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All Forum Posts by: Alice Huang

Alice Huang has started 30 posts and replied 199 times.

Post: Different types of mortgage programs

Alice HuangPosted
  • Investor
  • Montreal, Canada
  • Posts 219
  • Votes 82

Hello everyone, 

Especially the mortgage brokers.  

Understand there are many different loans and would like a deeper understanding if this is correct?

FHA --> non-traditional
VA --> non-traditional
Conventional --> traditional
Refinance --> traditional

Traditional --> FHA and VA
Non-tradition --> FHA and VA
Non-QM --> anyone who's self-employed, or doesn't qualify for a conventional mortgage
Portfolio loans --> mortgage held by the bank

Thank you.  I tried to google and they don't categorize the various loans into "traditional", "non-traditional", "non-QM" and "conventional"....

Post: Building a 4-plex instead of buying one...

Alice HuangPosted
  • Investor
  • Montreal, Canada
  • Posts 219
  • Votes 82
Originally posted by @Daniel Huffmaster:

@Lesley Resnick I'm trying to build an owner occupied 4 plex in North Florida. I want to do an FHA 3.5% down but having problems finding a lender. Do you have any suggestions or contacts? Thank you.

 My lender suggested a construction loan.  DM me if you'd like his contacts.

Post: Would you rent to this applicant?

Alice HuangPosted
  • Investor
  • Montreal, Canada
  • Posts 219
  • Votes 82

Curious to see what age group this applicant is in now?  If the applicant is 30, and perhaps did some dumb things in his early 20's, I'd let that go as perhaps he is a different person now.  But if the applicant is 50, and was still irresponsible in his 40's, perhaps that's a bit different.

Post: Building a 4-plex instead of buying one...

Alice HuangPosted
  • Investor
  • Montreal, Canada
  • Posts 219
  • Votes 82
Originally posted by @Daniel Huffmaster:

@Lesley Resnick I'm trying to build an owner occupied 4 plex in North Florida. I want to do an FHA 3.5% down but having problems finding a lender. Do you have any suggestions or contacts? Thank you.

 Checking with my lender in Florida.  Will keep you posted.

Post: New to BP - HELLO community!

Alice HuangPosted
  • Investor
  • Montreal, Canada
  • Posts 219
  • Votes 82
Originally posted by @Julio Gonzalez:

Thank you for introducing yourself, Travis!  Glad to have you as a part of this great community! 

Thank you Julio!  I am excited to learn from the community.  Been listening to a lot of podcasts and look forward to adding more tools to my toolbox.  Any tips and pointers are welcome. 

Post: Seller removed a tree before closing. Now city is delaying permit

Alice HuangPosted
  • Investor
  • Montreal, Canada
  • Posts 219
  • Votes 82
Originally posted by @Jerel Ehlert:

Sounds like breach of warranties and contract.  If seller doesn't cure, hire a lawyer.  Municipality is probably right to hold all permitting until the account is cured.  Delay could be used in damages...assuming the Seller is not judgment proof.

Thank you Jerel.  Will keep that in mind too. 

Post: Seller removed a tree before closing. Now city is delaying permit

Alice HuangPosted
  • Investor
  • Montreal, Canada
  • Posts 219
  • Votes 82
Originally posted by @Joe Splitrock:

@Alice Huang I had a situation with sidewalks where the old owner was notified sidewalk repair was required and failed to do it. The city tried to charge me and I just had my realtor contact the seller to ask them to pay. It seems in your case that the seller is financially liable. If they refuse to pay, reference your contract for the next step. Usually mediation is part of the contract or you need to take them to court. I wouldn't worry much until you see what they say.

Thank you Joe!  Will check our contract.  Thank you for the insight eh!

Post: Seller removed a tree before closing. Now city is delaying permit

Alice HuangPosted
  • Investor
  • Montreal, Canada
  • Posts 219
  • Votes 82
Originally posted by @Greg Scott:

Odd situation.  Thanks for sharing it.

While not exactly the same, I have had trouble with local building department pushing their weight around.  We bought a 50 year old asset and we were told we had to build a dumpster enclosure.  I argued it was clearly grandfathered under municipal codes and that we shouldn't have to build one.  They said it was a health and safety hazard.  (Yet somehow it was OK for 50 years!)  We found a local attorney that was on a first name basis with everyone in the city government and hired him to help us.  It was amazing the doors he could open.

Thank you Greg!  Will keep this in mind if we need to find a local attorney. 

Post: Seller removed a tree before closing. Now city is delaying permit

Alice HuangPosted
  • Investor
  • Montreal, Canada
  • Posts 219
  • Votes 82

Hey BP community!

Back at it again and looking for some insight. Maybe someone has experienced this.

We are in the middle of permit processing from the City and a tree removal issue is holding us back (San Antonio, TX is a tree preservation city.. or something along those lines)

Facts on the current situation are as follows:-

We (the new owner) are held liable for the penalty on tree removal prior to permitting approval and the mitigation fee as we are the ones processing the building permit currently. (We applied for a new construction permit and one of the steps was to ensure tree canopy was preserved to a certain percentage)

The seller (previous owner) was the one who did the tree removal

Tree removal was done prior to our lot acquisition

The seller acknowledged that all fines and penalties were paid in line with the tree removal PRIOR to acquisition.

But city is holding us (the new owners) liable for it since the fines are associated with the lot.

Not asking for legal advice but just wanting to see if someone has experienced something similar? TIA

Post: Our 1 year journey to 22 units & $10,000/mo cashflow without OPM

Alice HuangPosted
  • Investor
  • Montreal, Canada
  • Posts 219
  • Votes 82

@Jaideep Balekar

You sir, are my inspiration! I’m sharing this post to my non-investing friends!!!!!!!!

THANK YOU!