All Forum Posts by: Leon Wang

Hello BP friends,

So far I am looking for a attorney to help me out. I want to convert the ownership of several condos i owned from my personal name to a new LLC, Does anyone have a referral in Orlando area? I really appreciate your help.

Originally posted by @Brent Coombs:

@Leon Wang, you need a Portfolio (Asset-based) Lender. Yes, Interest Rate will be higher than your typical conventional loan, but, er, you're not playing by their rules (yet). Good luck...

      I appreciate your info. I will try to talk with someone and see what happens. 

Originally posted by @Thomas S.:

Time to join the real world. Work on establishing your credit history.

     Very true, Put real estate investing in a long perspective,

     Maybe it's better for me to consider the opposite choice. Sell my rental properties. Haha...

Originally posted by @Sung Park:

Most lenders will require a credit score and history to originate a mortgage. If you’ve been in the US for at least two years and have W2 income, it’s hard to believe you don’t have a credit profile. Are you sure you’ve never taken on debt or a credit line of some sort? Can you provide more details?

     Thanks,  I just reside in the US a month ago. but I bought rental properties in Orlando two years ago as a foreign investor. 

Hello BiggerPockets members,  My name is Leon.

Before I tell you about my story, I will appreciate any advise you guys have.

I'm a Chinese and bought a handful of condos in Orlando FL last two years. All these condos are free and clear.

About 1 months ago My family immigrated and became a US resident here in Chicago,IL.

So far I'm looking for a  leverage to expand my portfolios.  I have a W2 job but no credit score and credit history.

Can anyone suggest me where and how could I get a loan from lender? 

I prefer the conventional loan, no interest of the high rate hard money, because buy and hold is my vision. 

@John Kent Thanks for the input, These spreadsheets are very useful.

Brent Coombs thanks for your comments. Whether you believe it or not, here is the break down of this deal: # rents: $1100/m # HOA:$244/m #TAX:997/yr #Management:$50/M #insurance:$340/yr #Capex:$500/yr #NOI:$7835/yr #Cap rate: 8.9% The only uncertain cost will be vacancy, however so far this condos is filled with tenant from day one. I bought this condo in cash as well as other 5 condos, (no lender)So literally it's way far from the negative cash flow. BTW, the sales record was $42,500 on the Orange County web 8 yrs ago. Unfortunately I didn't have a chance to make property investment in US at that time, but I do fulfill the RE bubble in Shanghai. Anyway so far I'm looking for refinance these condos and willing to dig deeper as a newbie of REI in the USA.

Hello Steve, My perspective is simple. If I can buy another property which generates cash flow way more than 4% of mortgage rates, then why I don't just buy it but pay off 4% of mortgage? For example,My goal is 8% versus 4%, currently Im still looking for properties in certain states such as Florida which brings 8% cap rate. make right decision is always hard, god luck man.

John Kent Thanks for your response, but I think you may misunderstood my point. I means just in case if the rents go down, it won't be able to cover the expenses I pay.(including HOA, Tax, insurance,mortgage, etc...) it generate negative cash flow,right? So my question is how much percentage of the Loan is safe for me to leverage to buy a property even if rents go down? I know it's hard to get an answer. All depends on the market situation. Let's talk from another perspective,if the loan is 4%, and CAP rate. is 12%, definitively everyone will try to take advantage to get the loan as much as he can. I hope you can get my points.BTW, i do hire a property manager, he is doing amazing job. So far, I'm looking forward another wholesale deal up to 20condos in Orlando, let's keep in touch, thanks.

Hello All, My name is Leon Wang, I come out from Shanghai/China, I'm an active investor, and grateful to be here to share my stories.Last year I bought 6 condos in Orlando Florida and became a real estate newbie. Here is one of my deal for example: #1,3bed 2 bath condo at 32839/Orlando. #2,Closing price $88K on July/2106. #3, condos were built at yr2000 #4, current rental: $1100 #5, HOA cost $244 #6, Cap rate: 8% When I surf the web in search of sales records , here is what i found as follows: 8/2013, $80,900 10/2009, $42,500 11/2006, $428,000 My question is what was the rental back yr2006? How was the cap rate at that time? The other question is how should I know whether or not I have over leverage my property and will possible generate negative cash flow? Is there anything I can learn the lesson? I appreciate everyone who can let me know what's your thoughts, have a great weekend.