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All Forum Posts by: Richard Duong

Richard Duong has started 2 posts and replied 11 times.

Post: What to do with $15K

Richard DuongPosted
  • San Bernardino County, CA
  • Posts 12
  • Votes 14

What are you willing to do with 15k? If not FHA, remaining choices I can think of: low cost condo investing, partnerships, continue wholesaling, or continue to save until you get 25% (have a measurable length of time as your goal and stick to it). You already know, LA ain't easy with 15k. Determine if you are willing to go out of LA and if so, how far out?

Post: What to invest in to achieve a specific monthly income goal?

Richard DuongPosted
  • San Bernardino County, CA
  • Posts 12
  • Votes 14

hmmm you are right. The guideline you are looking for is too complicated for someone else to answer for you. The One Thing by Gary Keller is an awesome book to check out if you havn't already. Determine the locations you will be investing in, how much cashflow you can get per door, and also how much cash do you have access to. TX has great opportunities. I have similar goals as you. Message me if you would like to bounce off ideas and numbers. Its a journey, take the first step and focus on the goal. There is no clear path or guideline.

Post: What to do with $15K

Richard DuongPosted
  • San Bernardino County, CA
  • Posts 12
  • Votes 14

Why not look for an FHA or 203k FHA multi-unit deal for your first deal with the 15k? Of course that would depend on your current income and living situation. What city are you located in?

Post: Advice needed: existing tenant with below market rent

Richard DuongPosted
  • San Bernardino County, CA
  • Posts 12
  • Votes 14

lol Greg I am not saying I don't agree with you. I can see you have the incredible talent of business management as well as proper reserves. Starting off it's a little different. Risk management is important when you only have small amount of units. Vacancies/bad tenants and renovation costs has a larger impact on your operations. I really like your thought process with the proper PM to manage the units well enough to keep it at market rent and be able to techically be at the same state you are with lower rents. It comes back to how much risk a landlord can handle at the time. 

Post: Advice needed: existing tenant with below market rent

Richard DuongPosted
  • San Bernardino County, CA
  • Posts 12
  • Votes 14

Greg, what you say is correct. Losing money every month is not OK but there are many other factors to be considered. Managing your risk is one of them. Raising rents so quickly without stable rental income right in the beginning would not be appropriate. Comes back to the landlord's numbers and how quickly rents should progress to market. With think two units vacant quickly and having to spend money and time renovating both can be a disaster if you don't have the proper reserves...holding costs, upfront  costs, and risks such as 1 out of the 2 being a bad tenant. 

lol it seems like my font increased in size....I don't know how to change it back from a mobile

Post: Advice needed: existing tenant with below market rent

Richard DuongPosted
  • San Bernardino County, CA
  • Posts 12
  • Votes 14

Depends on your goal and your numbers. How much is your all-in monthly expenses including utilities? Can you handle them being under market rent and pay consistently on time? Or do you want to take it on the risk of bad tenants for market rents? Also, option 2 is not bad as long as rent doesn't stay too much below market rent. Having good tenants pay 50 bucks a month less market is not a bad idea. No upfront rehab cost either. 

From my recent experience, I kept one unit below market rent and the other I renovated and rented it out at market rent with 2x deposit. Minimized my risk since I had one stable tenant paying, and then put in some money to renovate to get market pricing for the other unit...with 2x deposit it lowers that portion  of my risk as well since renovation costs were not high. Really made sure the new tenant was going to be a good tenant.

Post: Economic State and Impacts on Our Decision

Richard DuongPosted
  • San Bernardino County, CA
  • Posts 12
  • Votes 14

I am curious to see when we are going top out. It feels so close...not sure on how hard I should push to get another property or wait until a dip to buy. Thoughts? How do you think Trump and the strong dollar will impact us? Once the FED raises interest rates, how likely would a recession come soon after?

Post: What is the best way to start investing w/o breaking the bank?

Richard DuongPosted
  • San Bernardino County, CA
  • Posts 12
  • Votes 14

True. I agree with you about staying within your area if your are self managing. Sounds like you have been in the business but are now coming back into it?

Post: What is the best way to start investing w/o breaking the bank?

Richard DuongPosted
  • San Bernardino County, CA
  • Posts 12
  • Votes 14

Find out what financing options you have. Determine if ROI in your area is worth it. If you want to spend less...then you may need to look out of your area. I am in California as well. Let's connect if you are interested.

Post: Seeking Investor friendly Agent in Rochester, NY

Richard DuongPosted
  • San Bernardino County, CA
  • Posts 12
  • Votes 14

Hi Ebony,

Have you considered San Bernardino County with a higher price point but within your area? I'm from San Bernardino and looking to network with driven folks starting out in the area. Let me know if you would like to connect for us to bounce ideas off each other!

Rich