I’m pretty stoked that I bought 5 rental units during quarantine! This included 1 4-plex and one single family residence, and these were all out-of-state purchases. I’ve been getting super immersed into real estate lately and it’s been a lot of fun.
In this video I talk a little bit about what went down and what the homes look like. I’m planning to talk about my process more so stay tuned :).
I BOUGHT 5 RENTAL UNITS DURING QUARANTINE?!
Transcription
Below is a transcription of the podcast. This transcription was taken from Otter.ai so it might not be completely accurate:
Sharon Tseung 0:02
This is the digital nomad quest podcast with Sharon Tseung. teaching people how to build passive income, become financially free and design the best lives.Hey guys, it’s Sharon from digital nomad quest. And I’m excited to announce that I bought five rental units during quarantine. So I wanted to talk a bit about my experience. But before we begin, if you guys are new to the channel, welcome, I’m all about teaching how to build passive income, become financially free and design your best lives. So if you guys are interested in that, make sure to subscribe and hit the bell button to be notified of my latest videos. So basically, back in December was when I started researching about purchasing properties. I’ve always been interested in investing out of state but never really pulled the trigger. I was starting to get impatient, I have this full time job, I have my side hustles I’m making good money, but I want to invest more, right. So I started getting impatient wanted to put my money into real estate investing out of state and my boyfriend Shawn really helped pull the trigger. Essentially, we started researching together about different markets that I could invest in. And by the way, you guys should subscribe to Sean’s channel if you guys want to learn more about real estate investing his channel talks all about that. Now back to the story. So basically, we found an area that was really good in Texas, we’re looking at stuff like job growth, population growth, home prices, seeing if they’ve gone up crime rates, making sure they’re okay, this area in Texas seem really good checked all the boxes. So I was excited about this, I started calling a ton of people to find my dream team. Essentially, I was finding my agent, my property manager that I could work with, and I found a lender to work with. And then I was able to purchase this as a property this four Plex, basically the agent sent this deal to me and I was excited about it. I’ll go more into this process later in another video. But basically, here’s some pictures of the place. So obviously, it’s four units, three of the units were occupied, and in those three units that are paying $500 each month, but we knew we could increase the prices if we wanted to in the future. And then the fourth unit was vacant so I could find tenants for that one. So I ended up buying this property at $175,000. Again, I’m going to go into numbers more later. Cool thing is when we were appraising the property, we found that it was appraised at $207,000 eventually means that if I decided to sell it right now, I would make a profit this property now cash flows me $700 a month. So this 700 is after mortgage property management fees, water, trash, taxes, insurance, all of those things. So essentially, it’s paying down my mortgage, as well as cash flowing me this much every month, I really feel like I found a good deal with this, it’s very rare to be able to get a four Plex for this much money. And so far, it’s been pretty good. We’ve had some repairs, but essentially, I feel like it’s just gonna even out and it’ll be okay, the tenants have been paying, which is nice. And after we bought it, we got a fourth tenant that’s paying 595 right now per month. So essentially, I could boost the rents for those other three units like $100 more if I really wanted to maybe even more, but I know that it’s hard during these times, like during the pandemic, I don’t want to make it hard for my tenants. For example, one of the tenants their lease was up and I could just bump it up I decided not to this property definitely had minor repairs. I feel like I put in about five grand so far with repairs, essentially what this property I basically put in $50,000 $45,000 for the down payment and the closing costs, and then 5000 for repairs. But yeah, I’m going to make another video where I’m going to go specifically into the numbers. Now after this deal. I was super excited. I was like, Oh my god, I finally got my first out of state property. And it’s a four Plex. And it’s a great deal. So I was hungry for more. So essentially, I started looking on bigger pockets and I found this random deal. I contacted the wholesaler who had that deal. It was in the same area that I was looking in, I privately messaged this guy, and we finally negotiated down to 23,000 for the purchase price ended up putting in around 24,000 after closing costs all cash, which is awesome. Here are a few pictures of it. It looks super rundown. I’ll also show you a video of it later, too. But as you can see, I was kind of scared but I decided to pull the trigger. I mean, it was so cheap. I didn’t even visit this property I visited the other one by never visited this one, which is kind of risky, I definitely recommend visiting it before you purchase. But if you can’t, in this case, I knew is really cheap. I just wanted to buy it wanted to try it out. So I just purchased it. We use the title company to make sure that everything was legit there. So after that, essentially the tenant there was moving out. They had been living there for like 20 years, they were paying only $400 a month. But I was like if they could stay there, that’d be chill. I don’t need to do any repairs. But they already were in the process of leaving, so I couldn’t do anything about it. So then I spent $34,000 repairing this property, which was a lot of money. It was more than I wanted to spend but it was a full rehab. So essentially what that that’s pretty good deal. So now I’m about $58,000 in with this property, but I own it free and clear. There’s no loan on it. So now I’m cash flowing about 550 a month with this property, which is really great. So in the next few videos, I’m going to talk more about the process. I’m going to talk about how to like analyze deals, how to find your out of state market and just go over detailed steps about how I got these properties. So happy about these purchases. Been a long time. I’m proud of myself with these properties because I pulled the trigger, they ended up cash flowing very well. And I also got to fix up a fixer upper. Even though I wasn’t super involved with the fixing of the property. It was really cool seeing the transformation. I’m really proud of having that property free and clear. So hopefully I can keep acquiring more of these units and cashflow even better with this as well as my online businesses. So if you guys are interested in hearing more of this comment below, let me know what you guys have questions on actually posted videos about this on my tech talk, and it’s been blowing up tons of questions. I’m just gonna answer a bunch of these questions. So I hope you guys enjoyed this episode. Please make sure to rate review and subscribe. It really helps our podcast grow. And thanks again. I’ll see you guys in the next one.Transcribed by https://otter.ai
