All Forum Posts by: Tony Nguyen

Hey guys,

I've been using Affinity Insurance aka Wrenn Insurance but it seems like their costs have gone up. I also have gotten emails from the owner stating of too many claims being filed and how to protect our properties etc..

I was wondering if you guys buy insurance from else where that may be cheaper? Just curious - thanks guys!

@ James - that sounds like realistic, solid advice. I'll take that approach with my upcoming buy/hold deals as I see that's where most of the advanced investors from this site focus on. Thanks James, I appreciate your time and input.

Dave: That's good advice. I guess trying to get rich too quick is what caused most people to go under after the boom. I'll take that advice and take it 1 unit at a time.

I'm sorry for digging deeper on your leadership deal, but it's so intriguing to me. So, your investor gets 75% and you get 25% - did you have to put cash equity into the deal initially or did you do a deal where perhaps the investor put out 100% (since you found the deal) and in return, you got 25% equity share of it? And then the monthly preferred rate of return, they get a flat rate no matter what happens and you keep the rest (assuming it's positive CF)?

Welcome to the club :-)

GREAT topic. I am also 27 and looking for the long term options as well. To answer your question Daniel and I am sure you're going to get much better answers from vets on this site, I started RE when i was 19. I bought and held my first one when i was 21. This was by accident though. Was suppose to be a flip, but something happened and had to keep it. Luckily still profitted. Anyway, I started flipping since i was 24 and have lived off that info since then (08). I have enough in the pot now to buy and hold a property and still have money to keep the rehab business going along w/ the asstance of private investors and hard money. I'm looking at an 8 unit right now that is under contract and am still deciding if it's the one for me for many reasons. That's what I'm going through right now. I hope you got something out of that ramble lol

@ Dave - 42 apartments @ 32 is very impressive. It's a goal I would love to reach. When you buy for LOng Term, how long are you talking? Is your exit a straight cash out or 1031x? How do you mold your deals with investors? Do you have cash equity in it as well or do you management it and/or build the equity in the property by how you're setting up the deal?

@ James - what is definition on long term? What would be your exit stragedy?

@ Bryan - whats your exit stragedy on your apartments?

I guess it is a bit like wholesaling, but I always just thought wholesaling was when you sell to another buyer who's going to rehab and flip. I was leaning more towards targeting primary owners and/or buy and rent buyers just because the margin wouldn't be good enough for the rehabbers, but it would be attractive to the other crowd (buy/rent + owner occ).

Hey everyone,

Right now I have a rehab team in Orlando, FL which I manage and a rehab team in Tampa which my partner manages. I recently have been pretty darn thankful of the Tampa division just b/c without me doing a single thing, I'm still making money from the Tampa rehabs. Right now we have 3 in Tampa and just 1 in Orlando, see what I mean?

I started thinking to myself "How can I expand this operation to, for example, Daytona Beach or Sarasota?" I would love to be able to expand to a different city, train someone I can trust (will be very hard to find) and keep it mostly hands off and just be there for accountability and certain approvals. Do any of you guys do this? I've heard from many guys that I'm "required" to be involved in the day to day operations, but clearly, with Tampa running so smoothly, I am pretty sure I can do the same w/ another city as well, but am just not sure how. I think what made Tampa such an easy pick up was b/c my partner in Tampa is a very trustworthy friend.

Anyway, I'm starting to talk to much. Any advice or thoughts would be appreciated - thanks!!

Guys,

It almost seems like wholesaling but not really. I guess the goal here would be to sell the nicer fixer to a landlord wanting cash flow or a primary owner who wants to fix it to his liking. Our job would be just to make sure it's structurally sound and clean so that it passes inspection.

Great thoughts!

Hey everyone,

I'm always so used to putting 20k+ into each house we flip to ensure the quality is there. I was thinking that since there are not a ton of deals that are crossing paths with us that make sense to put in 20k+ in rehab, what would it be like putting in zero or maybe 1k, 2k or a max of 5k, making it presentable and flipping it that way? Do you any of you guys do that? You'd probably do this if you just happened to get a good deal on a cosmetically challenged conditioned house, nothing major. Just trying to be a little more out of the box!

thanks :cool:

got it George, thanks for the breakdown, i see what you mean now =)

<-- noobie.