All Forum Posts by: Matthew Kwan

Yes attending these local meetups can definitely expand your network and being familiarize your area when you're planning to invest 

Yes absolutely that you should consider and count HOA towards as an expense as the lender will include towards your monthly PITI payment for your monthly mortgage. I would try to stay away from HOA as HOA, insurance, property taxes will increase every year assuming you are in a 30 or 15 year fixed loan.

As for parking it depends if each renters has their own cars or 1 tenant having multiple cars? I would use the college fraternity system where each car garage fits 2 cars by having one upfront and the other behind the car. In that case, 4 cars are fully accommodated + car rental (extra cashflow). As for the 5th car, he/she might have to park on the streets.

@Carlos Valencia @Albert Bui

Are you fix on just a duplex over there? You can still qualify with FHA 3.5% up to 4 units which you could rent up to 3 units but also depending on the price point for a triplex or fourplexes. Also, if you are looking for more than 3 units, you would also need to consider the self sufficient test that FHA and you would need to past the test in order the qualify. As for rates, you can always consider to buydown the rate if you have sufficient cash OR consider 2-1 buydown rate then refi it out in the foreseeable future. These are just some things to consider about on your first deal!

@Carlos Valencia @Albert Bui

It was through meetups and connections where I try to find people who has done it, accomplished or even succeeded in this industry.  @Albert Bui is my lender and also a real estate investor himself as well. He's does loan over in CO as well and 10 different states. @Carlos Valencia
  

It's just like establishing a friendship/relationship with your friend. Try to get to know each other and what is the end goal that both parties are trying to achieved. Try reaching out to @Albert Bui he's also lender and does loans at CO

Pros and Cons of a 2/1 Buydown

Just wanted to kindly share some things I learned on 2/1 buydown which is a very useful tool to use for today's market and to acquire RE with a loan.  The major advantage of a 2/1 buydown is saving on monthly payments, but there are other advantages (and disadvantages) of getting a 2/1 buydown deal.

Advantages of a 2/1 buydown

• Ease into homeownership: Many people aren’t acclimated to the responsibilities of homeownership, so a smaller monthly price may offer some relief.
• Saving money: In addition to lower monthly payments, there is also the added benefit of having more disposable income each month. This could be used to pay down the principal, finance home improvements, or help achieve other financial goals.
• Larger mortgage: With temporarily lower monthly payments, you may be able to afford a larger mortgage, which means you can buy a more expensive home.

Disadvantages of a 2/1 buydown

• Higher upfront costs: Compared to other mortgage loans, the 2/1 buydown has higher upfront costs as the seller pays the fees.
• Increased payments: Some homeowners may discover that they are stretched too thin by the third year and are forced to sell their property to make ends meet. (that's where the refinance kicks in where unused portions can be refunded)

@Albert Bui @Carlos Valencia

Either have someone to carry/bring in the bicycle into her unit or provide a 10 notice that all personal belongings must be collected/taken or else it will be taken or thrown away. As the laundry room is considered a communal space not for personal storage room.

@Albert Bui @Carlos Valencia

You can put as low as 0% if you were a former/current veteran. I used FHA with min of 3.5% to start off which was $30k in the Seattle market. As for conventional it will require as low as 3-5% down for single family primary and 15-20% for multifamily. The tradeoff if using FHA is lower down payment even for multifamily but you cannot use fha for your 2nd loan unless you refi it out in order to reuse it, and the mortgage insurance premium (MIP) is higher than conventional (PMI) private mortgage insurance. It really depends what your current financial situation...would you rather have more liquid cash or put more down just to lower your mortgage payment.

@Carlos Valencia @Albert Bui

Yes that would be nice! We can have access to BP anytime and anywhere!

@Carlos Valencia @Albert Bui

HI Terry, 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 both 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, we are licensed in both states so if you have any financing questions in terms of the mortgage side, feel free to reach out! I'll be happy to help. 

@Albert Bui @Carlos Valencia