All Forum Posts by: Jalpan Jangiani

Quote from @Danielle Layne:

I’m in the program. Sam offers lots of resources. I haven’t spoken with him directly yet but I’ve spoken with people he works with. There’s been lots of support in this program so I’m pretty excited.

 Hi Danielle,

You have been in the program for over a month I assume. How is it going for you? Have you been able to get proper directions / guidance from his team to buy your first rental property? How far are you from buying your first one (after you joined his program)?

Quote from @Nathan Gesner:

Quote from @Jalpan Jangiani:

Call your lender and explain that you want to move the property into an LLC. They will confirm that it won't trigger the acceleration clause. I've been on BP for 12 years and have never found anyone that got hit with that because there's no benefit to the lender.

Hi Nathan, 
I did call my lender. He didn't seem to be confident about the acceleration clause Not being initiated. Perhaps, because on the records he cannot tell / confirm that thing. I agree, I have heard from the BP community that it is a very Low Risk item.

Thank you for sharing your thoughts. :) 

Quote from @Loren Polito:

@Jalpan Jangiani

I would not worry about them doing anything with your loan. I spoke to my lender before I moved one of my investment properties from my person name to a new LLC I created and she said there is a chance but she has never seen it happen since she's been in the business. I would just get a real estate attorney to make the change and I wouldn't worry about the lender doing anything.

Thank you Loren for your response. Do you know from your experience how much would an attorney cost for this paperwork? 
And is there any good real estate attorney you would refer?
If not, I can just find it online. No problem. 

Hello,

My partner and I currently own an investment property in San Antonio, Texas. Both of us are on the title and mortgage right now.

But we are planning to form an LLC and move our property under it.

Has anyone from BP community done this?

My lender says it has the risk of initiating the Acceleration Clause.

My partner suggests to just go forward with the change by working with a good title company and see what happens.

Another safe option is to form an LLC, get a commercial loan, pay the current mortgage and transfer the title to LLC.

What are your thoughts on this? Please provide guidance from your experience.

Hello,

Yesterday I attended a seminar with Multifamily Mindset group in Pleasant Hill, CA. They were trying to sell their 3 day workshop costing $997. It is regarding how to start working on multifamily deals of 20 or more doors. The seminar had more than 60 people and I feel like 20-30 people would have signed up for the workshop. 

Have you heard of this Multifamily Mindset team and / or attended their workshops? Looking for honest reviews on their group.

Hello Fellow House Hackers,

This is a follow up post to my previous one. I got a really good response from all of you, which motivated me to proceed to the next step.

So I reached out to my lender regarding my interest for Primary Residence Multi Family Property (preferably 3-4 units) with 5% down. She told me that the rents of all units have to be pretty high to qualify for 3-4 units with 5% down. They only consider 70% of the rental income towards the mortgage payment. 

1) Have any of you had troubles qualifying with this strict requirements? (My location is Alameda, CA)

2) Do you advice me to go with FHA or find some jumbo option?

3) Any of you familiar with DSCR type loan? She says we still require 20-25% down for this as well.

@Naomi S. Good to find someone who is an experienced house hacker in Alameda. Would like to connect with you offline if you are okay.

@Lucas Miles and @Mike D'Arrigo Thank you Both. Understood, I will target for a 4-plex then provided it brings a good cashflow. 

Hello Fellow Investors,

I am interested in doing the House Hacking by starting with a Multi Family Property. It would be my first home purchase as Primary Residence. And I want to get the benefit of qualifying for the highest loan amount with the least down payment. My preferred location will be Alameda, CA.

My question is should I start with a Duplex as it is my first investment and learn the process with one tenant or should I look for a 4 Plex and have multiple tenants? Does it even matter?

Any advice for a newbie will be helpful.