All Forum Posts by: Lien Vuong

Its worth mentioning that all local cleaners work on that schedule too so they're already local to add you as part of the cleaning schedule. The Sunday beach exit traffic is very bad and this is the most effective plan. 

I had this happen to me and changed attorneys to draft up another doc using what they already started with. Attorneys dont really like working based off of someone's work but they were able to salvage it and save some billable hours there. Good luck!

The Cambridge Savings is an awesome program but I do not believe you'd qualify bc you have already purchased a home. You can try DACA which has no PMI and limited closing costs. Unfortunately because loan programs change so rapidly, you might have to manually call local banks yourself for programs as they evolve their lending guidelines.

Likely you have an ARM (adjustable rate mortgage) rate with a 30 year amortization not 30 year fixed. Typically they will outline you the floor and ceiling on that rate to give you an idea that if rates drop, what's the min on it. This is a very typical set up for LLC (commercial loan).

Rental income will start when your lease agreement starts so if today you have a lease signing for June 1, the lender will start counting that income starting that date. You'll also likely need to deposit any first, last, security deposit into your bank so that they see the proof of transaction. 

Welcome to beantown!

I did this in a beach town 1.5h from Boston and in our peak weeks we did a Saturday to Saturday (10A check out and 4P check in) and it made life a lot easier for management. 

Yes or exit the deal, your call. 

You have to BRRR because $250k is not enough to retire. It'll take real work from you and him to be able to execute this plan. Totally doable but the plans have to start now.

Have you considered renovating it to condo conversion and being the owner of both units, renting it, and then 1031 exchanging it into another asset? In that you have the choices to either cash out, 1031, or hold it for your 10 year goal. You've increased value in your NW and have minimal maintenance for the next decade. 

If cash you can refinance, otherwise there is a seasoning period on the loan to get it. The most typical is 6 months of seasoning.