All Forum Posts by: Sungpil Lee

Hello all

I am making great progress to purchase my first rental property (multi unit) and i am using BRRR strategy. In order for this to make it happen, I need to work on my rehab estimation skill. I am not a handy guy at all and dont know anything about rehabbing or house project.

Is there fast and efficient any way for me to educate myself? 

@April Molina. Please send me the details. 

Hello - 

I am going to visit my very first potential investment properties this weekend. I have been busy running the numbers and analyzing deals but kinda neglected the list of questions I should be asking to the real estate agent as well as the home owner (if the person will be there). 

I have a general idea as to the kind of questions I should be asking such as 
1. How much are the rents generally? 

2. What is the average vacancy rate? 

3. Why are you selling this property (not in a rude way) 

4. How long have you owned this property

But I feel like there should be more questions I should be asking in order to help me get one step closer to concluding that this is a good deal. Does anyone have a list of questions that can be kindly shared or have a link to the list within Biggerpockets.com or any other source? I feel like I have seen the list in BP but forgot to take notes of it. 

Thanks for reading my post 

@Marina Draper. Thank you for your response. 

1. I am planning to buy a property within 60 days. 
2. Loan is going to be min 15 years and most likely 30 years. 
3. The cash-flow will allow me to pay interest + principal 
4. I am not sure if that is okay but I spoke to one of the agent and seems to have no problem with it. 

@Harjeet Bhatti Thank you!. A question for you. What is the average interest rate for Home Equity? 

I understand that it differs my situations. Let's say you have about 80% equity in the primary residence and the amount of equity I am going to need is about 20% of the 80% equity I have. 

Hi - I am looking for an advice on whether or not choose Home Equity Loan or Line of Credit. 

I understand the basic difference between these two financing options. 
What I am trying to do is to borrow enough from either option to pay for 20% down payment for the first property I am trying to buy and have a second mortgage for the remaining 80% of the property. 

With that being said, will it be better to choose Equity Loan mainly due to fixed interest rate or line of credit which gives me the fund whenever I want within the threshold? 

Or am I not including other factors? 

Please share your insights! 
Thanks, 

@Branden Ellenberger - Thank you so much for your feedback. At this point, I have only ran the numbers and it looks good as I mentioned. I have few questions in regards to the next steps if you don't mind helping me out.   

1. What are the questions that I should ask the agent when I go see the property. 

2. I am currently basing my rental income off of rentometer.com. I am not sure if you used that also and if you have, was the actual rental income close to what was in the website? 

Thanks everyone for giving your insights. I have included the tax which I received the info from realtor.com and the estimated rental income information from rentometer.com ( i hope they are fairly reliable). Maybe I have underestimated the fixup cost or capex which i am not too familiar with. 

Hello all - 

I live in Blue Bell PA, 45 minutes outside of Philadelphia, PA. I decided to do the 90 days challenge and would definitely like to take the actions rather than just sitting and listening to webinars all year. With that being said, I have analyzed couple of properties in Norristown PA, and I was wondering if any experience real estate investor would help me analyze these deals. 

My analysis skill is based on few concepts that I learnt from Biggerpockets which is when you buy a single house property, you are looking for at least $100 monthly cash flow and 10% ROI. This property exceeds. $300 monthly cash flow and about 15% ROI. To me, it seems unreal and too good to be true.

I would sincerely like to ask any experienced investor to help me with landing my first property. Any type of help will be appreciated. 

Thanks,