long as your lease does not state that you're providing them with a laundry machine. That might help alleviate these costs. 

Higher cash flow and C/D tenant classes are a very common way for people start their investing journey. Some people will even stay in it and expand in those chosen markets. It is just important that you prepare for the additional capital expenditures as they tend to have higher turnover and management fees due to the volatility of those areas. In the long run, it certainly would work out as long as you have the right reserves in place. 

 Everything is for sale for the right price!

its a high absorption market so you should be fine to get tenants in 30-60 days, especially when you're coming into the rental season which is June-Aug. 

It doesnt sound like a great deal on paper but if you're in a good area you feel secured about I think it would be a worthwhile purchase for long term appreciation and gains. Selling in the next 2-3 years would likely result in a net loss due to fees and cost of $ during that time.