All Forum Posts by: Wa Chan

I’m looking to purchase my first investment property in the next few months, 2 to 4 units and will live in one for 1 to 2 years. I’ve spoken with a few lenders at this point and have gotten one preapproval and another was just submitted. I had a few questions I’m hoping I can get some advice on. I’m a newbie but super excited about investing in RE.

1. Is it bad to go with a lender that is out of state? I live in Oregon and a lender from California recently reached out to me.

2. What aspects of a loan should one shop around for? I understand that the interest rate and fees are crucial but is there anything else? Also, what specific fees can be negotiable? I’ve read some lenders may give a little to cover closing costs? I’ll be doing a 30 yr fixed.

3. I don’t want to disappoint lenders who I might not proceed with. Any tips on that?

Any advice is greatly appreciated. Cheers!

Thanks for the input everyone, much appreciated! Will be looking into what you all mentioned.

Ok thanks, I will look into that!

Hello everyone!

I'm a newbie to real estate investing and the quest for early FI. I've been saving to invest in my first property (likely a house hack either multi-family or renting rooms in a single family) in the Portland, OR area. I'm fortunate to have about $35k in a retirement account from working an hourly job at a hospital from a few years ago, and was wondering if it would be a good idea to pull this out to invest in my first property, knowing that it will be taxed heavily at 50%. It would only be about $17k but it can possibly generate more money in the long term with real estate compared to the ~7% that I cannot access until I retire. I've since started a separate 401k and am matching my employer's contributions so that I can build some retirement as a safety net. I'm 34 years old and working as a Physician Assistant now. A little late to discover real estate investing, but I am hooked! Has anyone pulled out their retirement to invest it in real estate? Is this a good or bad idea? Any help is appreciated! :)

-Wa