All Forum Posts by: Bao-Chau Tran

Hi,

our family is under contract for our second home in Tampa Florida today!

It is super exciting but daunting as well.

We are planning to move to Tampa in about 2 years or so. We purchased this as a home that we would love and so we got it under a second vacation home loan with 10% down. But because we cannot move there right away, we would want to rent it out the first two years but I don't know if we could do that under the 10% down payment as a second vacation home loan. 

The lender I talked to told me that I can rent it out later but just don't tell them on the application. But I worried that will be mortgage fraud. Is there a good way to get around this? Can I do part vacation rental for part of the year or can I do airbnb? 

The house I am buying is 3 bed/2 baths with an built in office and it has a pool. It is going for $285k in a good part of New Tampa, 1789 sq ft house with about 0.15 acre. 

We will be planning to rent out our primary residences when we move and so that will be our rental income.

Can you guys give me any advise on what I can do? Should I still get the second vacation home loan with 10% down? Or should I do an investment loan with 20% down? 

Is this property still available? If so, could you email me information at [email protected]?

please include me on your list. Email [email protected].

What is the zoning for the land? And what can be built there? Please send more info to [email protected]

I am interested in knowing this too. Are you investing out of state? How do you goes about that? Do you fly out to see the property? 

I am entertaining the idea of invest investing out of state. Any suggestions?

Hello,

I am currently working with my agent but he is so slow to write an offer in this house for me. I am not sure if he thinks it is a low offer and won't get accepted. Or he doesn't want to waste his time on writing the offer. 

Can I write my offer? And how do I goes about writing that offer? 

I am interested in this deal. Could you send me more info to [email protected]? Thanks!

Hello,

My name is Bao. I would considered myself a new investor or aspiring to be a real estate investor. I am seriously considering this deal on a 3-plex investment property in downtown Sedro Wolley. It has two long term tenants occupying the upper units and converted garage with separate entrance and parking. It has been legal with the city of Sedro Wolley (I called to confirm) and it status is legal non-conforming (since it was built before the new zoning changes). The main unit (bigger) is currently occupied by the owner, and he may or may not rent back the place (not sure if it is a good idea?).

Anyway, there are two options I am thinking of going to close the deal, one is to do FHA financing, which I have to house hack the main unit. Does anyone know if I could rent the room in the unit I am house hacking? Essentially, I would have a roommate in one of the unit. Otherwise, it wouldn't cash flow positive with just renting out two of the units. I like the FHA route because I wouldn't have to put much down payment down, because we don't have that much cash for down payment right now.

My analysis based on 2 unit rented out plus one of the room in the main unit is $530 cash flow and 44.85% ROI based on FHA 3.5 percent down and 5% interest rate. The seller asking price is $140k, but I am going to offer $120k initially. Is this a good investment?

Second option is to go for conventional loan, which I have to put down 30% down payment, which is too much for us. This route would cash flow nearly $1000 per month but more money down payment up front. I would probably need to find a partner that I can trust. Who want to partner with me?

What do you guys think? Any suggestions?

Bao

Total Cash Needed By Borrower:

$14,200.00

Monthly Income: $1,635.00	Monthly Expenses: $1,104.31	Monthly Cashflow: $530.69	Pro Forma Cap Rate: 7.68%
NOI: $13,828.00	Total Cash Needed: $14,200.00	Cash on Cash ROI: 44.85%	Purchase Cap Rate: 11.52%

Hello,

My name is Bao. I would considered myself a new investor or aspiring to be a real estate investor. I am seriously considering this deal on a 3-plex investment property in downtown Sedro Wolley. It has two long term tenants occupying the upper units and converted garage. It has been legal with the city of Sedro Wolley (I called to confirm) and it status is legal non-conforming (since it was built before the new zoning changes). The main unit (bigger) is currently occupied by the owner, and he may or may not rent back the place (not sure if it is a good idea?). 

Anyway, there are two options I am thinking of going to close the deal, one is to do FHA financing, which I have to house hack the main unit. Does anyone know if I could rent the room in the unit I am house hacking? Essentially, I would have a roommate in one of the unit. Otherwise, it wouldn't cash flow positive with just renting out two of the units. I like the FHA route because I wouldn't have to put much down payment down, because we don't have that much cash for down payment right now.

My analysis based on 2 unit rented out plus one of the room in the main unit is $530 cash flow and 44.85% ROI based on FHA 3.5 percent down and 5% interest rate. The seller asking price is $140k, but I am going to offer $120k initially. Is this a good investment?

Second option is to go for conventional loan, which I have to put down 30% down payment, which is too much for us. This route would cash flow nearly $1000 per month but more money down payment up front. 

What do you guys think? Any suggestions?

Bao

Total Cash Needed By Borrower:

$14,200.00

Monthly Income: $1,635.00	Monthly Expenses: $1,104.31	Monthly Cashflow: $530.69	Pro Forma Cap Rate: 7.68%
NOI: $13,828.00	Total Cash Needed: $14,200.00	Cash on Cash ROI: 44.85%	Purchase Cap Rate: 11.52%

Hello, I am not sure if this is the right location for this topic. But I am looking into a lot of land in east side of Tampa and the asking price is $12500. I have done some preliminary research into the area and property, which I have listed below: 1. This lot of land is in less desirable area. I think this is okay for me because I am interested in renting out versus selling. So if I were to build, it will be the most basic. 2. The lot size is zoned for rm 16, which is multi family. Mostly duplex based on the specifications. So assuming I can built each unit as 2 bed/1.5 bath/1000 sq ft. I could capitalize on about $1200 per unit ($2400 total 2 units). this is very conservative number without other expenses. 3. I would need to speak to builders in tampa florida to get estimates of how much the project would cost. anyone know any builders in Tampa florida? 4. Anyone know any lenders in Tampa florida? 5. from the public records, there is no encumbrances or liens on the land. 6. the market value and assessed value of the land is only 6140 dollars. so the asking price is double? should i offer less? 7. this lot is .13 acres or 5600 sq ft. Overall, should I purchase this land lot? any advises or suggestions? thanks! Best Regards, Bao