All Forum Posts by: Michael Lam

@Tracey Steele

@Tracey Steele

What is your end goal for this investment?

Hi @Anna Milligan

Congratulations on your children and you joining BP!!

I too have 3 little ones running around the home (under one income).  Its great your thinking about the future and being honest with yourself (working for someone will not financially set you free).  

I'd love to connect with you,  I've had some unique run-ins that required structural engineering discussions.

You made a comment about your strategy to "buy and hold".  Can you share with us your reason for this?  I have my own but for it to be of any value I'd like to know the "why" to this strategy.

@Christopher Henschen

What is your goal for purchasing land?

Hi @Christopher Henschen

I have a few questions for you before I attempt to give my opinion

1.  Is this your first home purchase?

2.  What other options have you exhausted in attempt to look for homes

Hi @llya Presler

Welcome!

1.  Your very young and excellent job getting your feet wet sharing the risk with a partner.

2.  Hard Money lending in my opinion is for those experience in real estate.  To me I've used it to quickly get finance and do a flip.  In and out...why?  They charge you an arm and leg.  So if you don't know what your doing, you'll end up chipping away your potential profit quick.  Why go this route?  Much easier and faster to get funding.  There are other advantages to this as well, just look it up on google.

3.  Funding4Flippin I haven't heard, but they have a website that is designed to hook you in. 

Hi @Paul Gill

Wow what an excellent question.  

I want to make it clear, I don't speak for BP, but I have been studying world markets and I'll answer your question with a few questions.  If you or other still don't understand my drift and people want me to clarify then ask me.

1.  Avg home prices in Canada are roughly +$1M,  but local incomes don't support such pricing.  So is it locals buying up and driving up prices?

2. Who makes up majority of foreign investment?  What country?  And is that country experiencing some tightening policy around currency movements?

3. Use pure logic, +20 years without major pull back (I would double check this). but even with that, just x years consistently doesn't mean it will continue that way.   Look at the economic factors that drive this and see if its external fabrication.  Or in other words as this 'external' influence been there???

I can get into more details if folks want but want other BP folks to chime in on this.  Its a GREAT topic!

Hi @Kamal Sidhu

Welcome aboard.  I'm too from bay area.  

I would like you to give us your objective analysis of why its a great time to buy or do you think its a time to wait it out?  Assuming I'm a first time buyer.

Looking forward to hearing what you have to say.  Your in a very hot market.

Hi @Jared Borgwardt

"where should I look" has many and will have many answers.  Perhaps that was your goal.

1.  To better provide options, whats your income like now?  Are you W2 or Self-Employed?  Do you have good credit?

2.  If you W2 and you have good credit then you can leverage financing options.  If you have poor credit then you can go down the route of "hard money" loans.  There is this article that discusses hard money loan here:   http://www.realestatewhisper.com/alternative-loans...

3. You can pool money together from investors, do you have a portfolio of your work to showcase?

4.  There are more, but without knowing more of your situation we could be shooting in the dark.

@Ho-Fan Kang

@Ho-Fan Kang

Welcome!  What time of things you had in mind?

Hi @Manny T. Marcos 

Your in Fresno, and I'm assuming this is in Fresno?  I'd take advantage of this hot market now and do a quick flip ASAP.  The data I've been collecting is not favorable keeping anything long term (in CA).  Of your options, and without fully knowing all details, I would choose the option that will get you to flip the fastest (not yield the most money, what takes precedence is the time to purchase and flip in this current market).

Good luck

@Manny T. Marcos