All Forum Posts by: David Huynh

County tax assessed value, I assume is property tax, $900/annual. 

It sounds like when the Condo 2 hits near the 18 month mark, I'll go ahead and try to pull a HELOC.

I have yet to to turn in a loan application but have ran into recent situation to obtain a personal loan 10k. It appears on paper that my debt to income is fairly high (they are NOT counting the rental income) so it seems that I have to continue my search to find an investor friendly or more experienced location. 

I am interested in obtaining an FHA loan or some type of "First time home buyer" for a personal residence w/ the potential to rent out rooms.

History:

Condo 1 - Conventional loan

Condo 2 - Paid in full

Hey BP,

FYI - New to posting, so let me know if I can do a search or if this is in the wrong forum section.

It seems like a no brainer - What is the best way to get mortgages? Have you found working with a local small community bank has been more successful over big banks? 

Reason: I am 25 years old with 2 rental properties (both currently being rented) and living at home. Both have been successfully rented out for $800 and $1000 for 2 years and it has been hard for me to qualify for ANY additional loans. I'm looking to continuing to snag additional property as I see fit but am running into this problem. 

Thank you all,

Hello BP,

My parents are currently going through a foreclosure and they are looking to settle with Wells Fargo.

The amount owed is 100k on a 2nd mortgage (condo). They've been sending in amounts that they are wiling to pay 45k, 50k, 55k, etc.. Does any know what the Wells Fargo guideline is for settling on this? 

And/or if not - Does anyone know or may give additional advice? I'd prefer to save them as much funds as possible through this process as their both struggling. 

Thank you for the response! I will be working with a mortgage officer also to see what is best going forward. 

I should have posted the advice in another section- newbie to this!

Hello Bigger Pockets!

- I am loving the information that I am learning on this site so far! Reading and checking the forums is increasing my knowledge.

- I found this site, just seeking for additional info and success stories on Real estate, how to get started/why to get started/etc..

How I got started:

I didn't want to live at home with my parents and purchased a condo- remodeled it, posted images on Facebook and had MANY inquiries if it were available for rent.. Started from there- and purchased another, did the same thing. 

Here's my background to help you folks understand my situation and perhaps fully assess and help with advice. 

PLEASE ask for additional info - I'll more than likely miss something here.

Age: 24

Short term goal: Own 5-10 property to bring enough residual income so I can be "worry free"

Long term goal: Own enough rental property to keep the wheel moving as a slow, concise, "buy and hold" that receives high ROI for rent, ultimately selling off.

****I am not looking to getting into flipping (as I think right now) as a full time business. There is more interest in paying someone else to maintain and take care of property as I take in residual income. 

Property 1: Condo - 1 bed / 1 bath (25k loan)

Mortgage, insurance, PMI, etc: $243

HOA: $230

Total "Cost": $473

Rent: $800 / $9.6k/annual 

Property 2: Condo - 2 bed / 2 bath (Fully paid, 47k)

Taxes & Insurance: $900/annual 

HOA: $315

Total "Cost": $390

Rent: $1050 or $12.6k/annual

Total income: $1850

- Total "Cost" - $863

Cash flow: $987

Property 3: SFH - yet to purchase

Income: Rent 2 rooms for $800-900 to help cover remodeling expenses and etc. 

The situation: Currently paying off ALL debt and saving up funds to purchase a SFH. After I purchase a home, I'd like to rent out 1-2 individual rooms and remodel the home to hold and sell for a profit after strategic remodels. How do I report income? Taxes? Do I start an LLC? I don't know if I'm asking the right questions, so please help.

I will continue to work my full time job, but am interested in having additional residual income and turning this SFH into a rental once completed. How do I get taxed the least? Protect my future assets? Where do most professional go from here? Please do keep in mind my long term/short term goals.

Thank you,

David H.