All Forum Posts by: Jim Chuong

I've checked a number of markets and zillow and bestplaces.net show very different numbers. I also subscribed to neighborhoodscout and it tends to align more closely with bestplaces.net at least on a few that I checked (per-report pricing on neighbhoroodscout is brutal!)

I am sure most people it was the money, but curious what events might have happened to make the plunge?

@Jim Chuong it's always a great idea to have some money set aside for when an opportunity arises; It sounds like you're already doing everything you need to be doing to be prepared!  How much would you recommend a new investor keep in reserves for purchases?

I've checked a number of markets and zillow and bestplaces.net show very different numbers. I also subscribed to neighborhoodscout and it tends to align more closely with bestplaces.net at least on a few that I checked (per-report pricing on neighbhoroodscout is brutal!)

My friend asked me to borrow 5k to finish some work on a property he’s flipping using hard money so he can get his next draw is this something I should consider if so how should I go about it? He’s offering me 7500 total once he sells

It was difficult to get financing at that time let alone refi especially as Canadian. It was during the time when Detroit declared Bankruptcy. It was either sell or keep..  

 They were singles.. I moved up to multis and MHPs..

Detroit not much of a multifamily market.. cash flow singles mainly..

@Ana Marie B. I’m sure there are 1% deals to be had in almost every market if you look hard enough..but that doesn’t mean they are in the Class A neighborhoods I’m targeting for my investments. It’s still very interesting to hear the perspective of others.

What are you doing to ensure that you are financially capable of taking advantage of an opportunity that shows up out of the blue? It's a great idea to do prepare for these opportunities by making sure you have quick access to capital when you need it; and it's always better to start sooner rather than later. This applies not only to being able to get cash when you need it through HELOC's, hard money lending, investor funding or other methods; but also to making sure you are prepared with the right contacts when opportunities present themselves. Know ahead of time where you want to invest and do what you can to know which real estate agents, attorneys, contractors and property management companies are in those areas so you're not left scrambling for contacts when an opportunity presents itself. As Thomas Jefferson said "I am a great believer in luck, and I find the harder I work, the more I have of it." So plan ahead, and be prepared to take advantage of your luck when a great opportunity falls into your lap!

What are some of the things that you are doing to make sure you're prepared for your next big opportunity?

@Account Closed - I glanced through some of the advice you’re getting in this thread and I would just say take them with a grain of salt.

As usual on BiggerPockets, folks give tips that overgeneralize and pertain only to their specific real estate situation. One example is @Joe Splitrock who mentioned that acquisitions should meet the 1% rule. Sure maybe you can find deals like that in midwestern areas. But good luck finding properties that meet that rule in coastal cities where you tend to find higher priced homes with higher appreciation rates.