All Forum Posts by: Adrian Chu
Adrian Chu has started 76 posts and replied 1372 times.
Post: Being a landlord in Washington State!
- Real Estate Broker
- Seattle, WA
- Posts 1,488
- Votes 425
The area has seen massive appreciation in the past decade. Many properties have appreciated 500% since then. The tenant laws are constantly changing, but despite what the media says, most people are honest and pay their rent.
Post: Aspiring Investor from the Pacific NorthWest
- Real Estate Broker
- Seattle, WA
- Posts 1,488
- Votes 425
Hi Noah! Welcome to BP. 10 properties is the perfect number, since that's the maximum number of financed properties conventional loans will support. Happy to chat more about how you can utilize your w2 income to build a rental portfolio in no time.
Post: Is Lynnwood/Everett improving?
- Real Estate Broker
- Seattle, WA
- Posts 1,488
- Votes 425
Lynnwood has a lot of new development. Schools take time to improve but as the area continues to develop, new residents will move there, and then their kids will attend the schools, and as the area continues to improve, schools will as well.
Post: Refinance immediately after purchase loan close (investment prop)
- Real Estate Broker
- Seattle, WA
- Posts 1,488
- Votes 425
At the very minimum, it sounds like your loan officer with the local lender is going to get his compensation clawed back if you pay off the loan early. That may affect future relationship with that local bank.
Originally posted by @Jain P.:
Can i refinance immediately next day, after closing the purchase loan on investment property.
City: Jarrell, Texas - 76537
The local city lender which i picked has following :
Advantages:
1.)Can commit to close on time.
2.)Which means my earnest money of $10K is not at great risk.
3.)They have good network of appraisal folks, so they can get that in 1 week timeframe.
Disadvantages:
1.)Section A: origination fees, discount points and worst rate overall,
2.)No lender credit.
3.)Total $5K cost difference compared to online lender, along with 1% interest rate difference.
Online Lender: LoanDepot, Better.com, which provides competitive rates.
Local Lender: Keeping it anonymous in this forum.
Also, if it is allowed, can i bump up my interest rate way higher, so that my closing costs(A+B+C+E) are close to $0, so that immediate refinance will not cost be double closing costs?
Post: buying 1st home (in CA) to live in but also invest for future
- Real Estate Broker
- Seattle, WA
- Posts 1,488
- Votes 425
Originally posted by @Nicolas Nuvan:
@Chi Wen
Cash on cash returns are always better with less money down. Conventional is more attractive when submitting offers, but I’ve won bidding situations over conventional/cash offers.
Even if you do 20% down FHA, your interest rate will be atleast 1% better
5% down conventional is the best for single family.
The low FHA rates are misleading because the upfront MIP and monthly mortgage insurance is very high for FHA. FHA is good for buying a 2-4 unit with 3.5% down.
Post: To sell or to continue
- Real Estate Broker
- Seattle, WA
- Posts 1,488
- Votes 425
What are your investment goals?
Cash flow is not the only metric. In the Seattle area, big money is made simply by holding onto properties.
Post: Financing options for SFH rebuild in San Jose area
- Real Estate Broker
- Seattle, WA
- Posts 1,488
- Votes 425
Custom construction loans are a great option for this.
Post: Buy SFH in south bay right now or wait?
- Real Estate Broker
- Seattle, WA
- Posts 1,488
- Votes 425
What cities/areas are you considering?
Post: What is the best South Bay Area jurisdiction for permits?
- Real Estate Broker
- Seattle, WA
- Posts 1,488
- Votes 425
What is the best South Bay Area jurisdiction for permits (i.e. fastest, easiest, etc)? Would love to learn more about your experiences.
Post: Other Owner Occupied Renters Seattle area
- Real Estate Broker
- Seattle, WA
- Posts 1,488
- Votes 425
Cool, lots of people here do the same :)