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All Forum Posts by: Michael Jiang

Michael Jiang has started 5 posts and replied 35 times.

Post: Recommendations for Townhouse Builders in Seattle

Michael JiangPosted
  • Investor
  • Mercer Island, WA
  • Posts 41
  • Votes 9

I've used Ashworth Homes before. 

Post: Seattle & Airbnb, post-COVID

Michael JiangPosted
  • Investor
  • Mercer Island, WA
  • Posts 41
  • Votes 9

Airbnb is a lot more active compared to long-term rentals. You'd be answering inquiries and dealing with clients on a daily basis. If you plan to use an Airbnb mgmt company, make sure to factor in the cost. 

Happy to jump on a quick call to share my experience. 

Post: HELOC on Rental Property (WA)

Michael JiangPosted
  • Investor
  • Mercer Island, WA
  • Posts 41
  • Votes 9

BECU, a few years ago there was a cap at $250K for non-owner occupied. 

Post: Seattle Airbnb pros and cons

Michael JiangPosted
  • Investor
  • Mercer Island, WA
  • Posts 41
  • Votes 9

Seattle is a pretty good market for Airbnb. However, you can only have 2 units according to the new Short-term Rental Ordinance. Also, the market is a little seasonal. Late autumn and winter are a lot slower than the rest of the year.

    Post: Spec construction cost in Seattle area Plus GC recommendations

    Michael JiangPosted
    • Investor
    • Mercer Island, WA
    • Posts 41
    • Votes 9

    I just finished a project that's very similar in scope. PM me and I can share my numbers and the GC.

    Post: Seattle area appliances

    Michael JiangPosted
    • Investor
    • Mercer Island, WA
    • Posts 41
    • Votes 9

    I use Albert Lee for all my appliance needs. PM me and I can send you my contact there. 

    @Greg Dickerson @Michael Le Just thought of another question, when a residential lender sees the K1s in my tax return, would they freak out when they see the huge depreciation or deep dive into the deal structure to find out my role/liability? 

    Post: Multifamily underwriters, are they worth it ?

    Michael JiangPosted
    • Investor
    • Mercer Island, WA
    • Posts 41
    • Votes 9

    Just out of curiosity, how much does this kind of service cost? 

    Originally posted by @Michael Le:

    It should not but it has affected me before due to ignorance from the bank. I was in the middle of closing one of my apartments at the same time I was trying to refinance my house. They asked for my bank statement which included a large dollar transfer and asked me what it was. I stupidly told them it was the earnest money deposit for a commercial deal I'm doing and they asked for more information on it. Long story short they put the $5M Freddie Mac non-recourse loan against my debt-to-income ratio. So obviously I would no longer have enough income even to get a Chevron gas card at that point. In the end I had to go to another lender who wasn't so stupid.

    Good to know, thanks Michael!

    Originally posted by @Greg Dickerson:

    @Michael Jiang no that should not affect your ability to qualify for SFH as that is based on credit score and debt to income ratios. If your credit gets pulled that will cost a few points for a while but not a factor of your 720 and up.

    Thank you!