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All Forum Posts by: Jason Noah Choi

Jason Noah Choi has started 9 posts and replied 34 times.

Post: 🔑 Turnkey Central PA 2 Unit! 13+% Cash on Cash!

Jason Noah Choi
Pro Member
Posted
  • Jersey City, NJ
  • Posts 35
  • Votes 17

Hey @Kate Hall! If this is also still available can you please follow up with more info via DM or my email address: [email protected] Thanks!

Post: 🔑 Central PA Rental! 27% CAP Rate! And Only 19k!

Jason Noah Choi
Pro Member
Posted
  • Jersey City, NJ
  • Posts 35
  • Votes 17

Hey Kate! Can you please send me some information regarding this property? I can be reached at [email protected] or you're welcome to PM me also. Thanks!

Post: 557 units of Off Market Multifamily Coming Soon

Jason Noah Choi
Pro Member
Posted
  • Jersey City, NJ
  • Posts 35
  • Votes 17
Please add me to your list as well: [email protected]

Post: Looking for Real Estate Agent Reccomendations -- New Jersey

Jason Noah Choi
Pro Member
Posted
  • Jersey City, NJ
  • Posts 35
  • Votes 17

@Darren Sager is pretty great.

Post: "Stupid" Mistakes Every Newbie Landlord Makes

Jason Noah Choi
Pro Member
Posted
  • Jersey City, NJ
  • Posts 35
  • Votes 17

- Not vetting dogs before allowing them to move-in to my owner-occupied duplex. The barking is driving me insane when I work from home.

Post: Two Family Financing Options

Jason Noah Choi
Pro Member
Posted
  • Jersey City, NJ
  • Posts 35
  • Votes 17

I know of a pretty good loan company that allows you to do 10% down on a property without PMI. You will definitely have to live in the property for a year at least and have pretty good credit though. You're also welcome to PM me if you wish. I'd greatly appreciate it if you use my referral link. https://sofi.com/share/720167

Post: Rental expenses at Tax Return

Jason Noah Choi
Pro Member
Posted
  • Jersey City, NJ
  • Posts 35
  • Votes 17
Originally posted by @Brandon Hall:

Jane Alstatt the way I do this with my clients is basically have them track expenses and when we get to October/November, we determine if it makes sense to undergo capital improvements that won't exceed the 2% threshold, and if so, those improvements occur in December. If the expenses don't exceed 2%, we can expense them rather than capitalize and depreciate.

 @Brandon Hall Wanted to inquire the above you had mentioned. Regarding not exceeding 2%, do you mean 2% of the rental income the property brings in or 2% of my w2 income + rental income? 

Post: Blockchain real estate brainstorm

Jason Noah Choi
Pro Member
Posted
  • Jersey City, NJ
  • Posts 35
  • Votes 17

Very excited about how blockchain will change real estate. Imagine actually being able to pay contractors if and only if they fulfill what they agreed upon in the smart contract or having all of our legal documentation as pertaining to the contract written into the ledger. It's going to be absolutely amazing.

As individuals have pointed out here, yes it's confusing. Perhaps a bit too nerdy or finance-bro-y. It's something new and lots of people have already made a ton of money on it. It will definitely get much easier soon. I firmly believe that you still haven't missed the boat though if you're a buy and hold type of person. Your biggest enemy in this situation will be yourself if you love to check on how your investments are doing because this market never ends. It's 24/7. Like the stock market on some coke.

Certainly there are many buzzwords that all coins will use such as "decentralized" and it's mainly because of the crash that happened back in 2008 with finance banks getting massive bailouts, stock and house prices falling. In a way, it's a bit harder to trust that our govt has our back. Yes we value the U.S. dollar being worth, in fact, $1. Inflation can say otherwise. The attractive thing about cryptocurrency is that it's like magical internet gold because we know how many of these coins are circulating and how many will be produced by a given certain year thus being able to know what the market cap of certain coins are.

Either way, as @Jon Q. mentions, this will be here to stay as currency, commodity, and utility. Give it some time to mature and in a few years this will be a large part of our lives as prices stabilize. Barrier to entry is pretty low if you buy on coinbase (or Robinhood soon). 

For me, personally, this has been one of the best investments I have ever made and I'm excited to be a part of it. I'm happy to discuss further if you're curious via PM or on this discussion.

Post: Tax Accountant Recommendations

Jason Noah Choi
Pro Member
Posted
  • Jersey City, NJ
  • Posts 35
  • Votes 17

Does anyone have any recommendations for a good real estate (and potentially cryptocurrency) tax accountant located near Jersey City? 

Post: Help me understand Math: Refinancing FHA to Conventional Loan

Jason Noah Choi
Pro Member
Posted
  • Jersey City, NJ
  • Posts 35
  • Votes 17

I want to understand the math behind figuring out what a property needs to appraise at in order to get out of an FHA loan. For convenience, I'm not going to account for things like tax, PMI, and additional expenses.

Let's say I bought a property for $500K at 3.5% down. Therefore, I put down $17500. This means that the loan amount is $482,500. After a year goes by, I will have a balance due of $474,003 and I want to refinance because I'm sick of paying for PMI. I've been fortunate enough to be able to do some work and create some forced appreciation. It seems that most lenders will provide 75% LTV.

Does this mean I need the property to appraise at $643,334 to get out of my loan? I got this number with this math: $482,500 / 0.75

I'm just a little bit confused on how this works. At what appraisal amount do I need to hit to get out of my FHA loan and into my new conventional loan to make it so that I hit the 20-25% minimum? Don't necessarily need a cash out refi, more just want to get out of the FHA.