All Forum Posts by: Account Closed

I always have showings whether the current tenant is cleaned or not. I always able to rent out the property to good tenants even though the current property is dirty and messy sometimes. Because I always promise the new tenant that I will hire house maids to clean the property professional at move-out, so I have no problem rent it out before current tenant move-out.

Electric garage door opener is about $300 to $500. Yes, I always install it if it is missing or broken even though my property is in the low end range property.

I understand out of country is hard to visit the property, but look like it is necessary to find out the truth like @Steve said. There may be a lot of lies behind it...

If you lie to them that you want the property back because you are selling the property, but in fact you are not selling the property. Since the tenant is your friend/family, sooner or later, they will find out the truth that you didn't sell the property and use it as an excuse to kick them out. They didn't know the real reason is they airbnb your property. Then the tenant may get mad on you, and talk bad behind you, talk bad in front of your other friends that you kick her out. And you have nowhere or hard to explain... If you confront her, most likely, it will hurt the relationship... But at least she understands the reason you kick her out is more reasonable (AirBNB). So she won't misunderstand you, that you use selling property as an excuse to kick her out.

Yes, you can qualify for FHA loan even though you currently have a conventional loan. We did it a few years ago due to Job relocation from one city to another city 500 miles away. We have a conventional loan in the original city. Due to job relocation, we moved to another city 500 miles away using FHA loan to purchase our primary residence.

Hi @Mike Dymski , Question about the apartment complex requirements: >>>> "Net worth >= loan amount" >>>> For an example, say a 100-unit apartment complex is selling at 2 millions. Let say I have $800k cash after selling all the properties. $600k for 30% down payment $200k for cash reserve after close of escrow Loan amount: $1.4 million But my net worth is only $800k, less than the loan amount $1.4 million. Does it mean the bank would not lend me the $1.4 million because my net worth is less than the loan amount (although I have 30% down payment)? Thanks

I have 4 credit cards of $50k line each. They always offer 0% interest rate for 12 to 18 months, but I need to pay 3% transaction fee, for 12 to 18 months, which is still good rate. I have decent monthly cash flow. I can pay off one $50k credit card "A" easily 18 months later, then use that $50k available line from credit card "A" to pay off credit card "B", then use the $50k line from Credit Card "B" to pay off Credit Card "C", repeat the same process... If I stop buying more properties, I can use my monthly cash flow to pay off all 4 credit cards before the 0% interest rate expires. However, I'm still buying today and tomorrow, so my monthly cash flow is used to expand my portfolio, therefore, I use one credit card to pay off another credit card. I have been using the 0% interest rate credit cards for more than 3 years. Since I always pay on time, the credit cards company always offer me 0% balance transfer for 12 to 18 months. I have used up the 10 Fannie Mae conventional loan quota the first 2 years of investment before I start using my 0% credit cards. After you have 10 conventional loans. You can finance through hard money loan, seller financing, or portfolio loans.

I agreed to Todd. The fastest way to have financial freedom is more and more leverage. After 5 years of investment, I just achieve financial freedom starting a few months ago when my cash flow is twice of my last W-2 job. How did I do it in 5 years of investment? Leverage, leverage, and leverage. If cash is the king, leverage is the god. I pulled out all my cash, all my IRA retirement fund, pulled out $200k 0% interest rate credit cards, to finance as many properties as possible. I'm house rich, and poor cash now. But each month, I have a decent cash flow.

I would keep the same rent, and give her an option to end the lease early without penalty. She can move out anytime as soon as she find a new place, I would give her back the security deposit after she move out. To be honest, I would not want to keep her anymore. Sooner or later, she may not able to keep up with the rent if her financial situation become worst. I would prefer she move-out early; however, we cannot force her to move-out early. It has to be her own willingness if she takes your option. It would also be better for her to look for a cheaper place to herself some rent money.

Yes, landlords could be hold the liability if someone is hurt in your property