All Forum Posts by: Wenhao Leu

Thanks for the response Ham. I believe he paid the judgment, but it is still on his credit report for 7 years. So how would a lender look at this after the judgment was satisfied? Does the amount of time lapsed since the judgment occurred matter?

Hi all, hoping to get more insights on this to help out a friend. So my friend helped somebody get an apartment by putting himself on the lease (super duper mistake!!), and that person who actualy lived there stopped paying rent and my friend was stuck with the lease that he wasn't able to pay. Long story short, the landlord "evicted" him and at the same time filed for a judgment against him for all unpaid expenses. Now the question is, this happened about a year or two ago, how does this judgment affect my friend's chance of obtaining a mortgage? The judgment did hit his credit report already. I think his credit recovered quite a bit after that ( i think 600-700?) tho. So is he able to get mortgage now or should he wait a while longer?

Hi Jacklyn, i might reach out to u as well. What kind of info/doc is needed?

Hello all! Just an RE investing newbie here! I live in the bay area, where it costs extremely high to purchase a home. I do have some savings and i was thinking of purchasing a piece of land (~$400k) and build a house (3 bedroom 2 bath at ~$300k). I of course can be off on the estimate of building the house. Is this a good idea? Would the permitting take forever?

Hello all! Just an RE investing newbie here! I live in the bay area, where it costs extremely high to purchase a home. I do have some savings and i was thinking of purchasing a piece of land (~$400k) and build a house (3 bedroom 2 bath at ~$300k). I of course can be off on the estimate of building the house. Is this a good idea? Would the permitting take forever?

No unfortunately, because they didn't have any inventory of properties in Northern California where i am located. As much as i find those properties in Florida and North Carolina attractive, i just don't want to have properties that i can't go see at a moment's notice. I did buy a triplex around Northern California. Happy to talk to u about it. :)

oh wow, ok that makes sense! I was thinking something electronic like Square or something like that. But I suppose people are not always so willing to try out those kind of things. Thank for the input. 

Hello! I am a newbie landlord thanks to BiggerPockets. I found my lender here and networked with many real estate professionals here. This is just such a useful site!

Just a quick question for all the experiences landlords out there. What is the most efficient and cheapest way to collect rent?

I would really prefer to put my tenants in an automated debiting system that we don't have to worry about rent coming due and all that. Any suggestions? Helps and info are highly appreciated. 

Sorry to have nothing to offer on this by way of an answer, but would be interested in other's thought on this as well since I am a newbie investor in that area. 

Does this mean that i have to be in the same state as the lender, and the property i am purchasing have to be in the same state?