All Forum Posts by: Tom Chen

Hi Chris Mason , I agree. I made sure to be very conservative expenses and NOI projections... Luckily, the market I'm investing in cash flows very well. So although I thought I would get a 20% cap rate, it will be 9% cape rate the first year... 2nd year after the tax escrow is filled, it will be 14%

http://www.areadevelopment.com/ 

First, let me say...I HATE BIG BANKS LIKE HSBC...

Now that that's out of the way, many times big banks don't include the full tax escrow amounts in their closing fees.  If you don't want a surprise increase in monthly payments, just double check those escrow amounts and make sure they at least match the city/county tax records.

When you put a new roof on, can you recoup that cost at the refi? In other words, the duplex I bought was $45k. A new roof, 2nd floor floors and kitchen ran me approximately $16k. When I go to refi, will the duplex now be valued at $60k+? Other duplexes that have been rehabbed seem to also run around the 60s - 70s.

The Reantus "education" is eerily similar to Amway's "books and tapes" business. 

The core of the business should be the main focus, but no...at best it's equal to the education. 

At the initial meeting that I went to, they were trying to sell the education package but only hinted that you could make money while going through the course. 

I'm not sure how much more Renatus will teach compared to all the BP guides, forums, and networking events will teach for virtually nothing. 

Anyway, I'm just annoyed that I was suckered into an MLM type meeting when I was trying to find a REI networking meeting.

@David Dachtera,

I was so thoroughly turned off by the bait and switch that I couldn't wait to get out of there. I had no interest in speaking with anyone simply because I felt trapped in the room within 10 minutes. 

There was no real REI knowledge being shared by the speaker, it was all one big build up to the sales pitch.

@David Dachtera,

I went to the meeting expecting a networking meeting. I got a sales pitch. 

I knew the BP family would come through for me...

I was "invited" to this meeting after joining a "Meetup REI meeting"...

I hate that they had to be deceptive regarding the meeting.

From the moment I stepped into the room, it felt like a huge MLM meeting (been to plenty)...

Learned nothing in the meeting and was a huge waste of 2 hours...

The irony is, that residential area was originally developed to SPECIFICALLY keep Asians from being able to purchase property there. It's been 2 years since they bought that property...it would definitely be odd if a judge were to reverse the sale. These rich people should just pay up.

Maxine Rhabb , If you want to get together for some coffee, I can always meet you at Sip This.