All Forum Posts by: Hyeseong Park

Hello Hyeseong Park,
I have an opportunity I believe could be of interest to you. As a private lender, I specialize in providing DSCR loans, and I’d like to discuss how I can assist you further. Please feel free to reach out to me at your earliest convenience at 832-297-5607 for further assistance.

Contacted.

0 Votes

Hi, I'm looking for a DSCR lender who can help around $56k as I will get a property in Harrisburg, PA with $70,000 purchase price.

Here is the scenario:

House Purchase Price: $70,000

Location: Harrisburg, PA

Loan Amount that I need: $56,000 (80%)

Annual Insurance: $1200

Annual Tax: $1,500

Rent Price: est. $1400 / month

Credit Score: 741
Anyone is open for it?

1 Vote

Hello all,

This is a newbie flipper who is about to sell my flipped house.

I bought the property with a name of LLC and I have one question while selling it.

I assume that I will receive payment for selling the house as a check and want to know what the better way to receive the payment is via between LLC bank acc or just personal bank account in general.

And want to know what are some advantages tax-wise if I put the payment into my LLC bank account. Also, is it okay to feel free to use that money for personal stuffs like paying rent, utilities from the LLC acc?

Lastly, as I'm going to purchase a used car, which is going to be normally used for driving for cash to find distressed properties so want to make sure if I should buy the car with the name of LLC, not with my name as well.

Thanks so much!

1 Vote

Hello,

I'm a newbie investor and after 2 flips done, I'm trying to join in House hacking world and I got a question.

As I didn't start with FHA Loan yet, I'm trying to go House Hacking with a distressed 4 units property to start it out in PA. But as far as I know, just FHA loan is not gonna work for distressed property? If I need to rehab the property, then, I need FHA 203k loan instead of FHA loan?

And may I know what the differences between them exactly are?

Also I want to know if there is any different terms or conditions to go each.

Thanks:)

2 Votes

Hello I'm a 27yr old newbie in RE investing and I recently flipped one house and got 125k in my pocket.

As I didn't have my residential house for myself, I think it is great time to start house hacking. But also thinking BRRR too.

As of now, what option between BRRR and House hacking is better you think in my case?

Want to hear some of great investors opinions.

0 Votes

Hello, I'm trying to start house hacking with FHA loan and I got a question. I'm planning to buy 4 units in LA area and I'm going to rent out 3 units of course and make one unit in my space. But for my own unit, I'm not sure if I can even sometimes Airbnb out because I will have two spaces as I also have another rent apartment for living in PA. (So, for me, I want to go back and forth between PA and CA). Is it possible to do Airbnb my unit while house hacking?

It would be amazing to do Airbnb out the unit in LA, whenever I'm in PA so just curious if anyone has done this.

3 units - rent out

1 unit - my space or sometimes Airbnb

1 Vote

Hello, I'm a 27 yrs old, married RE investor in Lancaster, PA & recently sold my first house doing flipping and got 125k in my pocket as cash. I'm just hesitating about how to use this money now, because I heard that house hacking is the best option to start with FHA for me from a lot of investors. So I'm planning to do so but where.

I have my music artist career as well, so I'm thinking doing this house hacking in LA area (maybe Korea town area or around that place), not in PA to make relationships with people who are into music & meet my relatives, which also can generate my resident place in LA and it can make me go back and forth between LA & PA whenever I want. (I have my wife in PA here so she wants to stay in PA but sometimes she also wants to go to LA for taking a break.)

So, if I buy a Quadplex condo or multi family house with around 1 M in LA area, I feel like I can grow up in music career side and make my future kind of easier and make me do what I want to do I think.

Only thing I feel bad is that CA is now tenant friendly state.

So my question is... if you were in my situation, where do you think you want to do house hacking? And if not house hacking, what investment plan are you going to do? (Keep flipping? Doing BRRR in PA?)

Please give me some advices:)

0 Votes

Quote from @Bruce Woodruff:

Quote from @Hyeseong Park:

No, this rarely works. The actual schedule is not completely under the GCs control, and therefore not fair to penalize them for delays (that will likely be caused by you :-)

When customers used to ask for a penalty clause, I would just counter with a early-finish reward that was easily attainable. That would shut them up.

Far better to just find a good Contractor and have a very clear SOW. This way you finish as close to schedule as possible without penalties and all the hard feelings.

Once again, the key is to find a very good GC, get everything written down in Contract Documents and then you the client, just go away and leave them alone.

Got it. That's great info. But what if the contractors that I hire are not punctual like not finishing on time (deadline)? Maybe the client needs insurance too so wonder how you dealt with this if there was a case that they claim on.

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Quote from @Bruce Woodruff:

Quote from @Steven Goldman:

Change order should be in writing and have the work and cost spelled out in detail. Good luck.

A CO should also address the amount of time that it will add to the project schedule. I used to add at least 1 week for every change just as a safety net. When the job runs over schedule the Contractor is always the one that gets the blame :-)

@Bruce Woodruff thanks for the info. In your perspective as you are a contractor, it is always good idea to add terms that late penalties & early project done bonus together in clients' written contracts to make workflow faster and better? Just curious.

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Quote from @Alan F.:

Quote from @Hyeseong Park:

Hi all, I've done 2 flips so far, and I have a question which might be related with law-side about doing business with handymans.

I recently finished one flip with my handyman and he delayed kind of every time for each phrase even though he said I will do this by this day, that day by calling..., so I feel like I should've put a term for clear deadline in a contract. (which was actually my fault that I had to put deadlines for each phrase in contract at the beginning...)

And the thing is that he doesn't want to leave text messages about deadlines, but want to give info about it by calling, so not sure if that is something he is trying to avoid leaving provement as here it is PA which state doesnt allow voice recording unless each party both agree.

In this situation, for next project, if I put a term that says "the client and handyman both agree recording of phone calls for potential provement" in a contract, is that going to work & be helpful to me to file them once something happens between us in law-wise even in PA?

Not sure if anyone can answer this.

You definitely need a contract with expectations & benchmarks, as well as payments well outlined. A handyman is for small tasks, a contractor writes contracts. Run your operation like a business.

BTW, texting is for; "I'll be there in 15min" not for reiterating more complex and nuanced situations. Some people use their hands for working, not texting. Teenagers are good at texting.

Hello @Alan F., thanks for the info. Usually, when investors want to even work with handymen, I'm the one who writes contracts for this case, not them correct? And do you recommend that I should always go with a lawyer when I write a contract?

And yeah I know they will probably feel better with calling not texting more.

0 Votes

All Forum Posts by: Hyeseong Park

Hyeseong Park has started 19 posts and replied 58 times.

Post: looking for a DSCR lender who can help around $56k

Post: looking for a DSCR lender who can help around $56k

Post: When receiving payments after selling houses

Post: FHA vs FHA 203k Loan for House Hacking

Post: BRRR first? or House Hacking first?

Post: Is it possible to do AirBnB for my residential unit?

Post: What option would you choose if you were in my case?

Post: Recording phone call is illegal in PA but

Post: Recording phone call is illegal in PA but

Post: Recording phone call is illegal in PA but