All Forum Posts by: Loren Buchanan

@Wayne Brooks I didn't realize FHA had changed the rules in 2013! Crazy it stays for the life of the loan. Thanks for the clarification!

I'm not a FHA expert but I believe the PMI stays on for min of 5 years AND can then be removed if LTV is 78%. Another option is to refinance into a conventional mortgage before 5 years if you acquire more capital and/or experience appreciation. I only have SFRs and I recently made the decision to only put 15% down and pay PMI. The house has positive cash flow and is within my comfort range albeit less than the 1% rule. I wanted to keep the extra 5% for other upcoming investment opportunities

Not an expert on this but I believe you need documented rental income in order to use it for qualifying. Some lenders want as much as 2 years documented on tax returns.

BOTH- All properties must cash flow after costs (PITI, vacancies, maintence. etc) however, I'm not looking to live off of this income at this stage of my life and thus target properties in areas that will continue to appreciate in rent and value. If a property is cash flowing very well, I would be inclined to pull out equity to acquire additional units.

@Account Closed  thanks for the insight. I would love to pick your brain on this next week at the meetup. I'll check out Force for sure.

Hello everyone! So, I'm looking to get my RE license in Washington State for numerous reasons; primarily I would like access to properties without having to coordinate with a Realtor. My question is, once you get your license, how do you become an official agent with access to the MLS and what is the cheapest option for paying brokerage fees?

I'll be venturing from the deep suburbs of West Seattle as well! Looking forward to it!

Hey Brandon- Im also looking for a CPA; but more in the Seattle/ West Seattle.  I'll let you know if I end up connecting with any; i have a few requests out. 

hey Loren- you get any responses on another thread? I too am curious about leveraging equity I have built up and am interested to hear what direction you end up going. 

hey Loren! Nice to meet a fellow Loren! Welcome to the boards!

As for the 1 or 2% rule. Nothing in King County comes close to this but as others have said there are still some options when looking at IRR. I currently have 2 buy and hold townhouses in West Seattle that cash flow and I expect will also have great long term capital appreciation.