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All Forum Posts by: Tuan Huynh

Tuan Huynh has started 4 posts and replied 27 times.

Post: Houston-area market concerns (BRRRR)...

Tuan HuynhPosted
  • North Hills, CA
  • Posts 28
  • Votes 10
Quote from @Brad Turner:
Quote from @Tuan Huynh:

@Brad Turner

Hey Brad. Congrats on being a new investor. I am on the same boat as you. I live in California and the prices here have gone up crazy! I have not done a BRRRR yet but that is my next purchase. What have you done to start your search of homes that you can purchase for $150K? I am just curious if those still exists lol? I think it's definitely possible but I think it's more likely that you will find those home off market, which means lots of cold call, driving for dollars, or post cards. Have you gotten a chance to read David Greene's BRRRR book? It has lots of great strategies and tips. Since we are both so new, I would love to be a part of your journey. I just finished my first rental project in my home state. I used my HELOC and converted my garage to a ADU. I am going to get another HELOC out and start looking for some out of states deal. Keep me posted.

 @Tuan Huynh
I finished the BRRRR book last week and it was inspirational. It was written before this most recent property splurge, though, so it felt overly optimistic to me. The strategies appeared sound though. As far as finding homes I can go all-in at $150k and still cash flow... I haven't found any real possibilities yet. I've scoured Zillow and Redfin and HAR at length. There are houses at that price-point, but their locations won't allow for a high enough rent to cash flow. I've started this week doing some driving and checking out auction houses and foreclosures, but all that I've seen so far look to be in good enough shape to price out of that range. Next step is the "driving for dollars" and just start hitting the roads and looking for houses that look like they need love but aren't otherwise listed for sale. I'm an endurance runner and regularly run 15+ miles on Saturdays and Sundays, so I think I'll run different neighborhoods and see what's out there. And keep listening to the BP podcast while I run.

How did you do your first rental? What did the process look like? Something my partner and I go back and forth on is whether we should set up an LLC/Corp and do everything through the business or continue forth with a simple DBA and do everything in our names. What did you do? Was it the ADU garage conversion? I'd love to do something like that, but it's against our HOA. We explored selling the house last year, but we have a couple of teenage kids that are set and comfortable and decided not to uproot them and their life while they're in school.

I'd love to connect as well. Once we get this up and running, I can totally see needing to move to different markets and spread out beyond Houston.

 @Brad Turner

Hey Brad, sorry for the late reply. It seems like BP is not sending me notification when I get a reply on the forum. I would have replied sooner. Yes, the BRRR book was written before the crazy price hike, and it does seemed overly optimistic... Nevertheless, I know good deals exist out there. How are you doing with your search? Have you gotten any deals yet?

In terms of my first rental, I am going to most likely put the unit under my LLC. In my case, it's a little weird because my ADA is considered a part of my primary, therefor I don't fully know how to structure it yet. I have been trying to research on this topic but haven't had the time. I just finished the construction 2 months ago and is still waiting for the Certificate of Occupancy before I can rent it out. Keep in touch and I will try to reply to you as soon as I hear back.

Tuan 

Post: Houston-area market concerns (BRRRR)...

Tuan HuynhPosted
  • North Hills, CA
  • Posts 28
  • Votes 10

@Brad Turner

Hey Brad. Congrats on being a new investor. I am on the same boat as you. I live in California and the prices here have gone up crazy! I have not done a BRRRR yet but that is my next purchase. What have you done to start your search of homes that you can purchase for $150K? I am just curious if those still exists lol? I think it's definitely possible but I think it's more likely that you will find those home off market, which means lots of cold call, driving for dollars, or post cards. Have you gotten a chance to read David Greene's BRRRR book? It has lots of great strategies and tips. Since we are both so new, I would love to be a part of your journey. I just finished my first rental project in my home state. I used my HELOC and converted my garage to a ADU. I am going to get another HELOC out and start looking for some out of states deal. Keep me posted.

@Zebuel Early. I also live in California as well and I just finished my ADU project using my HELOC. This is my firsts rental and now looking to buy another out of state rental property. I am thinking of out doing a cash out refi to pay off the HELOC and get my house reappraised to pull out another HELOC to buy property. Essentially the heloc will add on to my primary 1st mortgage, which I am not in favor of because of the higher rate. I have a 2.2% now and my new rate will be close to 3.7%. I am wondering if there is another way around this? I am meeting US bank this weekend to discuss some options.

@Terrell Garren

I am a newbie at this so I m sorry if I don’t offer a more comprehensive answer. In my personal opinion, I really value the knowledge I learned from the course. Reading Matt and Amanda’s book and able to engage with them in live weekly conversation was also a feature that I found helpful as well. Again, this is just based on my personal experience as a new investor.  I also really appreciate your input.  

Thank you @Will Barnard for your reply.

