All Forum Posts by: Mark Kao
Mark Kao has started 13 posts and replied 46 times.
Post: Kirkland Wa almost tear down project?
- Restaurants
- Bellevue, Wa
- Posts 55
- Votes 10
a house recently went up for sale in a fairly expensive area code (98033). The house sits on a 7500sft lot looks like almost a complete tear down except for the brand new roof. Asking 250k, similar styled houses go for about 365k, the newer houses going up are anywhere from. 650-800k. Worth running numbers?
Post: Newbie looking to get more educated
- Restaurants
- Bellevue, Wa
- Posts 55
- Votes 10
I only have a few friends in the financial position to start investing in RE. Unfortunately the cost of entry in Seattle is quite high, so we'd probably have to look into a rehab project which I have little experience with
Post: Newbie looking to get more educated
- Restaurants
- Bellevue, Wa
- Posts 55
- Votes 10
@ryland, do you ever attend one of these BP meetings someone mentioned earlier?
Post: Newbie looking to get more educated
- Restaurants
- Bellevue, Wa
- Posts 55
- Votes 10
Originally posted by @Ryland Taniguchi:
Originally posted by @Mark Kao:
currently I have 3 properties (I live in one) . The way I've done it has been pretty elementary. When I've built up enough equity either by paying down the loan or the value has risen sufficiently I've done cash out refi's to buy properties whole while also trying to keep down the monthly payments and taking advantage of the tax deduction. I'd like to look at getting into something like a duplex or quad but where I live (Seattle) has made it an expensive proposition. How can I increase my purchasing abilities in a cost effective manner?
It's hard to fund SFR rentals with no money out of pocket (unlike 100-unit multifamily), especially in Seattle where cash-on-cash returns are very low. To increase your purchasing ability, you need to understand how to work with private money.
However, there is always a way to do anything if you know. Every week, I find a way to fund a flip flips with no money out-of-pocket. But I guarantee that it's not necessarily easy. You have to find "home run" deals and know how to structure it. I use the profits from flips to buy out-of-state rentals with a 16%+ cash-on-cash returns.
Basically, you need to take 10x massive action and keep adding tools to your tool belt such as land trusts, joint venture partners with private money, credit partners, subject to, lease options, seller financing, hard money with 90% of acquisition and 100% of rehab, assigning contracts for a fee, etc.
Out of state properties make me nervous (maybe I shouldn't be). I'd like to check out of the state, but I'd like to fortify my and increase my knowledge and base in the greater Seattle area first.
Post: Newbie looking to get more educated
- Restaurants
- Bellevue, Wa
- Posts 55
- Votes 10
Originally posted by @Kevin C.:
Hello @Mark Kao, Welcome to Bigger Pockets. It sounds like your off to a great start.
There is a wealth of knowledge here and plenty of great folks whom you can learn from.
Also I am hosting a Meetup of local BP members in Lakewood on Monday the 31st. We also have one in Bellevue hosted by @Troy Fisher once a month as well and @Tiffany Ploviewill be hosting one in Seattle soon. Here is a link to to the forum post for more information. Hope to see you around.
I'd definitely be interested in checking out the meeting in Bellevue. When's the next meeting? I looked at troys profile but didn't see a calendar or whatnot
Post: Newbie looking to get more educated
- Restaurants
- Bellevue, Wa
- Posts 55
- Votes 10
currently I have 3 properties (I live in one) . The way I've done it has been pretty elementary. When I've built up enough equity either by paying down the loan or the value has risen sufficiently I've done cash out refi's to buy properties whole while also trying to keep down the monthly payments and taking advantage of the tax deduction. I'd like to look at getting into something like a duplex or quad but where I live (Seattle) has made it an expensive proposition. How can I increase my purchasing abilities in a cost effective manner?