All Forum Posts by: Kenji Tominaga

Hi Tax masters,

I have a question about the county mortgage tax when purchasing a property.
I'm quoting a mortgage from 3 lenders for a small multi-family in Bushwick/Ridgewood area (Brooklyn NY), and one of them estimated the county mortgage tax in their quote when the other 2 didn't.
If anyone has some knowledges to share with this, I would appreciate it.

Thank you @Stuart Udis
My property (to-be) is a turnkey townhouse for a single family. Not expecting any major rehabs, so my original scope to consider is solely for my tenants and anything related to the operations. Also not planning to hire a management company in the beginning.

From your insights, my tenant to have a renter insurance, and I need a general liability and umbrella policy to add up.@Stuart Udis

Thank you for sharing your knowledge!

Hello my fellow investors in Philadelphia!

My first-ever offer currently got accepted (yay!) and I'm going through the closing process.
I'm looking for your recommendation around landlord insurance.
- Which insurance company do you recommend?
- What kind of plan are you buying?
- From Rookie podcast, I heard it's good to have an umbrella policy. Is this the only policy I would need? or I need an umbrella policy on top of some kind of rental policy?

Thank you for your time and advice in advance!

Thank you guys for educating me, I scheduled my trip to Philly later this month! Appreciate your time to respond to me.

Hi everyone!

I'm based in NYC and looking to find an investment property in Philadelphia.
Because of the distance, my agent is willing to visiting the property on behalf of me and sends me videos.
He goes into each room and shows me with his commentary, which is helpful.

Because I'm not onsite, I'm not sure if I'm fully understanding the neighborhood, atmosphere or details that I cannot find in the video.
Would you have any tips to ask for, or pay attention to in terms of viewing property via video?

Appreciate your knowledge sharing with me!

@Derek Brickley
I'm new to DSCR loans, definitely look into it. 15% down definitely helps!

Thank you Chris! It depends on my total budget as to how much of the down payment I can afford, I believe.
Honestly, duplex is a little high end with 20-25% down, so 5% looked attractive to get what I want.

@Derek Brickley
Thank you for your response.
I currently rent my apartment with super lower than the market price. I feel it's beneficial to keep this rent to save up more cash while living in NYC.
I was looking into Philly due to its affordability, so initially I was focusing on 100% investment property. However, 25% down payment requirement radically reduced my target price in the market and some lenders advised me to consider the primary house loans option.

You made a great point that if I actually want to get a primary residence loan in NYC (for example), it would look odd that there was no actual moving history on my record.
Thank you for point that out. Super helpful!

@Jason Wray

Thank you for your insights, I understand there is no clear guidance as to if the buyer actually moved in. I guess that's why it's said as "intended use".

I agree that it's better to have less headache while there will be more problems in the business.

Thank you!

Hi,

I'm currently looking into Philly market and shopping around the financing options.

My scope is as follows;

     - I'm based in NYC, and moving into this Philly property might be a tough decision (I need to commute to NYC office)

     - This is my first investment property.

- Looking for SFH or Duplex around $200K

I spoke with a couple of loan officers and brokers, then some of them mentioned to use conventional loans for primary house to get 5% down payment.

Of course this is for a primary house, so a buyer "intends to move in" to the property.

I learned FHA loans are more strict and require to live for 12 month at least, then banks might come for inspections.

I would like to ask for your experiences around conventional loans for primary house.

     - How long did you live there if moved out

     - Is there any occasion that you intended to move in but you could not move in

     - Any inspections or request to provide with the proof of move-in

Thank you in advance for sharing your time, experiences and knowledge!