All Forum Posts by: Matthew Kwan

I would recommend house hacking while you live there and offset some of your mortgage expenses. However, the tradeoff the sacrifice of your personal lifestyle since you are living with roommates. Also, it depends what are you looking for. Do you value more on cash flow or higher appreciation? Also the job opportunities and population growth for potential states. The one good thing about both states that there are no income taxes so that's a plus. I would personally look towards TX as they have higher growth population than FL and more corporate hubs are slowing moving to TX meaning more job opportunities which will or has already created a high housing demand. If you decide to invest either TX or FL,
@Albert Bui @Carlos Valencia

3 Votes

Quote from @Tyler Cook:

@Steven Foster Wilson I appreciate the support! maybe we can talk about the OH RE market when you have some time, best of luck to you!

@Nathan Harden I am aiming for $3100-3250 per month but I think there is strong potential for something closer to $3500 in the not so distant future. let me know if you have additional questions about the greater Tampa market. Thanks for the support!

@Ryan Halford I did live in the property through the end of 2022 but I am saving for my 2nd deal and living with family in CA to speed up the process. I plan on returning in April to start as an agent with Keller Williams and continue investing in Tampa and other markets in FL. Lets catch a BP meetup in Tampa!

@Josh Green totally agree, there is more room for me to execute on rent growth by adding amenities and right now (I should clarify) only 3 of the rooms are available and 1 is used for storage. So when I open up that 4th, add amenities, and get more comfortable with the management side, I can easily increase rents. Occupancy is great so far, as you mentioned. Thank you for the input!

@Matthew Kwan its early but its been 100% occupied through march 19 of this year and I am still receiving more inquiries. i am happy with the outcome and looking for another deal like this one. appreciate the support, what is the market like in Bellevue these days?

@Patrick Drury thanks Patrick!!

@Chris Levarek I calculated a 35% increase over last year's premium, so definitely noticeable. great question, and my taxes should increase substantially; previous owner had a long standing homestead exemption in place

In Seattle, surprisingly the rental market has dropped 1% over the past month as it's one of the steepest rent decline in the country according to zillow reports

@Carlos Valencia @Albert Bui

2 Votes

The Biden administration has announced that new FHA borrowers with a base loan amount of $726,200 or less will pay a reduced MIP of 0.55%—down from 0.85%—for the life of the loan or until they refinance into conventional mortgage. Borrowers who make a down payment of 10% or more, MIP expires after 11 years, and the cost will dip from .80% to .50% (30baiss points)

Through this MIP reduction of 30 basis points will depend on the size of your mortgage. It will give borrowers more flexibility due to the reduced insurance premiums and qualify for a bigger loan. Thoughts?

@Carlos Valencia @Albert Bui

2 Votes

but not impossible**

0 Votes

San Jose, California

HI Alex, feel free to reach out to @Albert Bui as he can probably assist you on this. Since you are 1099 meaning you're self employed so in theory one year of your tax returns should be sufficient to use income to qualify

@Carlos Valencia

1 Vote

San Antonio, Texas

Yeah if you are planning in the long run, I would do more money down. If you are only saving $85/month and assuming you are planning to refi hopefully for a lower rate withing 2 years so that's 24 months, it will only save you $2040 total. However, the down payment is putting towards your principal.

@Carlos Valencia @Albert Bui

1 Vote

HI David, What is your current loan that is still has the remaining amortization of 15 years? Yes you can definitely use FHA for multifamily if you haven't used FHA towards your first townhouse. Even if you do end up using FHA on your first loan, there are way exceptions that allows you to use 2 fha loans simultaneousl and also being able to use your fha rental income to qualify if your were doing househack on your townhouse. @Albert Bui @Carlos Valencia

3 Votes

I would recommend @Michael Haas and @Bradley Dosch from HouseHacking Seattle -Compass

@Albert Bui @Carlos Valencia

3 Votes

Seattle, Washington

There will be snacks and drinks provided for this event

0 Votes

It depends on what the lease agreement has been drafted. Is there a clause that states if the tenant violates the lease agreement then the security deposits will be held by you and used towards the months of rents that the tenant violated. Also be careful if you decided to take their full security deposits with no ground just because they violated the lease agreement, they could be triggered and might end up damaging your unit since they have nothing to loss + not getting any refunds back (security deposits) those are some things i would consider. "Pick your battles" they say @Carlos Valencia @Albert Bui

2 Votes

All Forum Posts by: Matthew Kwan

Matthew Kwan has started 7 posts and replied 462 times.

Post: How to pick a market to invest in

Post: First Rental Property!

Post: FHA Homes Loans being able to Save Average $800/ year starting March

Post: New Investor in the Bay Area

Post: Credit Checks: Hard Money vs Conventional

Post: Put more $ down or towards buying down the rate?

Post: House hack loan options with existing mortgage

Post: I'm looking for 3 good Realtors that I can network with who can help?

Post: Monthly Real Estate Mixer - Bellevue WA

Post: Can I use a security deposit toward a rent payment?