All Forum Posts by: James Nguyen

PM me the info on the triplex and I'll see if I can help.  

Why would a private lender lend you 100 percent of the sale price without any down payment and with a 5 percent interest rate.  Even banks want you to have some skin in the game.  Investors know if you can't get loans through a bank, you are a high risk and that is why most private lenders charge 8 to 10 percent with points.

I am a buy and hold investor that have a couple of townhouses and condos in Houston.  As long as the numbers work, condos are great investments.  Taxes are much lower on condos than single family houses and you just have to worry about the inside of the four walls.  

I am thinking of hanging my license with a broker that not only sell and buy real estate but does property management in Houston.  Any suggestions will be appreciated. thanks

Check out this article on so called gurus.

http://www.foxnews.com/entertainment/2016/10/26/buyers-claim-flip-or-flop-stars-classes-misleading.html

I was wondering if someone on BP can help me.  I have a couple of properties that I would like to do owner financing,  they are all paid off.  These properties are in the Houston area and I have never done owner financing before and would like some guidance on how to do it. thanks

I am a buy and hold investor in Houston. In 2016, in addition to holding down a full-time job, I bought 4 properties and now I am looking into apartments investing to reach my goals. I would like to tell you about the last rental property that I bought in Northwest Houston.

I found this condo from a tenant that was living there and he knew that the owner was trying to sell it. The owner was in his mid-eighties and didn’t want to deal with it anymore. It was a 2 bedrooms 1.5 bath condo and he wanted $28,000 for it. At first, I was able to have him sell it to me for $26,000 with me paying $14,000 and him carrying a note for the rest without any interest for a year so basically I would be paying him $1,000 every month for a year. After a couple days, his niece called me back accusing me of taking advantage of her old uncle and this and that. Anyways we finally agreed on a price of $24,000 cash and no note.

After the inspection, I was able to get the price down to $22,750, I put around $1,500 in it to make it rent ready such as painting the half bath, changing the light fixtures, and touch ups. I section 8 the place with a tenant right away paying $886 a month. The HOA is a little high at $238 a month. Taking into account for taxes, vacancy loss, maintenance cost, and management fee I am pulling in $400 a month from this property. I included eight percent management fee even though I am managing it myself. If you like more info on section 8 or my other rental properties, please don't hesitate to PM me. Thank you for reading my story.

I just message you.

Have them sign a 1 year lease and go from there. 

Ditto. I have never bought from a wholesaler yet.