All Forum Posts by: Long Le

I'd say a seperate bank account with your personal account is a good idea to keep everything relating to rental properties seperated. Easier during tax time and bookeeping purposes

Emotionally, I would go with Scottsdale "city tag" sound better than "PHOENIX" :)

Rationally, however, I think both area have very similar chracteristic, I'd say Desert Ridge is more crowded than Grayhawk though

If you want to stay in AZ. Mesa and Chandler do actually have some options that are less than 400k, although they may be older in age, 1980 ish. 

If you are willing to go further, Maricopa or Buckeye is not a bad option. 

I'd be happy to discuss more options in AZ with you, I am a locat agent here, reach out anytime if needed

Yes, you can certainly have a co-signer for your property

If you have time and that makes you feel better, yes, why not?

What plan do you have to enjoy life of not-expanding? if you don't have a plan yet, I'd say EXPAND.

The answer is YES ... especially with the new 5% down program. Ideally, I think you should look for a property that you only responsible for 1/4 of the mortgage AND less than the current rent. That's way your cost of living does not change much while still have the property 

In order to determine if you are on track towards passive income and if you qualify for a 4-plex, it would be best to analyze your financial situation and discuss your options in detail. I would recommend connecting with a local mortgage lender who specializes in investment properties. They will be able to assess your eligibility and provide you with valuable insights regarding financing options.

If purchasing a 4-plex seems challenging at the moment, renting for a year can be a strategic move to give yourself time to improve your financial position and gather more information about the real estate market in Kansas City.

I'd recommend you to reach out to one of the Investor-Friendly agent in your area recommended from Bigger Pockets, they should be able to give an overview of what the cost of rent vs. cost of own a house in your area. 

Hi Drew, 

It's always excited to start a new career, especially in real estate as there are endless options you can do. 

My recommendation is to start small and simple at the begining and not trying to overwhelm yourself. If you haven't had a primary house yet, buy a simple house for your family first. If you already have a house, try to think of a way to make income out of it. Until you have these experience, then make your decision about the investment strategy you can pursue. 

Don't jump right into the complicated process if you haven't had any experience. Take your time so that you can enjoy the process rather than feeling overwhelm 

you don't need life insurance if you don't have anyone who is relying on your monthly income (aka. your child). I'd use that money somewher else as an investment way.

If you do have someone who is relying on your monthly income, then try to buy "term life insurance" normally it covers 20 25 or 30 years of your life, if you don't die (hopefully it is the case), the the money you contributed gone. HOWEVER, the benefit of this is 

1. The monthly payment is extremely low compared to whole life insurance
2. While whole life insurance can guarantee some return (4-5%), keep in mind that this money goes away if you die, your family only receive the death benefit. So, instead of paying for expensive whole life insurance, you can use the difference money to invest in somewhere else like real estate or stock or mutual fund, etc. to get better on return AND your family is able to get the profit when you die (on top of the death benefit)
3. Term life insurance have All other benefit of whole life insurance as well.