All Forum Posts by: Charles D Cruz

From personal experience zillow estimates are not very accurate. Would just run numbers on your best judgment and see if the property will still generate the cash flow you want.  If it does do it, if not don't. 

Would repay the 401k loan and use it as your personal hard money lender. 

That's the right track.  Building a good relationship with lenders is very important. Because they know alot of the answers a new lender will ask you.

also when asked about the use of the new funds. They are for future investments. 

They bought when market was low and refinance they're money out as the market has sky rocketed. Or they use other people's money and only own a fraction of the syndication but claim ownership of all the units.

So if I follow everything correctly. 

you have mid 700 credit score but require a cosigner.

within 2-3 years you intended to make the property into an investment.

sounds like your missing income to qualify and are intending to occupy as a personal residence.  Correct me if I missed anything.

Seems like your stressing over something small, just pick one or flip a coin. $47/month or $5.4k isn't a big deal. Neither is 10% return on 5.4k. 

Wouldn't charge but curious on how much you paid?

Tell your broker/agent you'll like to offer  1mil on property, sign offer and then submit?

don't over complicate things; making offers and buying are simple things. Getting both parties to agree takes more work but simple process.

Entertainment room

 House hack,  3.5% down close between  6-10th of the month. This way they comp you on that month's rent. Which if it follows the 1% rull(1% value = 1month rent), then your closer to the down-payment.  Also shop around and see if a lender will let you roll closing into the loan. If you get your real estate license, then represent yourself. Commission should be around  2-3%. 

your only issue might be the reserve funds.