All Forum Posts by: Huy Thai

@Roman M. makes sense as I stated that my wife and I are 50/50 owners. 

I checked my bank account this morning and the EIDL grant was deposited. Of course it wasn't the full 10K like everyone is hoping, mine was  2K. Many will ask, but I signed up on the 29th directly from the SBA site. I have not been contacted about the details of my loan as of yet to see how much they will extend. I'm expecting that call or email soon. Just thought you'd want to know that it is taking much longer than the three days they mentioned but will arrive eventually! 

.... one thing to add: 

Many have stated they spent many hours on the phone waiting for a bank representative. Here is what I did and my solution was I typed up a standard email stating that I am requesting forbearance. Some things you'll want to mention is that you attest to either a direct or indirect impact from Corona that is effecting your ability to pay your mortgage.Add your mortgage loan number for them to reference.  Also, you want to mention that this is only short term issue and not long term. Lastly, I mentioned the option to place the missed payments on the back end of the loan and provided my phone number for a rep to call me back. I copy pasted and went to each of the mortgage companies websites and clicked contact us for their email address. All have either emailed or called so no waiting required. Hope this helps save you guys hours of frustration! 

I have been approved for forbearance on 12 of 13 mortgage companies. The only one that isn't offering anything but waiving fees is a credit union. Wells Fargo is allowing the three payments to be tacked to the end of loan. So far the others are unclear how they will proceed at the moment or want any missed payments in full on month 4.  I'm not sure everyone's situation but I applied "just in case" but thankfully all my tenants paid this month so all mortgage payments were paid as normal. My suggestion is not to wait until it's too late to request. 

@Vijaianand Thirunageswaram fingers crossed I don't get an unexpected bill from the tax man in a few months! 

Thanks! I'll call the county in the AM to be sure. 

I was thinking the same thing but maybe there is a difference from Texas and Florida? I had a few Texas folks message and tell me that they homestead exemption is for the whole year and follows the buyer @Jason D. 

PROPERTY TAX QUESTION: If I'm buying a home that has homestead exemption with two months left in the year as an investment property, do I get to benefit from the homestead discount for the 2 months that I'm paying for 2019? Seller contribution for 10 months is based on the discounted amount with exemption. What I don't want is for the tax man to come asking for the full amount (non exempt) come Jan 1 which would mean I'd have to fork up an additional $600 for months that I didn't own the home. 

I guess my question simplified is once it's designated, does the Homestead last the whole year even if the property changes hands?

Following. 

I have lots that I want to build on ..preferably duplexes..in Richmond/Rosenberg. Many options out there for those who want to build dream homes but nothing much for investors looking for builder grade finishes. 

I reached out to some local builders -some seemed really sketchy with no reviews and wanted a lot of money up front- to companies like UHB but the best option I have found so far is a modular home builder out of Tyler, TX. Their prices left some meat on the bone to essentially do a BRRRR on new construction. I'd love to know what you guys come up with.

@Richard W. So far I have found the most luck in properties and tenant quality owning from the NW side to the SW suburbs of Houston. I live in the SW so a bigger portion of my portfolio is concentrated there for easier PM purposes. I know there are great opportunities on the other side of town but the homes I have currently are appreciating, most in good districts, AND cash flow. I read somewhere that my in my area, LCISD (77469), the district is opening a new elementary school every year for the next 10 to 12 years. That's growth I want to be a part of and will create a demand for rentals. In general, if you find a discounted home in the burbs in your price range, you can benefit from all the matrix you mentioned. 

here is my portfolio, which has homes similar to the properties you are probably looking for... 
https://thaiinvestment.properties/portfolio/

Feel free to message me and we can discuss in greater detail.