All Forum Posts by: Kevin Phu

@Cathy S. my wife and I are investors that live in SD. Our properties (except our primary) isn't here though. If you are looking for a partner or help with anything feel free to reach out! We would love to build our local network.

Does anyone work as a signing agent while having a full time job? Thinking about picking this up but I would pretty much only be available during the evenings and weekends. Don't know if it's worth my time. Was also thinking about being a wedding officiant after finding out how much they charge when I was planning my wedding....it reminded me that I got "ordained" over 5 years ago through ULC as a joke with some friends and am legally recognized in CA as an wedding officiant. 

Okay, I just read through every post on here and I think I'm starting to understand the concept and opposing views. I want to provide a few situations and hopefully someone can tell me if I am understanding this properly.

Situation #1: I have 1 SFR rental that I have never made an additional principal payment on. I have two choices: 1) continue to make no additional principal payments or 2) make a large lump principal payment.

Choice #1 would mean there is no point in recasting so all payment amounts remain unchanged.

Choice #2 would mean I can recast and lower my monthly payment by X amount therefor my cashflow increases by the same X amount as well. However, that means more taxable income come tax season which is a whole other discussion/consideration.

Situation #2: I have a primary SFR that I purchased with 20% down and have been making an additional principal payment every month for the last year. In this scenario, I have the option of recasting since I've been paying additional principal. If I do recast, my monthly payment lowers by X amount which means I can save the X amount. This X amount would not be taxed because it's my W-2 money. However, because it was recast, the earlier payoff date from the extra payments would go away and shift back to the original date negating the whole reason I've been making additional payments in the first place.

All correct?

Hey BP family! Becoming a signing agent as a side hustle has been on my mind for a while but I have not taken action...yet. I work a full time job that doesn't allow me much flexibility during the normal work day. I was thinking that if I became a signing agent, I would open myself up to signings in the evenings and weekends. Does this sound feasible? @Cienna Cohen @Alison Wise @Jamie Henkin

@Sarah B. how did this situation turn out for you? Were you able to withdraw from him and move onto a different applicant?

Someone can refuse to get the shot for medical or religious reasons. I'd rather not deal with the possible legal issues by even asking. In my opinion whether or not they are vaccinated means nothing to me as a landlord. 

Apartments.com generates a pretty comprehensive lease that is tailored to local laws. I'll be using that for a property that I will be self-managing. Does anyone else use these?

@Yulia J. sounds like it all worked out! I am about to start screening for tenants for my new property so this thread gave me some good info. Did you have a credit score criteria going into this?

This thread is exciting! Wife and I live in San Diego and are looking into buying in Arizona. We love Sedona (personally) so a property in that area would be a good excuse to go on a yearly vacation there :) I see Gilbert and Phoenix are other areas we should look into. Any other recommendations?

What areas in AZ would you recommend looking into? My wife and I live in San Diego and are looking for an OOS market to buy long term rentals in. Arizona is on our list of states but we haven't drilled down yet which cities or neighborhoods would be good for our long term rental goals.