All Forum Posts by: Carlos Valencia

I would suggest to continue growing your knowledge and do your research on which market you want to begin investing. How you plan on financing, type of tenants you want, therefore make sure you research the city you plan on having a rental. Main thing is to run the numbers to make sure the deal will make financial sense. Best of luck with your journey.

@Albert Bui @Matthew Kwan

Hello Vashist I dont believe AI will replace such important roles like Real estate agent , LO and Prop managers. These roles play a huge part in possibly the most important purchase one will make in their lifetime. If you are going to trust an AI with such a huge purchase and debt then good luck lol. Real estate has many what if scenarios and its more of an art. Theres so many moving parts and variables that AI can probably make mistake and not understand what your trying to accomplish. Can some things in real estate be automated sure. But not the whole process. I would not worry about being replaced by AI. This industry does have a lot of risk since its mostly commission only. Make sure to save and invest all the money you make during the good times to survive during the not so good times. Many people in the industry tend to go back to a w2 job as their lifeline when the market slows down. Dont put yourself in that situation you want to prepare yourself for the long term journey. Good luck in your future endeavors this a great place to start so much information available here. 

@Albert Bui @Matthew Kwan

I would say theres never going to be a perfect time to start. Its like everything in life you want to time it right to increase your chances of success but the truth of the matter is that that right time will never come. We have to be flexible and take action no matter what life throws at us. otherwise we will be spectators and watching life pass us by. Like many people mentioned above run the numbers and research the area your interested in investing. If the numbers work go for it. Theres no time like the present. Make sure to get pre approved first so you can go shopping with confidence and have a strong offer when the time comes to put in an offer. Best of luck out there!

@Albert Bui @Matthew Kwan

$300-500 Cashflow in this market is a huge win! Obviously if you can get more even better. If you can find deals that cashflow like this do it. What market would you say you can find these 300-500 cashflow?

@Albert Bui @Matthew Kwan

Thank you for your service Ty. First I would recommend for you to once you get licensed to familiarize yourself with lending guidelines. Find a niche within the industry that you want to become a master of weather it be in first time homebuyer, investors, VA. Find something that will set you apart from every loan officer out there. Learn processing as well. To be better prepared for how to solve conditions. Lastly find a good mentor to help you succeed in this industry.

@Albert Bui @Matthew Kwan

Hi James, 

Like many have mentioned FHA with 3.5 % is the best loan to use to get into your first 1-4 multi family property. MI has dropped too about 30 basis points which also makes it more affordable that conventional 5% down. You can always refinance to conventional to use your FHA loan again later for another investment property as long as you live in the property for 12 months. My buddy Mathew kwan was able to take advantage of the FHA and lower rates in 2021 and bought his first triplex. Its still possible just need to run the numbers to make sure it will cashflow especially after you move out.

@Albert Bui @Matthew Kwan

I actually experienced this myself. I sold my primary home to another investor and she let me stay there for 3 months while I found my next place. At the time she allowed me to stay there rent free for those 3 months. It worked out. I would say to make sure you are clear with her to come to an agreement that benefits both parties in the lease. Another option can be seller financing ask her if shes willing to do that. 

@Albert Bui @Matthew Kwan

Heloc would probably be the best option as you can use that equity to buy your next property. Helocs are interest only payments for 10yrs and the remaining 20 years you pay principal and interest. Definitely another option to look at to get some of that money out for investing on your next property or paying off other debt. 

@Albert Bui @Matthew Kwan

STR can be a lot of work and yes its definitely going to be tough to get 3k cashflow as your will need to establish yourself in the market and become super host. 3k cashflow as fist investments property can be challenging. Depending on the market where you plan to purchase is where to challenge will be to get 3k in cashflow. I would recommend looking into a multi family investment where you and your family can live in one unit and have the other units pay for your mortgage or most of it. That will help alleviate a good chunk of your expenses as paying for a place to live usually takes up a good chunk of your income. If your able to at lest live for free thats a huge win. Good luck with your search.

@Matthew Kwan

@Albert Bui

Yeah I think that as long as your honest with your future tenants about it being rehabbed and that once its ready it will be move in ready I dont see the problem. It be different if you dont say anything and expect the tenants to not be turned off by how the place looks and them thinking negatively about your property. Best of luck. 

@Matthew Kwan

@Albert Bui