All Forum Posts by: Eric Lau

When my daughter is 30, I’ll be 67

By then she might even have a child of her own.

Maybe a ugly divorce

Or lost of job.

I might have health issues of my own. and want my child closer to assist but do not have enough room at my current residence.

So many factors that can justify why this is being done.

So, will I do it myself....does one or more of the condition i listed above a factor?

Answer will be: it really depends on the situation.

But I think it is wrong to use age here or any other time.

We’re always quick to say do not age discriminate or any discrimination for that matter. If anyone of us was presented with the ability to do an eviction based on a situation without age being one of them . And had every law in our favor to do so. We would.

So why use age as a factor to make your decision here.

What if the article read, landlord evicts because of religious beliefs that differs. And landlord has the ability to evict. What will you say then? But throw in age and all of a sudden it’s a no no.

just wondering, will this deal stop you from making other deals happen?  

if all my money is tied up on this one deal and losing out on +CF for 4yrs. will probably not work for me.

But if i am still able to fund another deal while this is happening, then I will buy.

yes i used the remaining after buying the first house.  to fund the next down payment.  it is a job to finding the right property in that price rage that will +CF and good areas.  I was lucky after closing on House1 two days later my property manager got it rented out.

I wanted to stay away from BRRRR since being out of state and build some experience points first. I do however have construction experience in NY with my local properties.

@Karl McGarvey

House 1: started out with $55k  went all in on the first property for $39K rent ready.  Rent $600.  

Sat with my wife and said lets see how this works out.  that was about 2 months ago in March 2019 during my paternity leave with my 3rd child.  

talk about addiction... a month after that talk

House 2 $64K: used the remaining cash as a deposit for a duplex rented with long term leases renting at $1350(month)

house 3 $49K: refi the first house @($27.5K), appraisal came out a little higher than what i paid. And the rent from House1 still allows me to be +CF.  House3 carries its own mortgage for the remaining balance $21,500.  Rents for $700 and pays its own mortgage.  Nothing out of pocket...and still +CF

House4 $70K: 25% down  - I still work a 9-5

I told a group of my closest friends when we were all growing up together.  Never ask me to borrow money and I will never ask of you.  We all agreed and always lived by it even till today.  Some in the group learned the hard way with other "friends" outside the circle.  without money in the middle our friendship always picks up from where it left off...even if 10 years passes.

But don't get me wrong, you can ask friends...maybe your GF or wife's friends ;D 

@Benny Morfas

My first house was 39k single family in a b/c class collecting $600.

First out of state investment. From NYC to Indiana.

I flew out there for the very first closing and met with the property manager I sourced.

The very first houses I was looking at were $25k single fam. In d areas and after flying in to Indiana and speaking with every local I encountered....they gave me enough info to pay a little more for a slightly smaller return. And a higher chance you can find a mgmt company that will give you good advice on rent rates and how easily it can rent. And they will be more than happy to work with you.

no regrets. you can only learn from this.  You can still leverage your money with the right bank or credit union that is willing to do business with you.  trust me, it just takes a good number of calls to banks/CU to find the right person to speak to.  in the beginning you will be jumping hurdles.  Providing all types of documents but once you pass that part you can use "your" money again.

will it be higher %, maybe and most likely yes... but if you find the right deal you want to fund and the numbers make sense.  do not stop there.

my agent came back and said "your offer was accepted" Instantly i thought *F#c, I over paid... -_-

@Abraham Anderson

wow! more power to you.  Great to hear you're making big moves.

1. yes, you do not have a choice it will be a business loan. 

2. from my personal experience, credit above 800+ i shopped around and got 5.5% @ 5yr +15yr arm through LLC with myself as the guarantor. My refinance rates with tenant occupied property is in the similar terms.

3. if your're seeing deal you want to consider now, i'm not sure how this will help. but i think each credit union and bank may treat this question differently.   

4. I have properties both in LLC and personal. I prefer the LLC over personal because it hides me from property searches showing my name. But from an insurance prospective, i think its all the same. Property insurance--> Umbrella insurance, all the same to me.

I have other investors I know in philly.  i have considered the wagon...still pending