All Forum Posts by: Susan Tan

@Sri L.Yes, the mentorship program requires that the net profits be a 50-50 split at closing of a note for each note. That's why I need to build my own private investor buyer's list this year.  

@Brian Ploszay @Enrico Angella: I moved to Houston, TX in Dec 2020 so I've started learning more about the neighborhoods near me in walking distance. I've just started doing walking for dollars to explore the residential streets and take pictures of the abandoned or very badly damaged properties that are on the same street as the to brand new custom $600k+ properties. Small MF properties start at $800k+ to $900k In the Inner Loop areas of Houston and they are extremely rare to find.

I have 2 questions for those who have single family rentals or work as contractors. Are any of the problems in this list deal breakers in your search criteria for rentals and if yes, is there even a way for contractors to fix or mitigate them? I've toured properties and read inspection reports that have 1 or more of these problems below. Not being a contractor, i don't know all the solutions on how to fix these problems.

Very small single window in a bedroom.
Lack of parking garage/street parking only. Potential solution: car ports.
High noise level from being close to a highway. Potential solution: double pane windows.

Asbestos in the pipes.

Knob & tube electrical wiring. Potential solution: replace it all??

This is so motivating! Happy to connect in DM. Well done on acquiring the properties. 

Some things I achieved in 2020 related to real estate & mortgage note investing. This is my 2nd year into real estate & my 1st year in note investing.

✅ Completed a cash out refi on my first turnkey rental in Cincinnati, OH by March 2020 so that I’ll have more cash to buy more rentals.

✅ Acquired 2 rental properties that included a 2plex & a 4plex, both in Cincy metro region. I invested $92, 932.14 of my own cash to close both rentals w/ traditional bank mortgages with 15-year loans at low fixed-interest rates.

✅ Did an out of state rehab on the newly acquired 2plex that had cost ~$19,000 in repairs & utility bill holding costs across 4 months from May to September 2020.

✅ Purchased a note buying class package in August 2020 taught by note buying veteran Donna Bauer.

✅ Attended a 3-day note buying academy in September 2020 and studied the legal documents in past note flip deals in the academy.

✅ On Christmas Day, I am under contract w/ my first mortgage note flip whilst mentored by Donna Bauer that will net ~$5,000 cash to be split evenly.

✅ Won A LOT of auction house bids on tables, chairs, and mirrors, all capital business expenses, to prepare for my first airbnb rental property that I’ve yet to buy in Cincy, OH or northern KY. Sadly, 1 mirror in the lot was broken, so I am left with 11 mirrors instead of 12 mirrors.

✅ Coordinated an interstate move of the above-mentioned auction-house furniture from Kaminski Auction House in Taunton, MA to a self-storage unit in Cincy, OH on the same day as  I

✅ Coordinated my own personal furniture move from the over priced, ultra expensive SF Bay Area to the beautiful, affordable, and rapidly growing city of Houston, TX. Still renting forever in a different city.

✅ Formed a master mind real estate group w/ 3 new members and hosted monthly zoom meetings.

✅ Connected with more FIRE folks from the FIRE-related Facebook groups on zoom intro calls.

https://www.houstonchronicle.c... 

Mold is gonna be an even bigger problem that real estate investors & flippers will have to deal with in the Southern properties. Have you had to deal with mold before in your rehab projects?

Kenton County in northern KY requires a $75 monthly payment for users to access the tax bills & property records. I'm curious about which counties in the USA require monthly payments to access this info. I know a lot of countries offer this info for free online but not all! Have you ever had to pay for seeing tax bills/property records online?

@Sandra Andrews I find investors from my "local" Cincinnati REIA on zoom meetings, note investing Facebook groups, note investing conferences. I always schedule a first zoom intro call w/ potential investors to see what notes they're looking to buy.

Well done! How is the management of the property going? Happy to connect over an intro zoom video chat. I'm interested in buying a multifamily building in Houston, TX too.

I posted about this same topic in https://www.biggerpockets.com/.... Having a good property manager is key. I spend <5 mins each week on a quick call w/ my property manager. Regular buy & hold rentals from over 2,000 miles away is simple & passive. I don't do the tenant screening or repairs because that's what I pay the property manager each month to do in exchange for peace of mind.