All Forum Posts by: Iris Hou

@Bruce Lynn Thanks a lot for the info and recommendation! I wasn't aware that bidding war is also ongoing with new construction and was told I don't need to worry about such when buy new. Really valuable info. Appreciate it!

I thought we need a lawyer to help read some legal documents like the contract. Is that not a norm and more of an overkill?

Planning to move to the Dallas/Frisco area in a year or so and would like to buy a house that we plan to stay for long term. We own a house in CA and after selling, we would have enough cash and not need to finance if we don't go crazy (800k house should work). We don't have commute needs, and would just need good schools and places to take our baby to. I do really care about the location and investment value though of the house I'm gonna buy. I heard that the Frisco market is crazy and that kinda scared me from buying 2nd hand house. Would buying new construction a better choice? I was told that we need to wait 14-18 months for the new house to be built. I'm worried that after a year the market would be so different. What if I'm not able to sell my current house/or sell at a really low price before the house in the new place is complete? If I sell my current house now I'll have 14-18 month minimum that I need to rent, losing at least 40k to rent than capitalize it into property, so I'd prefer not to do that. Side topic, any good RE agent and lawyer in that area that you know? Your suggestion (related or unrelated to my questions) is really appreciated!

My family is looking to move to a place which is suitable for a family with kid to live in, and in the meanwhile makes sence investing in RE considering the market, RE and income tax rates, and landlord friendly.  Any suggestion? Really appreciated! 

@Russell Holmes

Thanks for your thorough explanation. That is very informative and helpful. My family is considering moving to Orland and surrounding area, when we'll need to buy our own house plus rental investment. Still doing our research to make decisions. It would be great if I can connect with you to learn more if we decide to move.

My family is considering to sell our house in California and move to a place that's landlord friendly and tax friendly as we want to go to a place to live and invest in the meantime ( Currently on the list are FL and Texas). We are still not sure what's the best time to move (should I wait for a year or so until the pandemic is over?) , and how in the practice can we make most cost-effective if not profitable ( e.g. the time lag of selling a property in west coast and waiting to buy from the east can cost quite a bit money)? Any suggestions? (Sorry if I'm asking basic questions here- first time home seller.

Is opportunity zone worth investing in?

@Ned Carey Ahh that makes so much more sense now. Thanks!

@Ned Carey So if it's mostly investor selling than foreclosure, the purchase price would then tend to be the market price right? Just curious on what's the seller's incentive to sell the property off MLS.

@Scott Smith Good point! I'm gonna talk around and hopefully I can build my own good team as well.

@Katie Lepore Thanks for this information. Very very helpful. After some research, is seems that the cost of umbrella insurance can range from $200 per year on the low end to over $1,000 for a high limit, such as $10 million worth of umbrella liability coverage. So if my current net worth is less than 1 million, I most likely can just go with the insurance and not LLC because I have less chance of getting sued for more than 1 million because the potential creditor knows that I can't afford that much? Although it cost more to maintain, the good part about LLC is that it gives me anonymity and charging order protection when formed properly in a state like WY or NV, and it has less chance to be audited to file LLC tax than filing a Schedule C/1040 together with my personal income. Is my understanding correct? (Did some homework but not sure if I missed anything)