All Forum Posts by: Wade Woo

@Shan Vincent and @Danny N.

If what Russell is saying is true about WA then spending $23k for that type of information is too much for me. Tom Wheelwright is with Rich Dad Poor Dad organization.  If you have not already done so listen to Rich Dad Poor Dad on YouTube.  I can refer you to expert coaches that set up game plans for free!

1. Any books you recommend for a beginning realtor/investor?
I would also recommend Rich Dad Poor Dad, a must read.  It will change your mindset of investing.

2. What loans do you recommend and where can they be found?
There are FHA or conventional loans.

3. Is NYC a bad market to begin investing in seeing how high prices are and how low of experience I have?
You would want to invest in markets that people are migrating into.  NYC is a market where people are migrating out of.

4. How to find the right brokerage to get your foot in the door?
Find a mentor that has done many times over what you plan to do.  My business partner is into single family homes.

5. (Silly question) How to I get access to the MLS?
Zillow, Realtor.com, Trulia, Movoto to name a few.  Each one has their pros and cons.

Hey David,
After selling the home in Nashville, how much cash do you have to invest?

@Ricky Yao 

Welcome to the BiggerPockets community! I also live in the DMV area. I work in MD, have a house in Manassas Park, VA. House hacking is a great way to start your RE journey. Yao sounds like a Chinese last name. Are you Chinese?

Hey Mario, 
Now is the perfect time to get into real estate. Do you not qualify for an FHA loan at 3.5% down? You will need to live in it though or are you interested in a rental property?
You have chosen some decent states for out-of-state rentals. Do you know where in those states have decent returns on investment?  I can show you how to get 8% cocr with 6-7% pm, 8% vacancy, < 10% repair
I am also in the 800's credit score but I do have debt and bills.  The best way is to find a partner who has already done what you are about to do but 100x over and let them show you the ropes.  This is your year.  

@Kristel Lim Lesson learned. As a investor, you will need to learn how to evaluate a good deal. Learn and understand CMA, ARV, discounts, rehab costs. In general max offer = ARV * 70% - rehab cost - wholesaler's fee. Learn what the rents are. Are the rents greater than or equal to 1% of the purchase price? If not then you may want to choose a different market where you can get greater than 1% rent for that area.

@Monica Marker

How much is needed to cover your monthly expenses?

@Anthony Parsons What you need is a game plan.  How are you going to reach financial freedom?  You also need a mentor.  Someone who is already financially free and willing to help guide you through those tough times. Since everyone's situation is different, there is no cookie cutter method for answering your questions but there are people who are trained in helping you setup a game plan.  Would you like for me to connect you with them?

@Kristel Lim How much did you buy the property for in September 2021?  Did you reduce the asking price by the amount needed to renovate the property and say a 30% discount?

$300k can get you into 6 properties with a net cash flow of $3k per month.  After 5 years $300k will grow to $600k.  That's a 20% total annual return.  These would be deals in the best market and in the best neighborhoods in those markets for cash flow.  After 5 years market situations may change, we can pivot to other markets that have a better cash flow base on specific macro and micro analytics. The deals are optimized for risk mitigation as well having a recession proof strategy. It is uniquely scalable.  DM me if this piques your interest.