All Forum Posts by: David Zheng

This thread is so gold LOL

I also would go with tenant #1, but do some more googling and social media searches on both of them. Make sure they also have good employment history meaning check out older tax returns.

Ask to see some of the work for the contractor just cause too :)

This is super inspiring. Thank you sir :)

The Good: youre a smart guy and obviously did your due diligence. Coming at it from every angle.

The meh: I personally wouldn't do it. Lets say you rent for 1500 conservatively. After fixed costs, you're left with 380. General Rules say 10% management, 10% CAPEX, 5% vacancy costs. that brings you down $375 in additional reserves needed. $5 in profit a month isn't that great. what happens if they raise taxes, your water bills go up, etc.

especially in a blue collar area you might have more troublesome tenants, higher turnover, etc.

Being young I totally understand the feeling of go go going, but sometimes you have to wait a little longer.

Good luck in whatever you choose

holy hell. $8900/month? Was he living in a mansion? I mean a general rule of thumb is that he would have to be making at least 3x rent (320k salary) as well.

I've never heard of a furniture rep making 6 figures in my life.

Either way sorry this has happened to you...

If you refinance and plan to move out at the same time, you won't be able to refi into a 5% conventional as that would make it a purely investment property.

I thought about this too, but man it looks saturated. Bunch of condos right next to Disney or universal studios go for like 30k and are big enough for families.

You can literally google all those questions yourself.

but in any loan (commercial, residential, business, etc, etc) , you will need to have credit. Get a credit card, get a car loan, and start paying those monthly payments.

you have a ways to go before you purchase your first property.

couple options.

Just have both you and a parent on the loan. I did that for one of my first purchases as well. Yes it will show up on their credit, but if you're doing well, it'll only increase their credit worthiness later. You can always refinance later down the road into your own name or do a quit claim deed if the deal is worth the extra cosing costs later.

form an LLC with your parents and call more lenders. as long as everyone has good employment history, great credit, and with a lower LTV, I don't see why you shouldn't find one that will work with you. again on some of my earlier deals, I had to call 20-30 lenders before I got a yes. this included out of state lenders and even online lenders. I get commercial loans aren't the best in terms of rate or term but if the property is a steal its better to just eat that cost now and deal with it later.

where the heck are you looking...I've not paid for one thing. I've really just used BP and its search engine...