All Forum Posts by: Andy Wu

I just got a house in contract with the seller. The seller is not experienced. Basically I am guiding the whole process. This is my first deal without agent. what should I pay attention to to have the house closed on time. I need mortgage for it.

I have several rentals closed in the last year or two. I understand the basic steps.

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Just listened lots of podcast. Everyone talked about 3 2. Is 1.5 bath counted as 2?

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Thanks Dave. I have several other houses holded till now. No sell yet. The lease and lease to purchase are for 2 year. I am surprised that tenant want to buy it now.

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Hello,

I bought my rental last week and found a tenant a few days later. It is rent to own lease. The tenant want to buy the house in 45 days. I received the rent to own option fee.

I plan to do 1031 exchange as my purpose is buy and hold. This is my first time doing rent to own lease.

I already found a 4 unit multi family. What should I do next? Do I have to select a particular title ccompany to do it? The lease to option fee is already deposited in my bank. Will this affect anything? Should I get the 4plex in contract now?

Thanks,

Andy

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Single family house investor from Columbus, OH. Start to looking for multi-family this year.

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Originally posted by @Justin R.:

Andy Wu The math says pay the highest interest rate loan first. That will maximize your total net worth at the end of the day - this isn't a question open for opinions. It's just math.

HOWEVER, if you (like most people, myself included) don't always act purely rational and mathematical, the psychological benefits that others have described (paying lower balance first) can be worthwhile.

AND, if you plan to invest in more things before you retire all your debt, you may want the flexibility that having access to more free cash provides, even if it slows your debt retirement down. In that case, paying off lower balances or paying off lines of credit (where you can take that debt on again easily) could be preferred.

Lots of variables.

Great point. Any tax advantage for paying primary home first?

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Originally posted by @Eric Tan:

By priority:
1. 2nd mortgage
2. Highest %
3. Shorter term
4. Highest balance
5. Highest cash flow

30 year loan has much higher rate than 15 year, Do you mean want to pay 30 year loan first? It seems more sense to pay shorter term first then highest rate.

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I have both first and second mortgage of my primary home. The second mortgage rate is much higher than first.

I also have several rentals which have either 15 year or 30 year loans, they have different interest rates.

If I want to pay down the balance, which loan should I pay down first, and what's next?

My guess is to pay down the second mortgage of my primary home. Then I don't know what should I do. Will it be my primary home first mortgage or the highest rate of rental, or the loan with smallest balance.

I am paying minimum due for all loans now.

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Thanks

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All Forum Posts by: Andy Wu

Andy Wu has started 24 posts and replied 61 times.

Post: What need to pay attention to?

Post: What need to pay attention to?

Post: 3 2 is 2 full bath or 1.5 bath

Post: 1031 exchange for newbie

Post: 1031 exchange for newbie

Post: Single family house investor from Columbus, OH

Post: Pay which houses down first?

Post: Pay which houses down first?

Post: Pay which houses down first?

Post: 529 Plan as the reserve