All Forum Posts by: Matthew Kwan

Yes you can do 1031 exchange for investment properties. Are you planning to sell both duplexes to exchange for 4plex? However, if you are planning to keep one of them and use one of your rental incomes, I would make sure your schedule E is filled strategically or lease agreement of 75% whichever it's lower the underwriter would use. @Albert Bui @Carlos Valencia

HI Justyn,

The most important thing to start off into Real estate is network by learning and connect with like minded individuals so that you can implement the ideas you learn on expanding your Real Estate portfolio. In other words, is to understand your financing options. There are multiple ways to invest into real estate. You can always do seller financing or house hack to start off. Usually lenders will allow you to do 0%-5% min down payment depending what loan program you use. As lenders will usually use 50% of your gross income to qualify so hopefully that gives you a ballpark on how much your monthly mortgage payment could be + personal expenses and loans @Albert Bui @Carlos Valencia

Way to go Brendon on your new journey! Are you considering looking into single family only or multifamily properties as well? The most valuable experience in house hacking is you get to gain the experiences in self managing your own tenants and property. However, it does get challenging at times where you are trying to be nice to your tenants but not building a friend relationship. It is always important to set boundaries between the tenant and the landlords. @Carlos Valencia @Albert Bui

Well it depends on the tenant law and regulation. I am from Seattle, WA which is well known to be a  tenant friendly state and month to month is a disadvantages for landlords. However in your case, your state lean more towards landlord friendly, it might be more beneficial/freedom to do a short term lease. You should check your county regulations @Carlos Valencia @Albert Bui

You can always pursue or consider "seller financing" where you negotiate a tailored fit deal between you as the buyer and seller. You would have to construct a deal that benefits the seller and the risks that they are taking on you, but also making sure you can make sufficient cashflow from that deal @Albert Bui @Carlos Valencia

In that case, you would determine is it worth taking the risk of waiving inspection contingency. You can request the seller to reduce the price as a return (assuming there are no offers on the table). However, if there are multiple offers then you would just have to flip the coin and take your chances my friend.  @Carlos Valencia @Albert Bui

It's definitely important as it protects you as the landlord from liability or at least minimize your risk. It's always important to have insurance deck on your property and enforce renters insurance towards your tenants. The renters insurance is very affordable as my tenants are only paying $200/year @Carlos Valencia @Albert Bui

It comes how desperate are you and is there a high demand of tenants in that neighborhood @Carlos Valencia @Albert Bui 

HI Mary, I truly admire and respect your empathy towards the people around you. It must be tough for sure however you the money to pay your expenses and mortgages. You can always negotiate a deal with your tenant and work something out to compromise with one another. Maybe pay half of the owned amount and forgive the rest? @Carlos Valencia @Albert Bui

I wouldn't say the cheapest option. I would consider rehab the cosmetic side of it like painting, flooring, fixtures to make the unit a lot newer. However, if you are planning to get max market rent, then you always do a major rehab on bathroom for tub to standalone shower with tile walls/floors and changing the kitchen cabinets if it's outdated. It really depends what type tenants are you planning to attract and how much of rent are you targeting @Carlos Valencia @Albert Bui