All Forum Posts by: Sonny Dong

Thank you Theresa! Any red flags or recommendations when looking for a cleaner? Do I give the cleaner a key usually? Should I make sure my tenants have proof of rental insurance? I am house hacking my 1st SFH rn and none of them have rental insurance but I do manage the utilities because I live with them so I ask them for their part of the bills/utilities...I will probably take my name off the utilities once I move out and make the primary tenant get the water/electric in their name...

Securing a duplex and house hacking one side. Each side is 3/2.5. Would it be wise to install a RING doorbell to monitor who goes in and out of the unit since I would be renting out by room? (renting out by room would net me better cashflow). It isn't in the best side of town and worried about unwarranted guests being brought by tenants. Can I add this in the lease agreement? In addition are utilities usually paid by tenants? The weather is very hot and water is expensive down here in Texas. Would one - most senior tenant - be responsible to take care of the utilities, collecting payment from other tenants? 

If you plan on house hacking your first property, you can use your IRA like 401k or use an FHA 3.5 down if you plan on residing in it for 1 year. For safe areas, I am not to sure, but you can use rental comp averages to find a decent location to rent out your other rooms. That is what i did.

Someone that knows a bit more about auctions and foreclosure bids in San Antonio specifically. The legalities and such.

Hello fellow BP’s can you guys recommend a real estate attorney that is familiar with auctions and foreclosures. Someone that you can vouch for and have a good experience with foreclosures/flips.

thank you

Thank you very much I am talking to two lenders right now to negotiate bringing that 515,000 lower if possible. Do you think it is advisable to get the 10/6 arm and refi 1-2 years later into a 30 yr loan fixed?

I want to use the rest of my VA Loan I have already used $315,000. I live in Texas and have one primary residence and eligible to get another property in June (1 year mark). There is a duplex new build and their agent told me this. (They are unaware of me using a VA Loan). :

Duplex is listed for 515,000

“The 4.25% is a 10/6 arm, conventional loan, Fannie/Freddie product, amortized over 30 years. There is no prepayment penalty. It is fixed for the first 10 years and then after the 10 year period, it can adjust once every six months thereafter. Once you close with CMG you are automatically enrolled in their rate rebound program. If you refinance within five years from your closing date, they will waive all lender fees on the refi. They also give you a $1000 credit towards a third-party fee such as an appraisal fee. You pay absolutely NO points; the seller pays them all. The down payment required is 25% per Fannie/Freddie rules for a 2-4 unit property.”

This is from their seller agent. I plan on living on one side of the the duplex. I want to rent out the otherside and my first home would be completely rented out to cashflow positive. 

Can I use the rest of my VA loan or can I use an FHA 3.5% down? I personally don't want to use FHA.

Also I am 100% Disabled veteran are both of my properties exempt from property taxes or just one?

Sorry for the noobie questions I tried using google for most and I just want unbiased answers instead of people trying to make me a customer.