All Forum Posts by: Charlie Chung

I had an initial consultation with a tax preparer in San Jose has lots of tech clients with rental houses & stock options. She describes herself as moderately aggressive, if there's a line, get 80% towards it, without taking undue risk of audits or penalties. If that sounds appealing, PM me.

Agree with @Joshua Fulenwider, I have a non-recourse loan from NASB for an income-generating property...they want the income to cover the payments. FYI got 5.75% with 50% LTV.

@Joseph Weisenbloom @Christian Ruiz @Aidan Mosher, 

I am investing in a small house development company in Austin--these guys have done it and put a 399 sq ft. park model home behind a house, tied down, hooked up to utilities, and fully permitted. Rule of thumb is you need at least a 1/3 acre lot for this size of ADU, and the total all-in cost can be <$80K for something very nice.

If you get financing, it could be a low cost way to house hack, but probably only makes sense if your main house can garner a high rent--so I'm not sure if it would work in east Austin. If you're interested in seeing the demonstration ADU, PM me and I'll put you in touch with them.

-Charlie

Hi @Ying Ding, I'm in the same boat as you, with family in Austin, so I am somewhat familiar with it.

There are several areas that people think are promising; for me personally, I like the Cedar Park area along the 183. Also, between 183 and 1 (Mopac) in North Austin seems solid because there are a lot of tech companies along the Parmer corridor and there is The Domain (upscale shopping mall, like Santana Row) in that region as well.

Sub-$200K is tough, but mid-$200K is doable, as are some older low-$200K homes. And yes, 1% isn't really obtainable, but a long-term play that figures in principal buydown & modest appreciation can make sense.

I also know a great property management company I've used >10 years, so PM me if you want info.

Good luck!

-Charlie 

@Annelyse Finley it seems like there is some good advice about looking at what other investment opportunities could be had if you weren't tied up in this condo.

Two other things I would note: a) look at the tax implications, for example are you going to hit the limit for your primary residence gain on sale exclusion, and b) assuming you are not short on cash, I don't think the $1,000 cash outflow is the relevant figure to consider, I'd subtract out the average amount being paid towards the mortgage principal balance each month.

-Charlie

@RJ Jackson,

You're getting plenty of good advice. My additional two cents about new construction:

• Lower maintenance costs / capex at beginning of the house's life, unless appliances break down after warranty (somewhat common with cheaper builder ranges & dishwashers).
• Additional costs for new home needs to be factored in, e.g. blinds/drapes (can be a couple thousand $$, landscaping, fence painting, appliances (e.g. fridge)
• Thus, can be good if you want low headaches, but presents less value potential than finding something a little older/cheaper.

-Charlie

Welcome @Dan Tsunekawa! I just moved to Dublin and am interested in networking with other REIs as well...

Hi @Quintessa Haynes, Austin, TX and San Francisco Bay Area please (esp. Dublin, Livermore, Pleasanton, Castro Valley)...thanks!

-Charlie

Hi Tamara, please pm me with details...and good luck!

-Charlie

This is strange. The whole purpose of a reverse mortgage is that you can't lose the house as long as you live in it. Perhaps the homeowner violated some agreement (such as moving out).