All Forum Posts by: Tony Han

Hi @Account Closed,

First off congrats on your upcoming graduation from grad school! I think it depends on which niche your considering but as two amazing pod casters say, you should live where you want to live and invest where the numbers make sense.

Best of luck,

Hello All,

My girlfriend and I are planning to renovate a home she's inheriting that's in the zip code 90503. We've received a couple of bids from construction companies and I was hoping to get opinions on if what we were provided were reasonable or on the high end. The house is a 3/2 SFR and the square footage is 1602. The house has a termite issue and needs a new roof so we're expecting that it needs to be gutted to check for any rotting wood. Depending on the quality of materials the pricing will vary but we were quoted $180K from one contractor and $400K from another. We're not planning to hire based on cost but at the same time we don't want to be taken advantage of. I know it's hard to estimate without measurements of rooms and scope of work but I would really appreciate it if an experienced GC could provide any comments or feedback.

Thanks!

Hi @Sam Friedman, thanks for reviving the thread. If anyone knows of a meet up and can share, I'd like to join.

Welcome to the community @Keisha Forsythe. If you haven't yet, I'd highly recommend reading the Ultimate Beginner's Guide and watching/listening to the podcasts for great ideas and motivation. Good luck!

@Kyle Gendron I was thinking multifamily however I'm not opposed to a SFR. I just figured that with multi- there's a lower risk if there's a vacancy although I would plan to have a 6 month reserve if the situation were to occur.

@Peter Rowell Thanks for the suggestions on areas to consider and avoid in Albany. I didn't realize I was at Center Square when I visited in May until I just mapped it now, the place is very hip and can see why you focus close by it. I'll try and narrow the farming areas close to it as well. I appreciate the offer and I will definitely run some streets and questions by you in the future!

@Joe White Great recommendation, thanks!

Hi @Joe White and @Kyle Gendron thanks for the feedback. 

Kyle, I've heard tenant screening is critical, would it be wise to stay closer to the colleges in Albany? Are there any areas you would recommend to look at or avoid?

First, Happy New Year everyone! After listening to numerous podcasts, reading books, I’ve decided I need to end my analysis paralysis. No more excuses, 2017 will be the year I finally take action and jump into real estate.

My goals is to own 4 units by the end of the year. My question to you is what actions would you take to begin this journey? I'm planning to attend more REI meetups where I'm looking to add value to an experience investor and who could become a mentor. I currently have $70K in capital to invest, with a credit score of 790+, and received a $425K pre-qualification loan a few months ago. I owe $4,500 in a student loan that has an interest of 2.650% that I could pay off immediately however I'm leveraging this small APR. If I knocked this off I would be approved for a bit more with the lower debt-to-income ratio but is it worth it? I've looked at a number of cities in LA to invest in but right now I feel I would be buying at nearly the peak of the market and out priced in areas that I would like to so I've been more open to investing out of state. My girlfriend went to school in Albany and we briefly looked into properties there since she's familiar with the area but after some research (albeit short) the economy doesn't look very strong to make it a strong candidate. I'm looking for a du-, tri-, or quadplex where a commercial loan isn't required, that's below market value, may need minor repairs, cash flows a minimum of $100 per door, and has a chance of appreciation. I looked at areas near Philadelphia where it seems to be happening and I could meet my requirements but for a newbie, is out of state without a strong team to help being foolish? What would you recommend doing? Thanks for taking the time to read this post and for any feedback!

Best regards,

@Levi T. Awesome success story and motivational. Happy Holidays and best of luck in 2017!

Hi @Stephen Littles, I'm in the same position and have set a goal of purchasing my first property this year as well. Hopefully sometime in the future we can both write success stories for BP. Good luck!

Hi All,

My girlfriend had a GC submit blue prints to the City of Torrance at the end of September but she's been having communication issues with the person where she gets no responses for days or weeks. At this point she's fed up with the horrible communication and I suggested we lean on the BP community. She's called the city directly to find out that there are issues that need to be resolved before approval. Does anyone have any recommendations that would be interested in bidding for this opportunity?

Thanks,