All Forum Posts by: Mark Hu

So far as I can research, if you buy a property with a section 8 tenant you cannot touch them until their lease runs out, even if you want to move in.

If we purchase this property, I do not prefer to remove the tenant, but I may have to. If that is the case, I've been told 3 months notice is all that is needed. Are there other complications for a section 8 tenant?

Thanks

Assuming one has 3 properties, each worth @ 1 million each, with a mortgage of 400k each. 1 building is fairly new, and 2 are older buildings. What kind of cash reserves would a typical bank want you to keep? Especially if you want to get a line of credit, borrow more money, etc?

Thanks

Thanks, sounds like direct deposit is okay. They say it is no more insecure than writing a check, each time you write a check you are giving away your account number anyways.

I've been thinking about a creating a direct deposit account to accept rent directly from tenant checking accounts to mine. I would have to give those tenants using direct deposit the account number. It would save everyone a great deal of time.

The bank says the arrangement is reasonably safe. Have any of you guys done this, and what are your experiences?

Thanks

We are looking to purchase a home, and we may rent it to students (or move in ourselves, depending). Some of the homes we look at have swimming pools. I'm thinking a pool in a tenant rental is asking for trouble, tenants injured and suing. What do you guys think?

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I can check daily on bloomberg.com for mortgage rates, but I believe these are national averages. Where can I find info on the most up to date mortgage interest rates for my local area in Southern California (more specifically orange county)?

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Mark Yang

Every applicant with bad credit has an excuse why. A common excuse I get is they suffered from identity theft.

Is there any way to verify an applicant truly has suffered from identity theft? It is extremely rare that any tenant with bad credit has turned out okay with us, no matter what his or her excuse. But still it would be nice to verify if an applicant was telling me to truth.

Thanks

I am looking to buy a property, residential income, and will go through the process of pre approvals all over again. Since it would be nice to hit up different lenders, I was wondering how much of a hit on one's credit score does each credit check make? There is a couple I know that seriously affected their score my shopping around.

How about finding out their real names and ages? A lawyer mentioned that he thinks that is the only real difficulty. But what a doozy. Is it possible?