All Forum Posts by: Hong Y.

as promised here is my update. Due to recent changes in circumstances with family, I have decided to quit my job as an engineer and return to NYC to become a real estate agent. Thus I will not be purchasing a multi-family in Philadelphia. However I will still be looking to purchase in the future, in Philadelphia.

@Joseph Scorese,

I did find out I was eligible for the full amt and no funding fee as well. Disappointingly however, I have realized many, if not majority, of lenders in NYC do not know anything of the VA loan. So I will have to do a bit more digging to see if there is some way I can utilize it.

If anyone has any tips on how to use the VA loan in NYC please don't be shy.

Thank you all,

Hong Yang

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Hello everyone,

First time buying insurance for a property, is there any specific things I should take into consideration or look out for? Also, I will be buying this mixed-use commercial property under a LLC, please let me know if that makes any difference for this type of decision?

Thanks in advance everyone,

Hong

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Thanks Joseph and Kevin, I think you both have a great point. I will be evaluating my finances and speaking with a loan officer to come up with a good plan, before I even begin to look at properties.

Will be back with more updates as I continue this adventure. Thanks everyone.

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Originally posted by @Kevin M.:

Originally posted by @Matt I.:

@Kevin Moyer you're saying there's new construction multifamilies that would actually cash flow? I assume with such a low down payment and buying turnkey you wouldn't really see good returns, but maybe I'm wrong

It is very possible in the right neighborhoods and circumstances. A real life example: Olde Kensington Duplex 2018 construction. Two 3BR/3BA units. Rent top unit for $2400. Live in bottom unit with two roommates (rent $1400). Rent= $3800 Total mortgage payment=$3k. Positive cash flow on top of (what I predict will be) good appreciation in this neighborhood. Also maintenance cheaper on brand new construction, in theory.

Great Philly hacks are possible if you find the right neighborhoods or have roommates live with you.

Wow thanks for opening my eyes to these opportunities in Olde Kingston, I will surely look into it. Kevin do you think being in your industry makes it more feasible to find these deals or is MLS/Zillow sufficient?

@James thanks for the advice. I agree, I think the first step may be finding a real estate agent to help me find opportunities on MLS.

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Originally posted by @Nicky Lisewski:

Thanks for your service, Hong. I'm an investor as well as a real estate agent. The VA loan program is great. You are going to need to look for properties that are livable - so not anything totally gutted - unless you get a VA rehab loan.

As far as neighborhoods, is this going to be your home for a while or are you going to live there for a year and rent out the property? Some neighborhoods that are primed for appreciation are Kensington, Germantown, parts of South Philly. But it also depends on what you want. If you want lawns and parking, I'd suggest the Northeast or Northwest.

I think the most important thing is to look at a lot of properties and run your numbers. You want to feel confident so that when you do see a good deal, you can act.

Thank you both very much for your insight, Nicky and Kevin, I will keep both your advices in mind. @Nicky Lisewski I will likely be living there from a year to 5 years. Right now I'm not entirely sure where my work will take me.

My primary goal is to find a property capable of covering majority of my rent. Much like what Kevin mentioned. I do need parking but it does not have to be a driveway.

Does anyone have an opinion on getting a multi-family in the Ucity area? I will certainly do my research on the neighborhoods near Fishtown you both mentioned.

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Hello everyone,

First post here on Bigger Pockets. I am looking to use my VA Loan for my first multi-family home that I will be living in. Does anyone have any good recommendations as to:

who to buy from?

when is a good time to buy?

where is a good neighborhood to look into buying?

Lastly, is there anything I should watch out for or be cautious of during this endeavor?

2 Votes

All Forum Posts by: Hong Y.

Hong Y. has started 8 posts and replied 16 times.

Post: New Investor looking to buy Multifamily in Philadelphia, PA.

Post: Insurance for Rental Property in Essex County, New Jersey

Post: New Investor looking to buy Multifamily in Philadelphia, PA.

Post: New Investor looking to buy Multifamily in Philadelphia, PA.

Post: New Investor looking to buy Multifamily in Philadelphia, PA.

Post: New Investor looking to buy Multifamily in Philadelphia, PA.