@Terrell Garren

Hi Terrell,

Thank you for reading my post.  One of the items that I am able to deduct this year is the depreciation from my rental property. The cost of my rental unit is 263,000 and I am able to  depreciate it over a span of 27.5 years, which is approximately $9,563.63 a year.  There are also bonus depreciation from from Furniture, landscaping, or appliances that can also be applicable.  Home office space, vehicle, seminars pertaining to real estate rental business (so far I have spent $3200 this year), and even business trips.  There are techniques to turbo charge your depreciation through cost segregation as well.  I hope this helps.

This is my honest review of the Strategic Tax Savings Program 2022 by Amanda Han and Matt Macfarland

This review is coming from a beginning investor with 1 rental property. The information I learned from this program was critically important and helpful, especially to investors with many rental properties. I am not paid or endorsed by Matt Macfarland and Amanda Han in any ways. I simply want to add value to the BP community by providing an in depth review to help inform your decision making. Before I signed up for the class, I did extensive research and didn’t find any review that would help persuade my decision. I took a chance and invested in the course and learned so much that I wanted to share with you all. Hopefully you can invest in your personal education and increase your capacity to build long term wealth. Personally, I am so glad I took the course!

I am an investor from Los Angeles California. We just celebrated our Los Angeles Rams Super Bowl Championship!! It was an exciting game to say the least. The game was a nail biter until the very end of the 4th quarter. Although Mathew Stafford threw the winning touchdown that ultimately won the game, that wasn’t the full story of how the RAMS became world champion. The RAMS won the Super Bowl because of it’s powerful line of defense. Players like Aaron Donal, Von Miller, and Leonard Floyd were instrumental in keeping the home front safe, which enabled the offensive team to advance toward victory. Essentially, the defense line was the main foundation that created an effective line of offense. It’s a fundamental structure of any great sports team.

The Rams’ line of defense is like Tax planning and strategies for your real estate business. It is the foundation that enables you to keep more of your earning from Uncle Sam and apply toward growing your business. What I learned from the program was secrets that only the rich and wealthy know: I was shocked, and glad, that the THE IRS TAX CODE FAVORS REAL ESTATE INVESTOR! Matt and Amanda’s course will teach you these strategies and grant you the key to unlock industry secrets to increase your wealth. Having a CPA doesn’t necessarily means they are capable and certified to handle Real Estate Tax. So many investors make the mistake of solely relying on their CPA to take care of all their tax related tasks. There are so many real estate laws and secrets that regular CPA do not know about. Amanda and Matt have extensive experience in Real Estate Tax and the information will benefit real estate investors like us. Make sure to educate yourself take charge and create of your line line of defense against taxation. Robert Kiyosaki said it clear and simple, “ It’s not how much you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.”

Are you ready? Let’s get into it!

The Strategic Tax Savings Program is a playbook that helps you save money on taxes so you can generate more wealth for your real estate business. Matt and Amanda serve as your personal coaches. They will guide you on how to plan and implement tax strategies that significantly reduces your taxable income through deductions, appreciation, depreciation. Another word, you will get to keep more of your money. This dynamic dual are world renounced CPA’s specialized in real estate taxes. They have been featured on many podcasts and magazines because of their extensive knowledge. Yes, I was a little intimidated knowing that they would be my instructors. They turned about to be an amazing team. Amanda is such a kind spirit person with tremendous wealth of knowledge. Matt on the other hand is funny and witty. He made the late night learning more enjoyable. We had weekly live Q&A sessions with them and they were so comprehensive with answering all of our questions. The 1 hour weekly meeting rarely ended at the 1 hour mark. Participants were so hungry for knowledge and Matt and Amanda kept feeding our hunger for learning. What I found valuable about the sessions were the questions from participants and their personal investment portfolio. We were watching live tax consultation by two world class real estate tax experts. Just like you and I, Amanda and Matt are also investors themselves. They truly practice what they preach. The strategies that they provide are the ones Matt and Amanda also use in their rental business. These strategies are legal, yes it was too good to be true, ways to save A LOT of money in taxes from you W2 jobs and real estate rental business.

How does the program work? Very clear, simple, and convenient.

The program consists of 6 modules, which are highlighted through short mini video lessons. The videos are prerecorded, which means it could be watched at any time during the day. I am a full time dad with 2 kids and from 9 pm - 11 pm is the only time I have to do the lessons. What I found really helpful were the forms and documents that supplemented the video lessons. These are forms in Excel format that help to organize my business through deduction and keeping track of expenses. Remember the playbook that I mentioned earlier? You literally get pages and pages of play by play guided forms that will automize your real estate rental book keeping. You also get resources and recommended websites and apps that make day to day tasks more streamline. Additionally, you will also get signed copies their Tax Strategies Book, which I highly recommend reading to go along with the course. Most importantly, you will get to participate in live weekly Q&A session with Matt and Amanda. I want to emphasize that these live meeting are not just generic information that be obtained through simple Google Searches. Amanda and Matt were answering questions that were relevant to participants’ personal tax and financial situations. It felt like I was watching play by play action on people’s personal finance. Some participant have claimed that they learned the most during these lives meeting. In summary, the Strategic Tax Planning Course was simple yet comprehensive, engaging and interactive, and most importantly, it provided a wealth of information that will propel your real estate business to success.

