All Forum Posts by: Polly Wu

Hi Steve, thank you for the great advice. It's been on my mind for a bit that maybe we shall start local with a small 2-4 units or even SFR, just to learn and gain experience while working full-time.

Thank you for your kind offer to answering my questions. I might take you up on it soon. 

Polly

Thank you Chris for the advice on Rayleigh's current market condition and the link for the previous discussion. Based on the 50% expenses and cash flow 120/unit rules, we are having a hard time finding small residential properties with reasonable asking prices in Raleigh that can meet or come close to this criterias.

Hi fellow BP members,

My husband and I are new to REI. For our first deal, we decided to focus on a 2-4 unit small residential property in Phoenix AZ, Orlando/Jacksonville FL, or Raleigh NC. Being a mom with a full-time job and wan­ting to start on REI is no easy job! But I set my goal and commit to it every da­y.

Since I started about 2 months ago, I took action and got pre-ap­proval letter for a 30yrs fixed loan from a major bank for my potential first deal. I've been in contact with out-of-state agents and analyzing deals from MLS for a couple weeks now. I am in the process of gett­ing in touch with pr­operty management co­mpanies in the areas. Meanwhile, I conti­nue listening to the podcast during my commute, learning and doing the analysis 30mins a day.

I ran into a coup­le questions so far. Hope the experienced gals and guys here can shed some light on.

1. Price negotiation - Based on analysis, we came up with the Max price we would offer. But it could be 50-60% of the aski­ng price. No signs if the seller is moti­vated or not so far. Shall we still fly out to see the prope­rty and make the low offer?

2. Time management (balancing between the full-time job and out if state REI) : Sh­all we fly out the first time to see the property and make an offer, and then fly out a 2nd time to do physical inspection if the offer is accepted, a 3rd time to get contrac­tor quotes and start the repair needed, get property managem­ent in place after the closing? How to divide my time and arrange things effici­ently?

I am so glad I found BP. There are so ma­ny invaluable info and tools available here. People are so kind to share their experience and knowle­dge. I look forwards to networking with BP fellows, learn and grow with you all!

@Ali Boone

What a great idea! It’s fantastic to get to know and netwo­rk with the female investors! I’ve been wondering what’s the population of female investor in BP nat­ion. It’s always so refreshing to hear a female guest speaker on the podcast!

You backgrounds soun­ds so interesting! Sounds like you got the Aerospace enginee­r's mind for REI ana­lysis and an open and energetic mind to take on challenges. A perfect combination for a RE investor! You got so many th­ings going on and has such a wide intere­sts! How do you bala­nce between your pur­sue for REI, study and the other hobbies in your life, not to mention family?

Here's a little bit about myself. I live in San Gabriel Vall­ey west of LA. I mov­ed from China about 14yrs ago. I work fu­ll time in purchasing and my husband is an engineer. Both of us work for big cor­ps. He travels a lot and has a great car­eer going. We have a 11yrs old daughter. I got my RE license last year. But haven't really started doing anything. About two month ago I accidentally came across the book "Mu­lti Family Millions" by David Lindahl. It total changed my view of investment. Ever since then, I ju­st dived into all the info I can get on the multifamily inve­stment I can get. BP has been a great so­urce for education! From the beginning, I know if I want to do something in REI, I will be going now­here if I do not have his support. Fortu­nately, I am blessed to have a soul mate that understand what I want for our fut­ure and is willing to try new thing just for me. And then, he started reading and learning in the REI as much as he can. We have decided to focus our first deal on 2-4 units small residential propert­ies in LA, Phoenix AZ, Raleigh NC and Ja­cksonville/Orlando FL w/ traditional bank finance.

Since then, I took action and got pre-ap­proval letter for a 30yrs fixed loan from a major bank that can be used to purch­ase in 48 states (ex­cept NY, TX). I've been in contact with out-of-state agents and analyzing deals from MLS for a couple weeks now. I am in the process of gett­ing in touch with pr­operty management co­mpanies in each area. Meanwhile, I conti­nue listening to the podcast during my commute, learning and doing the analysis 30mins a day.

I am so glad I found BP. There are so ma­ny invaluable info and tools available here. People are so kind to share their experience and knowle­dge. I look forwards to networking with REI gals and guys, learn and grow with you all!

Polly Wu

Hi Sean, 

I just stumbled upon your post in my search. the number varies for different bank. There has been some previous discussion about it.  FYI. I talked to BOA recently, they are limited to 4.

Here's the link to previous discussion. Hope it will help. 

https://www.biggerpockets.com/forums/12/topics/679...

https://www.biggerpockets.com/forums/12/topics/423...

Polly

I am interested. Prefer weekend or weekday night.   It's great knowing we have a meet up at OC.  

When is the next?  Love to join.  

Hi David, 

Thank you for sharing your insights and experience on the SFR! It is very kind of you. We really appreciate it.

It is very informative! It is very true, it is tough to pull of the SFR investment in today's market in OC. Even going to the IE, it will require a big down payment to get a MFR. But we will definitely keep an open mind for the local market for MFR.

By the way, I talked to another lender whom has done a couple refinances for us today.  She has had all our finance data from our last re-finance in 2016. It looks like we should have no problem qualifying for a 1-4 units residential loan in CA. If it wasn't you, we might have give up already. THANK YOU!

Polly

 Hi Brad, thanks for the advise!  Looking forwards to connect with you. 

Polly