All Forum Posts by: Vincent Phan
Vincent Phan has started 5 posts and replied 24 times.
Post: Hello from Chicago ! newbie with some exposure
- Posts 24
- Votes 7
Originally posted by @Kyle D Birch:
@Vincent Phan
Congrats on the baby! My wife and I had our daughter in February. One of the best decisions we ever made was to pick up a couple multi families before we purchased our own home. We used owner occupied financing and got a 4 unit and a 2 unit. Today, we cash flow around $4400 a month. Get the 4 flat, your daughter will nenver remember living in the apartment but youll be able to put her through college from that one simple sacrifice.
Reach out if you have any questions!
Kyle - that is awesome. Thank you for sharing and congrats to you as well. I was thinking of getting our first investment property by taking advantage of the owner occupy perks. Mainly the 5% down payment. 2-4 units range around 400-600k around me. Def dont want to put up 20%. So that's why we are considering option 1 so we can get our first property. From there, we can always move out a year or 2 later and get another house. I feel like once we establish the first 2-4 units investment, we can use the cash flow over few years to buy another 2-4 units. What do you think?
Post: Hello from Chicago ! newbie with some exposure
- Posts 24
- Votes 7
Originally posted by @Diana Dorantes:
@Vincent Phan congratulations on your new baby!!! Sounds great, decided whatever seems best for you. Glad your both of the same thought. Make a goal and aim for the timeframe. Do your numbers on many properties, you may still make a mistake but whither research and practicing the numbers odds increase of doing well.
Thanks Diana :)
Post: Hello from Chicago ! newbie with some exposure
- Posts 24
- Votes 7
Originally posted by @Diana Dorantes:
@Vincent Phan Welcome Vince, this is a great place to learn regarding real estate investments. Here's the answer to your question ...... it depends, probably not the answer you were looking for. So it really depends if you like the house, if you have kids, are you handy with fixes around the house, is your wife good with moving to not necessarily ‘the perfect house'. I personally love the idea of moving into a small multi family and growing from there. Condos are a good possibility BUT it's only as good as the HOA (special fees are a possibility). Condos many times have amenities that some people want and will pay extra. Many other pros and cons. What do you think would work best for you.
Best of luck!
Thanks Diana! Our first baby girl is coming this Jan :) we love our house but willing to sacrifice. you can always find a better house. I'm pretty handy. Can do drywall, tiles, plumbing, minor electrical stuff and etc. So we'll be doing the kitchen remodel ourselves. wife is pretty much on board with anything I want to do. we have the same interests in mind.
Post: Hello from Chicago ! newbie with some exposure
- Posts 24
- Votes 7
Hi everyone,
My name is Vince from Chicagoland area. I was reading a book on rental property by Brandon Turner and was referred to this page. I'm VERY excited to go down this path as a real estate investor :) I've been lurking for few weeks and decided to post an intro today. I look forward to learning from everyone here!
Background: First gig at 16 was a receptionist at local Century21. First gig out of college was a rental property consultant in downtown Chicago. Quickly realized selling/leasing real estate was not my thing. I left and started working at a label & packaging company and have been here ever since (last 6.5 years). Very happy in my current role and could be happier with few rental properties :)
Goal: Ultimately, my wife and I want to create wealth through real estate rental. Our goal is to buy 1st property by end of 2020.
Experience: I manage my parent's 1 unit rental property the last 10 years. So I've seen a thing or two.
Right now, we're thinking about doing one of the options below. We're open to suggestions.
Option1: Remodel our kitchen and then sell our single family home for a profit. Then buy a 2-4 unit property in the area and live in one of the units. This seems to make the most sense. We can stay with our parents while we find a 2-4 unit property or do an contingency.
Option2: Buy a 1 unit condo and rent it out. Keep the current house.
What do you guys think for 1st time investor?