All Forum Posts by: Jon Dang

@Christopher Phillips got it! thank you for your feedback. I am not participating in any sort of special grant. Just trying to set myself up for success regardless of what may happen on the future. Thank you!

@Brent Coombs Definitely not my intent to abuse the loan process. I appreciate you’re insite. I’ll definely make sure to discuss this matter with the lender upfront. You never know when situation arises. I’m trying to do what’s best for me. Thank you!

Hello biggerpockets family!

I am looking to get a duplex or small multifamily at the city I am currently employed in. My plan to buy a duplex with a 3.5% FHA loan and house hack.

My question is if find a new job in a different city and decide to move prior to being at the property for > 1 year does that violate the terms and agreement i.e Fraud.

I intended to occupy the property for at least a year. But, I do not know what the current outlook of my company may be in the coming months and want to prepare myself in case there are potential layoffs and what not.  I am very conservative by nature and plan for the worst. Thank you!

Thank you!

Hello biggerpockets family!

I am looking to get a duplex or small multifamily at the city I am currently employed in. My plan to buy a duplex with a 3.5% FHA loan and house hack.

My question is if find a new job in a different city and decide to move prior to being at the property for > 1 year does that violate the terms and agreement i.e Fraud.

I intended to occupy the property for at least a year. But, I do not know what the current outlook of my company may be in the coming months and want to prepare myself  in case there are potential layoffs and what not.  Thank you!

Thank you!

@Tony Castronovo You mentioned “You can transfer the deed to your LLC after the purchase if you are looking for liability protection." Ignorance i purchase SFH under ny personal name and transfer to LLC is there a concern of triggering "Due of sale" and the bank calling the loan due. Also, do you know if banks ever work around the due of sale. I guess my concern isn't as you said SFH is not commercial thus a loan is difficult to secure. But, I am looking for protection against potential litigation. Thank you!

@Stanley BronsteinI am aware of the due of sales. Guess I can re-phrase my question as how difficult is it to secure a commercial loan for single family homes. I plan to purchase property under my LLC.

Hello Bigger Pockets Family!

I am a long time listener trying to get my first property particularly single family rentals in the in and around Houston, woodlands, katy, pearland, etc.

Can yall provide any recommendation for commercial friendly bank? Also, since my LLC has no previous history how difficult would it be to secure a loan?

Thank you!

Obtaining a loan on an "Brand New LLC".

Hello biggerpockets family!

I recently started an LLC with two partners. All of us have decent credit scores ~740-750.However, under a new LLC there is now previous tax history. We can sign a personal guarantee, but is there an way that can negatively affect our individual credit? 

Should we purchase a commercial loan under a LLC, I am also considered getting a traditional loan under my name and transferring the title to the LLC. From the research I read, the bank can call upon the loan through the due to sales clause.

I would like to hear from the biggerpockets community, thank you!

Thanks,

@Austin Petrie, I'll be more conservative for older property, thank you for the advice!

@Jeff Filali i'll look at REIGaurd thank you!

@Brian Mcmenamin Thank you, i'll look detail for insurance and taxes, thank youu!

Hello all, I am looking to get my first rental soon in the Houston area but I am having trouble finding + cash flow. I was hoping yall can review my calculations and assumptions. Also, I am trying to follow the 1% rule as well. The property I have found that have a + CF has like < 5% ROI. I would greatly appreciate any advice when evaluate a home. Thank you!

Rent: get from rentometer or craiglist

Expense : redfin payment calculator (principal and interest, insurance, taxes, HOA) + CAPEX (5% rent) + Repair (5%) + Vacancy (8%) + Property management (10%)

Cashflow: Rent - Expenses