All Forum Posts by: Daeun Lee

@Kyle J. Thank you for the realistic advice! It is true that I don't have guaranteed exit. One of the exits I was thinking was to purchase the house with HML under LLC and rehab, rent it to us individuals. Our current rent is already $3650 which is expected to be raised but one of our teammates is going to join the house sharing so we can cover up to $4500 in monthly payment.

I am not sure if that would be enough income for LLC to refinance the mortgage but if it is, that would be my back up exit. What is your opinion on this?

It is not guaranteed but I am pretty certain that the income will be back to pre covid within 3 months regardless of government opening but I am not 100% sure with how world is going to be honest. I will definitely learn about the risky I am taking again.

Thanks!

@Lane Kawaoka thank you! What cities are you looking into if you don’t mind me asking?

@AJ H. Thank you so much!!

@Deangelo Pileak Sun thank you!

Would you PM me if you don’t mind and tell me about back paying taxes? Because the rent we are paying is pretty high, i’m willing to spend a little more to save up $50k a year. I did not get incorporated which I should have so I am not sure if that strategy would work for me but I would like to hear more about it!

@Cole Simpson. Thank you!

Are you saying that I should use hard money to flip until the income goes back to pre-covid condition and refinance/rent?

I think I am interested in that strategy the most

@AJ H. Thank you, AJ!

I highly agree on that financing should not stop one from investing :)

I hope and I am pretty certain that the income will go back to pre-covid level within 5months, where would you recommend to look for private money lenders, or partners who are willing to work with inexperienced investors?

I would say I eventually want to go for cashflow, but my primary goal is to get myself a house or duplex that I can house hack with my 2 other roommates who will be living with me for a while, when I have this opportunity. (Our current rent is $3650..) that was also my original plan that fell through because of decreased income, so I thought I should try flips or OOS rental purchase if there is more options for financing with low income since we will have to extend the lease for another 12months.(my landlord won’t allow short term or month to month)

Thank you!

First, thank you everyone at BP, I have learned so much reading threads, listening to the podcasts from this amazing community.

After doing some research, I was going to purchase a house since I am already living with 2 other roommates and our rent here in SoCal is so expensive already, but my plan fell through last minute.

I have decided to wait 3-6 months on purchasing primary house and purchase muti-family OOS instead, where the houses are less expensive. My savings is about 200k but the problem is, I am self-employed, and have had low taxable income this year due to Covid19.

What would you guys do in this case? I’d like to hear some advices/suggestions!

Thank you for your time