All Forum Posts by: Ho Chi Chris Cheung

Thanks for your input ! Natalie - I will look into other loans and how that refinance process works

Yes I own the company - they can confirm that I own the company - but the company only open for 1.5 years. 

Is there any other way to help qualify for loans with good interest rate?

Hi Guys, I’m new to the forum - Seeking advice on my situation of buying my first 2 rental properties with conventional loans with 20% downpayment ! 

My situation is - I’m an employer of a S corp and have W2 from my company- Went to local mortgage company to qualify for 300K loan - the  mortgage agent told me that even with W2 - the lender will run 3rd party check to find out I’m the owner of the company- which is no go. He also said that my company will to be around for 2 year at least. 

Is there any way to qualify for the loans?

Anyone have any input to this really appreciated !

Thanks for the reply Jon - I have re-check the math:

$426000 total

- $85200 downpayment 

= $340800- mortgage

4% interest rate -

$1627/ mo - principal &interest

3.45% property tax rate- $1225/mo
$203 /each unit - maintence + hoa + access to community fitness center 
$ 3258/ mo  total pay out of pocket

$4000/ mo expected rent 

$4000- $3258 =
$742 cash flow 
Coc roi: 10.45% ( $742x12 / 85200)

( I did not count the vacancy rate ) ( expected 100% occupancy) 

Do anyone think it is a good rental property in Houston at all? 

I’m a newbie investor here - 

Recently found 2 townhomes in Fulshear, TX - next to katy - selling $426000 total. Both townhomes are still under contructions ready early next year - it’s a 3 bedrooms - do any investors here think that it’s a good rental properties? A good investment?

this is the numbers:

$426000- price total

20% down- $85200

My mortgage rate - 5% - $357840

$996 - principal & interest

3.45% property tax rate - $1207/ mo

$113 + $95 each house's HOA + access to community fitness center

Total : $2617/mo out of pocket 

Expected rents $2000/mo each house

8% vacancy rate - $3667/ mo income

2 years warranty for plumbing/ ac/ heater 

Cash on cash return - 14.7%  before the repairs cost portion

Thanks in advance for any input !