All Forum Posts by: Tom Yung

@Kelly Williams 

From what I read between your lines. I have a feeling that your landlord may or may not know all the facts on their property.

Like suggested by @Chris Simmons , I will document everything  & give the landlord a call.

Sometimes a direct one to one conversation can solve a lot of issues really quick.

Give it a try, hope it work for you.

@Account Closed

@Account ClosedCongrats on your sale. 

Thank you for posting this. 

I have never live or stay longer more than a week in both TX & CA. So all the inputs from everybody like @Jay Hinrichs @Johnson H. @Aaron Mazzrillo 

The eagle eye @K.Marie on the numbers, @ Bill Exeter on 1031 exchange 

Really opens my eyes & thoughts. Thank you everybody. 

@Nat C.

@Andy Luick has his own costruction company & was working something along this concept with his investor In Atlanta. 

May be contact him more for info. I am actually looking into this option myself.   

@ De Chappell

Welcome, congrats & thank you for sharing your success.

@Jessica G. 

I watched your post on your first rehab; may be 2 weeks ago. I was so happy & proud of you.

I agreed with @Kyle Hipp , me & him almost have the same life style. I myself is self employed since 21; so basically I have no way out unless I sold my business or close it down. this is like your W2 job. 

I always have two different business ( for the past 35 years)going on at the same time. In 2001, I closed down one of my business for 10 years. I was so mentally lonely & boring. I went crazy collecting art; just to kill the time. Now my whole house & my other business location is wall filled with paintings. Don't get me wrong. I enjoyed those paintings. But it is not what I want. I was lost in those 10 years.

I found US RE in 2011, my life is so fulfilled now. My mind is always full of stuff to think. 

I can really focus on things & I have passion on what I am doing  again; other than spending money on painting for the past 10 years.

Don't worry too much, there is always a road in front of you. You will find your way out.

On the other hand, I can understand your situation can be a little different than us; because you have two small children to look after. So that means another full time job; looking after & take care of 2 young children.

One thing I have never quit doing for the past 20 years is training Martial Arts( I quit for 15 years when I first started my business). I used to teach 2 days before; now I cut down one day a week. 

During the two hours of training & teaching, I totally isolated all my business & other life matters in my mind. I have only martial arts training to focus in that two hours. Every time after training, both my body & my mind are so  refresh. May be you can try to find a physical hobby like Yoga or martial arts to ease up your mind & tension.

@Account Closed  

Here is my vote for you, I appreciate your involvement & knowledge.

You don't need VOTE, your experiences SOLD you already.

@Ram Srinivasan

@Peter Lohmann is a BP member & he has his own property management company in Columbus, Ohio. Contact him & see if he can help solve your problem.

One thing I will suggest as an out of town(country) investor myself. Work closely with your property manager. Check the monthly statement, tenant contracts, bank deposit, repair amounts very closely. Do it on a monthly bases. Communicate with your PM. 

Also find out more about Ohio state landlord & tenant Act, arm yourself with the knowledge of the local city, county by laws; it will take you some time to find all the info, but will benefit you in the long run.

Also set up your own rental requirement,like 3X rent, no eviction for the last 2 years. & see if your manager can incorporate those into their tenant screening process.

I wish you all the best.

Me & my wife graduated from SAIT 1976.

@Nana K.

I am in Canada; so I am talking Canadian bank(US branch; like Wells Fargo@Nana K.

I use credit card & Home line of credit all the time.

You need more than one card(5-6 will do). The credit limit needs to be high; min $50K credit to $110K.

Line of credit has to be over $250K.

Banks offer 0% or 1% promotional interest short term(6months to 1 year) credit card loans all the time(I have seem that in the past 15 years.). Whenever I see opportunity like that,I usually take it out for a short term investment & use another credit card promotional rate to pay that  this one ONE MONTH before end of promotional term.

The banks like to promote low interest short term use, in April(tax time), may - june (vacation time) Dec (X'mas time) & JAN ( after X'Mas)

If no other banks are offering the promotional term, I then use my home line of credit to cover the short fall (interest rate, prime +1%). I found it worked real well for me ,as I do not have to get conventional loan all the time. 

When the bank manager can offer me a real good term, I then usually lock up the mortgage.

Between the credit card & line of credit. I can have access to more funds than any banks willing to  lend me in a short time. You have to be able to keep track movement of all these funds, otherwise you will end up paying more interest than conventional loan.

I saved a lot of time & interest by using this strategy.

@Arnie Guida

I had been switching all heavy traffic area to 12mm laminate wood floors in my rentals three years ago. I am starting to use allure in my washroom in lower end rentals. Tiles in higher.

This saves me a few $ & is working well. Also looks good

@Jared Rogers 

I am learning from everybody on BP myself.

I wish I found BP three years ago; may be I won't have as mush white hair.