All Forum Posts by: Renee Ren

@Nick Maugeri Congrats on your first purchase. I live in Orange County. Also thinking about buying a rental out of state. Can you share what state/area you are purchasing your first deal and who is your lender. Thank you.

It is funny to see a discussion about whether we should use cash to buy properties. People don't do it simply because they don't have money especially you live in a big city like LA with crazy high property prices. I flipped one property last year in LA and ended up losing money. Now I want to partner with people who have money and buy and hold multifamily properties. 

I want to buy small multifamily (duplex, triplex or fourplex) in LA area. Should be under market value or fixerup so I can add value to it. Price is under 1m. I have access to MLS but don't see many properties available on MLS. Most wholesalers I know deal with SFR. Any suggestions where to buy those small multifamily. Thanks.

@Michael Ealy Very interesting story. China has very strict policy regarding money transferring out. Every single citizen of China is only allowed to transfer out $50,000 USD every year. However, Chinese are still buying properties in US especially California. There is always a way to get money out. Some investors have bank account in HongKong which has no restrictions of transferring money out. 

Tenants screening is the first step to make sure they are qualified which means they have the ability to pay the rent on time. When I help clients to rent a property out, I'll ask for tenants to submit application forms along with 2 months pay stub, 2 months bank statements and I'll check their credit and background. If they start a new job, I'll also call the manager or supervisor to verify the potential tenants' salary. Will call the previous landlord or property management if necessary. Hope that helps. 

Hi Peter, I'm an agent and investor. Can I attend your meetup. 

My partner and I are looking for private money as a 2nd TD. We offer 10% annual interest rate. We did a couple of fix and flips before. Looking to buy more properties. We do have private lenders but want to work with more private lenders so we can purchase more properties. We are seeking properties to buy mainly in Orange County, Los Angeles in California. Anyone who is interested in earning high return please PM me. 

Below are some before and after pictures. 

Before

After

Before-living room 

After

Before-master bedroom

After

Before

After

Thank you @Sam M. and @Peter M. I'll hold on buying deals from them until I get positive feedback from other local investors. 

Hi All, I'm in Orange County, California. I came across with a big wholesaling company called New Western Acquisition. The sales kept sending me wholesale deals. It looks like they are doing a lot of business. I'm a member of women investor's club. We had an investor before who had ripped off by this company before so we hesitate to work with them. If anyone worked with them before, can you please share your experience. Thank you. 

Thank you for all the reply. @Jeff S.  My loan is recorded as a 2nd TD. My husband(he is a real estate attorney) said I can still foreclose on her property. I didn't check with him before I lend the money. That was my mistake. "Loans secured by real estate are exempt from usury in CA if a licensed CA real estate broker originated the loan". I'm a licensed real estate agent not a broker. I originated the loan myself. Just used a sample version of promissory note from internet(big mistake). Can I say the loan is originated by a broker? 

I'm still in contact with trustee regarding this issue. I'm planning to ask them file NOD on Aug 5. I'll talk to my trustee to reduce the rate to 10% and deduct 2 months interest from my principle. If the penalty is 3 times the interest I collected I can deduct from my principle as well. Thank you again for your advise.

@Michaela G. The property is vacant. This is a flip. 

@Jay Hinrichs Yes she can but I don't think she knows and she will do it at this point. I'll talk to my trustee and lower my interest to 10%. Thank you. 

@Diana Smith Thank you Diana. My husband is a real estate attorney. I'll check with him.