This is the digital nomad quest podcast with Sharon Tseung. teaching people how to build passive income, become financially free and design the best lives.Hey guys, it’s Sharon from digital nomad quest. And I’m excited to announce that I bought five rental units during quarantine. So I wanted to talk a bit about my experience. But before we begin, if you guys are new to the channel, welcome, I’m all about teaching how to build passive income, become financially free and design your best lives. So if you guys are interested in that, make sure to subscribe and hit the bell button to be notified of my latest videos. So basically, back in December was when I started researching about purchasing properties. I’ve always been interested in investing out of state but never really pulled the trigger. I was starting to get impatient, I have this full time job, I have my side hustles I’m making good money, but I want to invest more, right. So I started getting impatient wanted to put my money into real estate investing out of state and my boyfriend Shawn really helped pull the trigger. Essentially, we started researching together about different markets that I could invest in. And by the way, you guys should subscribe to Sean’s channel if you guys want to learn more about real estate investing his channel talks all about that. Now back to the story. So basically, we found an area that was really good in Texas, we’re looking at stuff like job growth, population growth, home prices, seeing if they’ve gone up crime rates, making sure they’re okay, this area in Texas seem really good checked all the boxes. So I was excited about this, I started calling a ton of people to find my dream team. Essentially, I was finding my agent, my property manager that I could work with, and I found a lender to work with. And then I was able to purchase this as a property this four Plex, basically the agent sent this deal to me and I was excited about it. I’ll go more into this process later in another video. But basically, here’s some pictures of the place. So obviously, it’s four units, three of the units were occupied, and in those three units that are paying $500 each month, but we knew we could increase the prices if we wanted to in the future. And then the fourth unit was vacant so I could find tenants for that one. So I ended up buying this property at $175,000. Again, I’m going to go into numbers more later. Cool thing is when we were appraising the property, we found that it was appraised at $207,000 eventually means that if I decided to sell it right now, I would make a profit this property now cash flows me $700 a month. So this 700 is after mortgage property management fees, water, trash, taxes, insurance, all of those things. So essentially, it’s paying down my mortgage, as well as cash flowing me this much every month, I really feel like I found a good deal with this, it’s very rare to be able to get a four Plex for this much money. And so far, it’s been pretty good. We’ve had some repairs, but essentially, I feel like it’s just gonna even out and it’ll be okay, the tenants have been paying, which is nice. And after we bought it, we got a fourth tenant that’s paying 595 right now per month. So essentially, I could boost the rents for those other three units like $100 more if I really wanted to maybe even more, but I know that it’s hard during these times, like during the pandemic, I don’t want to make it hard for my tenants. For example, one of the tenants their lease was up and I could just bump it up I decided not to this property definitely had minor repairs. I feel like I put in about five grand so far with repairs, essentially what this property I basically put in $50,000 $45,000 for the down payment and the closing costs, and then 5000 for repairs. But yeah, I’m going to make another video where I’m going to go specifically into the numbers. Now after this deal. I was super excited. I was like, Oh my god, I finally got my first out of state property. And it’s a four Plex. And it’s a great deal. So I was hungry for more. So essentially, I started looking on bigger pockets and I found this random deal. I contacted the wholesaler who had that deal. It was in the same area that I was looking in, I privately messaged this guy, and we finally negotiated down to 23,000 for the purchase price ended up putting in around 24,000 after closing costs all cash, which is awesome. Here are a few pictures of it. It looks super rundown. I’ll also show you a video of it later, too. But as you can see, I was kind of scared but I decided to pull the trigger. I mean, it was so cheap. I didn’t even visit this property I visited the other one by never visited this one, which is kind of risky, I definitely recommend visiting it before you purchase. But if you can’t, in this case, I knew is really cheap. I just wanted to buy it wanted to try it out. So I just purchased it. We use the title company to make sure that everything was legit there. So after that, essentially the tenant there was moving out. They had been living there for like 20 years, they were paying only $400 a month. But I was like if they could stay there, that’d be chill. I don’t need to do any repairs. But they already were in the process of leaving, so I couldn’t do anything about it. So then I spent $34,000 repairing this property, which was a lot of money. It was more than I wanted to spend but it was a full rehab. So essentially what that that’s pretty good deal. So now I’m about $58,000 in with this property, but I own it free and clear. There’s no loan on it. So now I’m cash flowing about 550 a month with this property, which is really great. So in the next few videos, I’m going to talk more about the process. I’m going to talk about how to like analyze deals, how to find your out of state market and just go over detailed steps about how I got these properties. So happy about these purchases. Been a long time. I’m proud of myself with these properties because I pulled the trigger, they ended up cash flowing very well. And I also got to fix up a fixer upper. Even though I wasn’t super involved with the fixing of the property. It was really cool seeing the transformation. I’m really proud of having that property free and clear. So hopefully I can keep acquiring more of these units and cashflow even better with this as well as my online businesses. So if you guys are interested in hearing more of this comment below, let me know what you guys have questions on actually posted videos about this on my tech talk, and it’s been blowing up tons of questions. I’m just gonna answer a bunch of these questions. So I hope you guys enjoyed this episode. Please make sure to rate review and subscribe. It really helps our podcast grow. And thanks again. I’ll see you guys in the next one.Transcribed by https://otter.ai
