All Forum Posts by: Jimmy Wen

Hi all,

After a year of studying and hesitation (I will admit that), I finally pulled the trigger and got a duplex under contract! This will be my very first investment property!

Here is a quick question: do you create separate banking accounts for all transactions on your rental properties? From the Rental Property Investing book by Brandon Turner, he clearly stated: "don't use your personal checking account to run your rental business!"

I am not quite sure where the author is coming from. Why is it so bad to mix personal and rental property transactions in the same bank account? Is it to make tax reporting simpler? Or are there any legal considerations?

Best,

Jimmy Wen

Hi all,

I am preparing to acquire my very first multifamily rental property.

Here is my question:

Is it really worth it to find a mortgage broker when I can simply go to a bank or a credit union and ask for a 30 year fixed loan? 

I can see a reason of hiring a broker if you need more creative or nontraditional loans. If I just need a conventional loan, do I need a broker? Also, since I will be working through the middleman, does that mean I have to pay more interests or fees than a conventional loan from a bank or credit union?

Thank you,

Jimmy

Hi all,

I am thinking about buying my very first rental property, which is a 3-bedroom, 2.5 bathrooms, single-family house in Puyallup, WA. Upon my visit, I know the house needs wall repainting, replacing bathroom tiles, installing 3 doors, and renewing kitchen sinks.

I am very inexperienced when it comes to these fixes and def want to avoid all of that work myself. 

1. Who should I hire to get renovation costs?

2. How do I find people who are competent and honest on pricing?

3. Lastly, how do I find good inspectors (if I decide to buy the property) in order to look out for more serious repairs (i.e. structural, etc.)

Thank you all!