All Forum Posts by: Hae-Yuan Chang

Hi there! 

I live in Orlando, and I am trying to buy the property that I currently reside using an FHA loan. My mom was going to be the non occupant, coborrower, since I am a full time student with no income. I was just told that my mom's debt to ratio was too high, meaning that the current mortgage of her home plus the mortgage of this home in comparison to her income is too high. She makes around 37k, working part time by choice. We did't think this was a problem initially since we knew the property would produce enough income to cover the mortgage plus cash flow. But we can't use that to our advantage. I live with the seller, so I was thinking partial seller financing?

I would appreciate any creative financing techniques that may be good in this situation. Could I get a hard money lender to lend half of the loan to the seller, if she doesn't want to do seller financing? Anything to qualify the debt to income ratio would be great. 

Thank you so much!

@Jeremy Tillotson Thanks for the information!

Hello! 

I'm located in Orlando. I was wondering if I am in the preliminary stages of accepting an offer and having the seller write up a contract, do I need to have a title company chosen soon? The seller is asking me if I have one that I will use. I thought the mortgage lender would take care of closing cost specifics? I appreciate any insight on this!

Hello everyone !

I am finding out a market value for a 2103 sq ft, 1956 house that I want to purchase. It is in a lower income neighborhood. It's hard to find comps, but basically I found a home that was built in the same year, same neighborhood, but is 600 sq ft smaller. That home sold for $137,000. Though it looks decent from the outside, the inside was completely renovated and something that you would find in a higher income neighborhood. 

So how should I go about adjusting for the difference in sq. ft? I used a method of finding 2 homes that were sold in the last six months with very similar features, and came up with a $166 per sq ft difference in sold price. Should I do 166 x 600?

Appreciate any insight that you can give!

@John Kent

Thanks for the straightforward answer! What would you say is a good amount to save for managing and maintaining the property?

@Steve Haight

Definitely appreciate it! :)

Hi everyone!

Me and 3 other current roommates would like to move to a new residence in May. I would also like to have this as my first buy and hold property for many years, even after I leave. 

I'm wondering what price range I should look at, if I am looking for 2000 sqft +, newer, and a big backyard to do projects. Previously I was looking at 100-150k homes, but I have not found any in that range. 

Could you have a successful buy and hold in any price range? I am a little new at buy and hold concepts. Thank you!

Hello!

I am house hunting for an investment and also to live in. I have future roommates/tenants lined up. I found a perfect property that was foreclosed and selling for 92k. It has been on the market for two days. We are looking to move in May. Do homes that are on the market usually needing to sell immediately and will they be reluctant to sell in May? 

Also, since this would be my first investment, what kind of questions should I ask about the property when I give them a call?

I appreciate any insight that you can give. Thank you!

Hi there!

I am looking to find land and develop it in the Orlando area. I would live on this land with five others. We were interested in building a homestead with a variety of projects and alternative living situations. A few questions I have are:

1)How do I go about seeing whether a project I would like to do is to code?
2) How do land loans work? Previously I was looking at a single family home with an FHA loan w/ smaller down payment.
3)Any tips on buying land in general?

Thanks everyone! Happy Thursday.

I forgot to mention that I would like a property for around 100k-150k.