All Forum Posts by: Jaiwoo Kim

Hi! recently bought a condo in Lynnwood. I noticed Lynnwood's school district is not that good and crime rate & poverty rate is pretty high too.

I was surprised because there are lots of new apartments and new homes building in Lynnwood and home price is pretty high too. Anyone got insight for Lynnwood and Everett?

Also where can I see the accurate crime rate and poverty rate charts?

I have a new born baby and I am thinking about renting out my condo and househack in Lynnwood, Bothell, or Kirkland area for my family's safety/school district reasons.

Should I stay away from Lynnwood/Everett? Thank you all!

and If you are local real estate agent, loan officer, and property manger feel free to message me or reply here.

I'd love to get help and give you my businesses. Have a great day :)

0 Votes

Seattle, Washington

Originally posted by @Kathy Johnson:

Don't forget to check market rate in your area and factor in maintenance in your cost calculations too.

Hi Thanks for your reply! Do you know If I have to include hoa and escrow in the rent? I googled it it's tax deductible.

0 Votes

Originally posted by @Paul Lennick:

Hello, I sent you a message if your would like to talk further.

Hi! Thanks for your reply. I am working atm I will reply to your message when I get a moment to chat!

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Hi! I have a 2bed 2ba condo in Lynnwood, WA.

I am thinking about renting this unit out. Mostly I hear $100 profit per unit is the rule of thumb.

My mortgage payment is $2033.68

- principal & interest $1387.23

- escrow $282.70

- pmi $63.75

- hoa $300

in this case Do I just charge $2133.68? What am I missing here? I know you have to see what other properties are renting out for and etc but I just wanna know how much rent I'd have to charge in order to make "$100 profit per unit" people are talking about.

Thank you for your help!!

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Originally posted by @Reid Chauvin:

(newbie question #1) Do Lenders look at your DTI ratio or amount you owe? Which one do they value more(?)

Short answer: they look at your DTI ratio (which considers your monthly debts), generally you cannot exceed 50% DTI with a new mortgage.

(newbie question #2) Do I have to charge a future tenant $2150 in this case? I think it's in great location but rent seems pretty high. What am I missing here?

Speaking purely from the standpoint of you qualifying for another mortgage, you at least need to charge enough to reduce your debt burden and get your DTI ratio below say 50%.

(newbie question #3) Does 3.5%~5% down FHA loan still exist?

FHA loan does exist for a primary residence (3.5% down but more in Mortgage Insurance than conventional loan). Conventional loan minimum is 3%, but you'd be better off putting 5% down for a better mortgage rate.

(newbie question #4) Since I got a conventional loan for my first home, Can I still get a FHA loan?

Yes, but it will need to be for a primary residence.

I did not know you could put as little as 5% for conventional loan.

Thank you for your time and Thank you for your reply!

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Hi! everyone. I've been listening to the biggerpockets podcast for a little while but I'm new to the biggerpockets community.

I am living in Lynnwood Washington.

I am male turning 29 this year and make around 200k/year. My DTI ratio is about 25%.

(newbie question #1) Do Lenders look at your DTI ratio or amount you owe? Which one do they value more(?)

I really love the househacking ideas so I think that's where I want to start out my journey!

THOUGH.. about 2 months ago I purchased a 2bed 2ba condo in Lynnwood, WA. Before knowing about the whole househacking ideas.

I bought this condo for 375k (appraisal valued at 385k) I did 15% down and got a conventional loan for 30years 3.25% fixed.

My mortgage is $1733.68 (1387.23 princiapl & interest + 282.70 escrow + 63.75 pmi) + $300 (hoa) = $2033.68

I am thinking about either selling or renting out the condo in 10 months (Lender told me since it was primary residence I'd have to live here for at least 12 months.)

I heard $100 profit per unit is totally fine...

(newbie question #2) Do I have to charge a future tenant $2150 in this case? I think it's in great location but rent seems pretty high. What am I missing here?

(newbie question #3) Does 3.5%~5% down FHA loan still exist?

(newbie question #4) Since I got a conventional loan for my first home, Can I still get a FHA loan?

If there are any local loan officer / property manager / real estate agent. I'd want to get help and give my businesses!

Thank you for welcoming and thank you for your time in advance! nice meeting you all.

4 Votes

All Forum Posts by: Jaiwoo Kim

Jaiwoo Kim has started 3 posts and replied 6 times.

Post: Is Lynnwood/Everett improving?

Post: How much can I charge for $100 profit? newbie

Post: Looking for some advices for newbie!

Post: How much can I charge for $100 profit? newbie

Post: Looking for some advices for newbie!

Post: Looking for some advices for newbie!