Is is worth it?

It is priceless!

The program contains 6 modules. The 1st module alone provided strategies that saves up to $10,000 on my taxes for the year 2022. The cost of the program was $2500, which is 1/4 of the already 10K I have saved. That is a 25% ROI alone in the 1st module. The programs goes beyond how much money you can make or save. The module on the tax structure and asset protection from LLC was extremely important to me. I acquired the knowledge and peace of mind learning about strategies involving LLC and other legal entities. I have attended numerous seminars on real estate and this one stands out as one of the most essential components of my wealthy building education. THANK YOU AMANDA HAN AND MATT MACFARLAND for such a wonderful course.

In conclusion… take this course!

Benjamin Franklin: “An investment in education gives the best returns.” Enough said…

If I could be of any service to you, please feel free to reach out to me.

Post: PASSION PROJECT - ADU (1st of many)

Tuan HuynhPosted
  • North Hills, CA
  • Posts 28
  • Votes 10

@William Sing

Thank you William for your input.  I am actually looking to branch out to Oregon for some multi-family units for my next passion projects.  Would you be interested in perhaps working together?  Please PM me.

Tuan

Post: PASSION PROJECT - ADU (1st of many)

Tuan HuynhPosted
  • North Hills, CA
  • Posts 28
  • Votes 10

Hello BP Community,

My name is Tuan Duke Huynh and I am rookie investor trying to make a difference, one family at a time.  My wife and I just started our Real Estate Investment adventure and we are excited to share our mission with you.  

Back Story:

Both of our families are immigrant who came to California for better life.  My family is from Vietnam and my wife's family is from Mexico.  We both grew up in low income household and stayed in section 8 housing for most of our childhood.  We both graduated from Cal State University of Northridge, CSUN, and are grateful to have careers that have helped us to thrive.  I am a high school math teacher and my wife is marriage and family therapist.  We have been discussing about investing for almost 2 years but didn't have the motivation to pull the trigger.  It wasn't until I heard Joe Asamoah on one of the BP podcasts that changed the way I look at Real estate investing, forever.  Joe basically spoke about specializing on the homes for section 8 tenants.  He emphasized on providing homes for low income families in safe neighborhoods where they can truly call it home.  A place where they can raise their children and feel safe and sound.  Joe truly inspired me and helped cultivated my life mission for becoming a real estate investor.  I WANT TO PROVIDE AFFORDABLE HOUSING for the low income families, like how my wife and I grew up.  I want for families to feel safe and have a sense of proud "rentership" in their new home.   We are grateful that life has brought us many opportunities and blessings and we want to pay it forward.

My first Passion Project - ADU for low income senior citizen

California has become very expensive to live. Furthermore, Covid 19 has caused rent to soar and making it even harder for people to find decent housing. The senior citizen population, who live off social security, have barely enough to pay for rent and food. Some of them even end up living on somebody's couch or in the street. For my first passion project, I am working with a program call LA ADU ACCELERATOR. It's a California state funded program that provides affordable housing for at-risk senior citizens. Under the program, 30% of the rent will be paid by the tenants and the local government will cover 75%. This is a program intended to prevent homelessness in our older population. I converted my garage into an ADU so that I can provide a safe place for people to live. I want to provide a place where they can live and happy. I have learned a lot with this experience and want to share with you. If you have any questions about the process please feel free to reach out to me.

Here are the transformation picture.

Description of the ADU

400 Sq foot

French Door Entry

1 Bedroom

Laundry Room

Vaulted Ceiling

Personal outdoor patio area

Here are some questions I have and would really appreciate your input.

1. How can I put this ADU into an LLC? Or any form of asset protection. Since this unit is considered an addition to my primary residence, it can't hold it's own title, thus being the reason I can't put it into an LLC.

If any of you have any experience with this, please reply.  Thank you!!

Tuan
 

Post: Insurance and Asset Protection for an ADU

Tuan HuynhPosted
  • North Hills, CA
  • Posts 28
  • Votes 10

@Kevin H.

Hey Kevin. I am on the boat. I just finished my ADU and currently looking for asset protection. Just like you, I plan on using it as my rental business. The reason why I can't direct transfer my adu into my LLC because it's an attached entity, which means it doesn't hold a title, like my primary residence. I've tried looking for ways to separate the ADU from my primary but have not found any way. Can you please tell me what direction you have gone? I would really appreciate it.