All Forum Posts by: Darwin Liu

Hey All,

First off, this is my first post on biggerpockets and I'm amazed at all the great information and help I'm getting - thank you all very much!

My multi family wouldn't be large, I plan on getting at max a 4 unit residence. With that said, I plan on "living" in 1 unit to take advantage of a low deposit and lower insurance rates. My plan will be to buy distressed, rehab, rent out and make a good return.

Another side question - if I apply for "pre-approval", am I required to use their services or are there fees?

Hey Richard,

Wow thank you for the advice, I never really thought about it like that. When you say "hard" pull, what does that mean? I know I would get auto loans and they would pull my credit score. Is that a "soft" pull or a "hard" pull?

I was always under the assumption that a pull on your credit will decrease your score, but only by a few points?

I actually went through 3 mortgage companies and am in the process of sending them paperwork, should I stop that and only go through 1 that I like? The cons I see from that are that I won't get the best rate - what do you think?

Thanks in advance Richard!

Darwin

Thanks for the advice Joe! I'll start looking right away. Btw, your progress is amazing ($7,000,000) in 6 years.

Hey Shaun,

Wow awesome. Thanks for pointing me in the right direction. That's awesome because I work in Waltham and I live near Medford. I'll be showing up to both meetings - will you be there?

Yep, I'm thinking of wetting my foot near where I live(Malden, Medford, Everett, etc.). Basically, anywhere within a 25 mile radius of where I'm at but I wouldn't be opposed to somewhere a bit further as long as the deals are right.

Thank you Bryan!

Hey Kim,

I already am going through the pre-approval stage. All I need to do is send in my paperwork but I'm preapproved for about $500,000 for a "multi-family". I just don't know if I switch from multi to single, if they would let me or if I have to resubmit.

Thank you!

Hey Bryan,

You are the man. Thank you for the quick reply!

Dumb question - if I'm preapproved for a multi-family, would I be able to use that on a single family or do I need different pre-approvals?

Thanks in advance!

Hey All!

I'm thinking of buying a multifamily to rent out. I'm going through the mortgage pre approval process right now but I was thinking - should I be looking at properties before I do this or should I get the loan first?

Thanks,

Darwin

Hey All!

I just wanted to say so far that this place is awesome. I downloaded about 50 podcasts, listened to them all, and I'm ready to jump in.

My main strategy right now would be to buy distressed, rehab and rent it out.

Anybody in the MA area I can be a b*tch for and learn from? :) I'm actually an extremely successful online marketer so I can bring that to the table. I also have no problems with menial(getting you coffee) or anything else that you might need.

Thanks!

Darwin