All Forum Posts by: Xin-Ran Jiang

I just attended their orientation seminar today in NYC but didn’t sign up for 3-day train. 
Their method of “forced appreciation” is kind of interesting. But when they bring up the syndication approach of LP+GP, that they will help me raising 35% down payment from private money in exchange of 65% share of ownership, I shocked. It’s a huge red flag. 
I realize they are not making their profit in educating investors. They charge $1500, get you into the door, using you to find a deal, setting up partnership to make you carry 100% debt and all the risk, while ripoff 80% ownership (include the 10% for sponsorship to get loan)

You definitely can get some useful information from their event but do deal with them? Run!! 🤦‍♀️🤦‍♀️

Background: I been working on Airbnb arbitrage for 4 years now. I rent properties and rent them out, under agreement with owner.Went through pandemic, I feel my strategy is mature enough for me to move on to next stage....  I am planing on purchasing a 4 units multi-family in FL. I will keep one for myself and rent out the rest 3 of them, either long-term or short-term. I have 140k gross income last year, no other debts, first time home buyer. My plan is 3.5~4% downpayment to keep the most cash in hand.

I am ready to connect with lenders, but have no idea how to calculate the potential pre-qualified amount. More specifically, I'm not sure about: 

1.  I am expecting a boosting in gross income of this year (to ~350k). This is based on the future reservation of my rental business (I guess I can pull a proof of income from Airbnb). Still,  should I add-on this future income for pre-qualification?

2. Since I am targeting on 4 units multifamily with FHA loan, I assume ~75% rental income from addition units can count in. However, when there is no such specific property referred, how to determine the maximum qualify amount, so I can start shopping around?

The price range for multi-family could be so wide. Good deal could be from $300,000 to $1,300,000. What amount should I start with? This bothers me a lot. 

If you know how to solve this problem please share your expertise below!!! 

Hi Amani, it been a year now, I am coming into a same condition with you. I’m investigating in a 6 units building in BK, it’s half vacant recently and the rest empty. I’m considering purchasing it and do some renovations to destabilize those empty units. How was your deal going, did you get that building?