All Forum Posts by: Jack Zhuang
Jack Zhuang has started 15 posts and replied 67 times.
Post: Looking for Airbnb management company in South bay area
- Posts 67
- Votes 33
Hi BiggerPockets friends, I'm looking for a reliable Airbnb management company in South Bay Area (Torrance, Gardena, Redondo Beach, etc). I have a furnished single family home that I want to put on the market. Would appreciate if you could send your reference your way.
Cheers,
-Jack
Post: Airbnb management company in South Bay Area
- Posts 67
- Votes 33
Hi BiggerPockets friends, I'm looking for a reliable Airbnb management company in South Bay Area (Torrance, Gardena, Redondo Beach, etc). I have a furnished single family home that I want to put on the market. Would appreciate if you could send your reference your way.
Cheers,
-Jack
Post: Los Angeles vs. Orange County vs. Henderson??
- Posts 67
- Votes 33
If I had the money, I would just buy a two story SFH in Venice Beach. Can't beat the location if you want the true SoCal life style. Tons of renovated modern homes there at that price range.
Post: NY Bill Would CANCEL Rent for 90 Days, Not Postpone.
- Posts 67
- Votes 33
Wow, that is shocking! I would be okay if I the county waive my property tax for the year to offset my income loss.
Post: How Much Do You Have In Reserves?
- Posts 67
- Votes 33
It's great to see a lot of landlords on BP are well prepared for this bump on the road.
Personally, I was looking to buy at the beginning of the year but decided to sit on the side line for now. So I've been accumulating cash and it should last me for a few years for my rental related expenses.
Post: Corona Virus Cases are getting worst! should I buy now or wait?
- Posts 67
- Votes 33
It's like saying stroke and heart related diseases causes 10x death annually than car accidents. Let's all not wearing seat belt today!
Post: Over paid in Tax return, what should I do?
- Posts 67
- Votes 33
Well, at least I filed early this year and still have time to fix this...
Post: Over paid in Tax return, what should I do?
- Posts 67
- Votes 33
Thanks for all the advice everyone. Sounds like I need to file an amendment if I want to correct my return. I'm going to get a CPA for sure for next year just to get everything straight. It's not worth saving a few bucks and losing a few thousand. Lesson learned!!
Post: Over paid in Tax return, what should I do?
- Posts 67
- Votes 33
It's that time of the year, I decided to do my taxes early this year and submitted my tax return last week. As I'm going through my rental leases today, I realized I forgot about a one month vacancy in one of my properties and have falsely reported one extra month of rental income on my 2019 tax return.
I had a net profit for my combined rental properties in 2019 and overpaying for income which I didn't make hurts!!
So what should I do? I already got my state tax return back. Can I deduct it from my 2020 income? thanks!
-Jack
Post: 30 year mortgage vs. refinance. Pros vs. cons?
- Posts 67
- Votes 33
Well explained Andrew! If my lender is using 33% limit for DTI, I am still under for my next purchase. And as my new rental incomes come online, it might hurt my DTI slightly but I will look into the alternatives when we cross that bridge.
Is there any preference in taking either a conventional loan on my personal credit or doing re-financing on my property? The BRRR model focuses on refinancing. Should that be my default option?
-Jack
Originally posted by @Andrew Postell:
@Jack Zhuang Ok, I understand you now. If you don't use that rental income, yes, your DTI will absolutely be worse! But ask your loan officer why your rate is higher...maybe your credit score is different? Maybe you have a lower loan amount? Maybe you are borrowing a higher LTV? There are so many factors that go into it...but DTI is NOT one of them. Your "Debt to Income" ratio is only answers the question of "is this person approved?"...and only in a "yes" or "no" fashion. It does not affect your rate at all. I hope that makes sense how I am describing it.
@Jarod Dudley if you add rental properties that cash flow, your DTI is NOT negatively impacted. Using the example of $3.2k in rent with a PITI of $3k means your property does NOT cash flow. Now, if your income is super high and you have unlimited assets...ok, then maybe make that type of a buy for you, but you will not cash flow that property. For everyone else you should NOT be buying investment properties at those numbers. Follow the 1% rule to investing and make sure you are using your CapEx figures/Maintenance Expenditures to find your true cash flow. This is the primary reason why we target lower valued homes because higher valued homes (ones with a $3,000 payment) do not cash flow. Not every market is the same but in 90% of the markets in the US this means targeting properties at $200,000 and lower.