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All Forum Posts by: Aaron Chung

Aaron Chung has started 3 posts and replied 26 times.

@Account Closed

@Vernise B. @Account Closed  Thank you for reaching out. I am currently looking at multi-family properties in Northeast LA & East LA - Just checked out your site and seems you certainly know the area. If you don't mind, I'd like to hear more about your thoughts in the area and current market. Coffee's on me!

Hello, BP community!

Slightly delayed introduction here, but better late than never. 

I am Aaron (also go by Yichan) and currently live in Los Angeles, CA. My passion has been cars, thus finding my way around to my current post at OEM car design studio in LA area. But lately, I must admit, I am finding a new passion in Real Estate - just like lots of members here at BP.

I always thought investing in real estate is a no-brainer, but I simply had been more of a dreamer rather than a 'Do'-er. I simply spent countless hours peaking properties on Redfin and 'dreamed' of possibilities. I simply envied the abilities of people who turn distressed/under-appreciated properties into something amazing and at the same time, making a profit! I was simply too uninformed and scared to venture into a new territory called 'Real Estate', thinking only of all the negatives rather than the possibilities. I even fooled myself thinking I could earn so much better return by investing 'only' in the stock market. Honestly, I have been too lazy and wrongly arrogant.

Then, I found this awesome site and the great community built in it, and boy, am I glad to have done so! I am very grateful and excited to be a part of this community, and looking forward to learning tons, being able to contribute (hopefully), and making new connections.

I am currently on the look out for my first buy-and-hold investment property in LA metro area. I will have tons of questions along the way and hope to share my experience. 

Thank you!

@Chad Clanton It seems it's simply called Renovation Loan. 

http://www.freddiemac.com/singlefamily/factsheets/... 

As I am finding a bit more and read some case studies on the loan program, it is going to be a good & interesting learning experience.  Will certainly keep you posted! Thanks!

@Chad Clanton Thanks for chipping in! 

It won't be 203k loan as I won't be able to qualify as a non-owner occupied investment unit loan. Freddie Mac has a renovation loan program, very similar to FHA 203k but without owner occupied restriction and Wells Fargo is one of the lenders that carry it.

Lots of hoops... gonna be a wild ride?

Hi, All.

I am thankful to have found and become a part of BP community! As I am gearing up to score a deal on the first investment property, I would like to find out the Pros and Cons of Freddie Mac Renovation Loan. I'd much appreciate your input on this. Thanks!!