All Forum Posts by: James Choi

Some programs take a haircut off the deposits for the type of business, number of employees, expense types, some ask for letter from CPA, some require an online website or storefront.... many variables

Do you own a home with a mortgage now? What will you do with that house?

Second home-- you mean in a vacation area? Where? It has to really look like a second home and you qualify with both your primary and this mortgage and your debts. Second home is tighter because you cannot use rents to offset...

My wife and I currently own a duplex. The mortgage is under her name and this is our primary residence. The other unit is rented out.

Also, @Upen Patel thanks for that info.

So it seems like there are no Bank Statement Loan programs out there that do 10% down for non-primary residences?

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Quote from @Ernesto Garcia:

James,

would this be an investment or a personal purchase?

Hi Ernesto,

I haven't decided yet - what would be the difference with regards to the loan? It wouldn't be a primary so either second home or investment.

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Hello,

I'm looking to find a lender who does Bank Statement Loans with 5-10% down. Would like to purchase in MA. TIA!

Best,
James

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Looking into getting one and was wondering if anyone on here has any STRs in MA or NH. Would love to connect!

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Boston, Massachusetts

Hello,

I’m a small business owner and landlord. I’m looking for a CPA and tax expert who can help me strategize and plan for the future. Would love to find someone located in MA and who has expertise in this area. Thank you!

1 Vote

Boston, Massachusetts

I'm actually thinking about doing the same to my basement as well. Would love to hear what you end up doing!

0 Votes

Boston, Massachusetts

Hello BP Community,

My wife and I are looking to get pre-approved for a physicians loan. Does anyone have any lenders they recommend?

Also, for other dentists, how do you guys report your salary with it being a base + production/collection? TIA

James

2 Votes

I definitely think there is a growing market for this, especially with the rise of remote work.

For those of you who do MTR, where do you go to find tenants?

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Has anyone here used a physicians loan for a multi-family property? If so, how has it been going? Any lenders you can recommend?

Thank you!

1 Vote

Thanks @Lindsey Buxton! Always looking to learn so I'll be sure to take a look.

@River Sava Nice! Where in Boston are you from? Happy to chat.

@Cornelio Duarte That's awesome! Where is your duplex? Would love to ask you some questions regarding your journey.

@Lien Vuong I've been looking at Everett (currently live here), Malden, East Boston, Medford, and Fitchburg. I feel as though Fitchburg has the greatest chance to cash flow, but the former areas will probably appreciate better.

@Nick Riccio Thanks! who would be the essentials for getting a team started?

1 Vote

Boston, Massachusetts

All Forum Posts by: James Choi

James Choi has started 6 posts and replied 13 times.

Post: Bank Statement Loans

Post: Bank Statement Loans

Post: Bank Statement Loans

Post: Any STR investors in MA or NH?

Post: Looking for CPA and tax planner (MA)

Post: Build up or buy another Multi

Post: Physicians Loan (Dentist)

Post: Medium Term Rentals - Next Big Thing?

Post: Physicians Loan for multi-family

Post: Hello! I am looking to get my first RE Investment property.