All Forum Posts by: Dennis Nguyen

What others have mentioned. 3% interest rate is something we might not see again for a very long time. Utilize a HELOC to keep your current interest rate and get a loan on your equity instead.

I would monitor your bill over the next couple of months first before you do change anything. December and January are the colder months in the year which makes sense for the tenants to turn on the heat more. I doubt it would be that high consistently as we move away from winter. 

Welcome! If you are new and don't know where to start I would recommend house-hacking. Buy a home with down payment %, live in one room and rent out the others. If done correctly you will own a house that you live in with little or no cost to you every month. 

Yup, all those items are accurate. #8 is a lease addendum, meaning if you wanted to change anything in your lease then that is the form you would use. It's just one page and pretty simple. 

I have seen some STR's in Seattle make $7K or more. Keep in mind a couple of years rents will naturally increase as well. When that time comes, if the rents do not cover your mortgage, you can at least sell and profit from your appreciation.

Might not be reading your post right , but you mentioned since you cannot afford a SFH, you are instead going to buy a duplex ? Multi-family homes are usually more expensive than SFH, unless you are saying you are willing to buy a duplex in a less desirable area than live in a SFH in a desirable area.

We are starting to see multiple offers again in Washington! I would not be quick to say the market has shifted though... I'm going to monitor closely within the next month and see what happens. Might be just a small surge. 

Really depends if you are looking from a cash flow perspective or appreciation... People typically start off with SFH then upgrade to multi-family since multi is much more expensive.

Hi Mario, I'm not in your market but another approach is to find a good agent FIRST that you want to work with and can help with your house-hacking goals. Typically agents have lenders they can refer you to :)  Once you find an agent, you'll easily find a lender. 

^ yes to what the others have mentioned. If your goal is to put less down to have less cash reserves, definitely look into other programs that allow you to put as little as 3% - 5% down on a property for a conventional loan. When I bought my house a few years ago Guild Mortgage had a program that also gave down payment assistance for first time home buyers. Not sure if they still offer that but doesn't hurt to look into!