All Forum Posts by: Andy Wu

I bought 9 rentals in last two years. 8 of them are single family house in good area. In average it meets 1% rule.  Now I have 10 loans on my name, my wife do not want any loan on her name. I already told her that I will take care all the management work. I just feel frustrate that I am paying higher rate due to her refuse to apply the loan. Now the problem is even worse as I am hitting the threshold 10. The next one need to be portfolio loan, that means even more reserve and higher rate.

How to persuade my wife to involve more and eventually agree to apply loan on herself.  She usually says she is too busy to read a book or a podcast.  She enjoy surfing the internet reading news but not book and seminar.  What should I do?

My attorney told me the fees is about $1000 for him. I am  not sure that the all the fee. The tax benefit  will be about $6000. 

 Thank you Bill.  I have several other rental properties. I never sell any of them till this one The lease to purchase contract is valid for 2 years. That's my original plan.

Hello,

I have a house I bought in March 22nd and rented it as lease to purchase. Now the tenant want to buy it with FHA loan. What is exactly the earliest closing date for house can be sold.

Is it can be closed on 6/21 or on 6/21 the buyer can apply the loan.   The house is remodeled by an flipper on last December.  The flipper bought the house at 80s and I bought at 130s, and now my tenant will buy it at 170s. I am worrying about the appraisal may not be that high as I only bought a new refrigerator.

I am also plan to do 1031 exchange on this. Should I postpone the closing date to make sure the closing can be done on time? my tenant want the house to be on their names asap. There are a lots of fees for 1031 exchange.

What's your thought here.  My lender recommend to sell it after 1 year.

Thanks,

Andy

Does the money well spend to do that? 

The layout seems strange. The first level is above the ground but the entry makes it as a basement. 

What's the cost here to move the door  to the ground level and change the stairs accordingly.

The houses are in A area. Appropriately bring $800 cash each month without considering repair, vacancy and management. It's not too bad, but not very good for sure.

cash is the King. Let`s assume you pay 20% down. With credit, you pay $80k less down. This can be used to buy another rental. Tax difference is too small to consider.

I just bought those two houses less than 6 months.

I have several rentals, one condo and the others are single family.

Currently, I am short of money to buy more. What's the strategy here?

1. Wait till I can buy next one.

2. Sell one or two rentals to current tenant. I am not sure which one should I sell. I have an expensive house which is very new but yield worse return. Just over 0.9%.   One house just satisfy 1% and the house is in mid 200. If I sell one of them how much  is a good profit? 20% more than what I bought? No agent fee of course.