All Forum Posts by: Hae-Yuan Chang

@Account Closed

Haha, true words! 

I have been very mentally and time invested in this co-op, so I feel that I want to take a role in the co-op. It's true that it's mixing business with personal, but I believe that in my personal situation it can work. If not, I will adjust and learn :).

I plan investing on co-op properties in the future, where I will take more of an arms-length approach.

@Michaela G.

Definitely agree about the neighbor point! We strive to be on good terms with the neighbors, however :).

I am having my mother qualify with her income and credit. 

@Roy N.

Haha, I appreciate your follow up response! I do view this property as a home and less of an investment. It's my first property to see how processes work, how to be a good landlord, etc. There are definitely alternatives I can consider if I want to bring the home up to code. So I guess a a first property, it's not typically "ideal", since it may cause some obstacles, but I'm willing to work around it and find a workaround as you had mentioned. 

In terms of having the tenants share ownership, I honestly haven't looked into that yet. But I did think of that as a possibility, and I believe it would come at a bigger risk financially to pay back loans. Besides, these are 20 somethings that are new to the credit game and haven't had time to make sufficient income history.

@Michaela G.

That's a great thought. I have thought about this situation, and I believe that it'll be a smooth transition. All of us are open about finances and the way we spend our pooled funds. We have meetings every week and we encourage communication throughout the week. Basically, we all get an equal say for the most part, as long as it a wise decision for the future of the house. I wish to keep this transparency and equalness to combat any common tenant/landlord issues. I will set guidelines about lateness in rent and other issues where it matters. 

For the most part, everyone who comes into the community is decided on the co-op and is usually always on top of their game. :)

@Pyrrha Rivers

Wow, thanks for the post! I definitely love this living arrangement. It's a community where we cook, clean, pool resources, and do awesome backyard projects together. We focus around local sustainability, and you benefit from living with such knowledgeable, go getters. It's given me lifelong friendships, and I would say that it's the ideal, economical way to live; as long as one can give up a little privacy, haha. I would love to integrate real estate investing with community living situations! 

@Roy N.

Appreciate the advice! I will definitely be brushing up on codes and rules.

Hello! My friend is looking to acquire a property, and they have some backyard projects going on that may cause some minor code violations. Will this hurt her in the lending process, when the appraiser comes and inspects the area? Thank you!

Thank you both for the suggestions! I will contact both next week :) 

Have a great holiday!

Hello!

I am purchasing a property this May. It is the house that I currently live in now. I am looking to do an FHA loan, with my mom using her credit and income. I was wondering if you guys recommended any lenders in the Orlando area (near UCF) that could help me with any questions about the process and legalities? And could help me acquire the property? I appreciate it!

Some concerns that I have are: 
-  the general process until close
- the role my mom has before acquiring the property (she lives a few cities away)
-information that would be needed for the loan

Thanks again!

Good morning Upen! My mom is going to be using her credit and income! Then I will create a payment schedule to pay her back plus interest.