All Forum Posts by: Jason Sung

I bought a duplex for house hacking with FHA loan with 3.5% down this year. What if I want to move to another property next year for house hacking again? Could I use FHA loan again? From my understanding, you cannot have two FHA loan at the same time.

Do I need to refinance the FHA loan with conventional loan first before buying another property with FHA loan next year?

@Bruce Lynn You are right. Longhorn Foundation said they will charge ~$100 per pier if the current foundation issue is on the same spot they have fixed before. Glad to know Longhorn is reputable. Based on Google review, I thought the company is not reliable. I have a meeting with them next week and I will share how it goes. 

Separately, I also scheduled a structural inspection from a company (Crosstown Engineering) to get another perspective about the current foundation status. 

Hi folks, I just closed a property. I bought it off-market from Sundae.com. If you have not heard about it, it is like an auction. I bought the property based on inspection report. 

The house has foundation issue; cracks on the wall/brick and one side of living area is tilted down noticeably. A bathroom right on the spot with the foundation issue appears having issue (sewer line issue?) and has not been used for a while. It is a hoarder house that has not been maintained at all for a while. 

I found from the seller that he did foundation repair (LongHorn Foundation Repairs in DFW TX) in 2001 and the warranty is transferrable. I called the foundation company and paid $250 to transfer the warranty. They said they will share the document about the previous repair. If the current foundation issue is related with the previous repairs, it will be pretty much covered by the warranty. 

My general contractor who will help with the rehab said, however, it will be difficult to get the warranty to cover the current foundation issue. The company will do everything they can to avoid cover the warranty. Also, it is very common for foundation repair companies to delay sending anyone to the property. 

I wonder what maybe the best strategy that I can take in current situation? Also, if there is a sewer line issue, who would you recommend me to contact? I would appreciate any comment/advice. Thanks. 

@Syed Hasan, you are exactly right. It is very hard to find a small MFH in a good neighborhood in DFW area. I dont think it is a bad idea to house hacked with roommates near UTA. UTA freshman enrollment has been increasing for the past several years. 

@Johnson Nguyen, welcome to DFW. I also started RE investing last year in DFW. Good luck with your investment journey. 

 @Daniel Paloscio Thanks. I learned 'double closing' thanks to you!

HI, I am new to wholesale and I have a very basic question. I have a property under contract (from MLS and through my agent) that I originally intended to either BRRRR or flip. I changed my mind and want to back off from the contract.

My question is, is it possible to sell such a contract? Based on my reading, a general wholesale process does not engage agents (i.e., no listing agent and no buyer's agent). Would appreciate any advice!

@Chris Seveney I am going to run the property as Airbnb/CorpHousing and I found LLC has advantage regarding limited liability and tax options.

Hi, As many of you know, there is primary home tax exemption saying 'You can sell your primary residence and avoid paying capital gains taxes on the first $250,000 if your tax-filing status is single, and up to $500,000 if married filing jointly. The exemption is only available once every two years.' I have a property I lived for 2 years as primary. If I move the title of the property to LLC this year, does it considered as sales transaction this year?

As a concrete example, suppose I bought the house at $100k two years ago and its value is $200k now. I do title transfer now to LLC, and I sell it next year at $300k. In this case, am I going to pay capital gains tax next year or not? Would appreciate any advice.