All Forum Posts by: Ajeet Ganga

Hello  BP,

 though technically I joined BP a while ago, I just moved to San Jose for my job purpose.

I would love to be in touch with other fellow BPers for business as well as social contacts. :) 

I also happen to be scouting for a jumbo loan for my new primary-house (new reputed construction, ~$755K ) with 10% down, in Milpitas, so I would welcome any reference for that purpose. :) :)

Hello BP Family,

 please help me with reference for a Jumbo loan ($800K) with 10% down , Sunnvale/Milpitas, CA

 I recently moved to SanJose from Seattle, where I have apartment with mortgage.

Now I am looking to purchase newly constructed Townhouse under $800K 

But I have only 10% downpayment. I have 12 months expense in asset though.

Can you please suggest me references please ?  :)

- Ajeet

Hello Friends,

 I had bought my condo in Belltown-Seattle, about two years ago, but now I have to move to a different state due to job. 

The condo is new (2008 built) and is close to zero maintenance, bar things such as batteries in smoke detector and light-bulbs. The outside maintenance  is covered by condo-association. Considering, what I think is, the good location, getting it rented should not be issue.

Can you guys advise me on:

1. Correct rental price discovery : Can I rely on  Zillow estimates alone ?  How do I factor in unique things about my apartment, such as courtyard view, insulated from three sides (no noise), above the (seldom used) gym.

2.  Lease agreement :  Is there actual standard one year lease agreement for Washington state ?  Is there usual/default lease agreement I should read about ?

What I am using : 

http://rentalleaseagreement.org/wa/washington-stan...

3. Filtering/choosing of the lessee :  What criteria I should use to filter/choose lessee. 

What I am using  :  Credit score of above 700, no collection account.

4. Broker vs self :  Are there any advantages of using broker ? (Currently I have posted on Craiglist/Zillow and I am getting couple of calls.)

5. Any other thing I should be aware of ? 

Also I am curious, if I should rent out place fully furnished at higher rent vs unfurnished.

I also wonder about experimenting leasing individual bedrooms instead of who apartment.

Please advise, and thank you in advance. :)  

-Ajeet

I am working to get a bank loan on multifamily, with cap-rate of 8 with price of $1million+

My personal income alone will not be sufficient to show the loan repayment guarantee. 

The property is making about $80K, in NOI.

What percentage of this NOI, can I use towards, my loan repayment, for the bank ?

I asked exact same question to my credit-union and he said best he knows is 90.

However he seemed little liberal on the way of valuation of the house price. 

Can you also please post  best interest-rate you could get for them ?
I was told for 80 and for 90 there are different LTV.

This video post helped me in taking my decision : 

https://www.youtube.com/watch?v=LGZkALqw2NQ

Summary :
There are pro/cons of being agent just for MLS listing.

There are yearly recurring charges of being agent. Not worth it if you aren't closing many deals.

It is possible to be able to surf MLS as real-estate agent *un-certified assistant* LEGALLY without being an agent.

Hi @J Scott,

This what I am thinking.
After  certain cap-rate I prefer to maximize for simplicity (one/two tenant deals) . Also I like the certainty that comes with long term lease. Because of these things I think property that is already leased out  on long term retail lease are good deal.

Also I like that by taking bigger loan (70%/80%)  we are leveraging the capital, which should translate to much higher return.

Now, I am not sure what type of books I should be reading to be better at what I intend to do. It would be great help if you can suggest me considering what I am looking for.

Thank you.

Hello J Scott,

  I think I put it in a wrong way.  I was just trying to contrast it with a long book.
I am fine with a  1000 page book,  without any fluff instead of 100 page book with lot of fluff.

I am just looking for something that is more to the point. I hope I have conveyed what I am trying to say.

Hello BPers,

  stumbled upon BP and then I was amazed to see so many detailed and informative discussions. I hope to learn as much as possible from here and make few friends along the way.

My primary (only) job is I am a developer for large Software company.

I am very curious person and I have  tried form Poker to Bitcoins and some more things, with various results. I bought my first apartment in short-sale in 2012, which has appreciated quite nicely, and it is the only investment so far which has given me actual handsome returns. Finally I have come to an understanding that real-estate investing is where I can leverage my own self and little cash I have accumulated so far, in the least risky fashion,  with less hours per week.

I have teamed up with a like minded friend, although little more conservative on risk.  With him, in future I am planning on investing in retail real-estate property (considering some NNNs).

Please let me know if there are books/pdfs/posts  that are must for the newcomers.  I had tried reading a Donald Trump's book but had to put down due to diluted messages. I like summaries usually.

Hope to talk to you all.

-Ajeet