All Forum Posts by: Matthew Kwan

We can try using DSCR or bank statement loans for the refinance. What is the current loan amount and expected appraised value?

@Albert Bui @Carlos Valencia

What is the current zoning of the property? You can try tearing it down and build micro units or potentially build an ADU/DADU. @Carlos Valencia @Albert Bui

HI Kay,

If you are planning to buy a rental property while renting an apartment, lenders will have to count both of it as a liability. Typically investment properties requires 15%-25% down payment depending if it's a single family or multifamily. However, if you put it as a primary residence house, the only liability you will be counted towards is the monthly mortgage payment of the house and removing your rent expenses (since you moved out). The benefits of buying a primary or first time homebuyers is that rates are typically lower than investments because the governments incentives to buy houses even for 2-4units now as min as 5%.

On the other hand, you can repeat the process every year through house hacking and rent out your current primary house by converting it as a rental and acquire another property. I'll be happy to connect if you have any questions or concerns. Wishing you all the best on your Real Estate Journey!

@Carlos Valencia @Albert Bui

Well usually pre-screening application help weed out the limited interest prospects or you can have a set of questionnaires before you setup a tour with them. After the tour, if they're still interested, and they match the your criteria/standards, you can send them a credit/background check which typically cost $35-50 fee being non refundable. The fee will allow them to be more committed and more skin in the game.

@Carlos Valencia @Albert Bui

HI Jane, you can definitely try getting a HELOC (line of credit) or cash out refinance to pull some money out and use it as a down payment for your 2nd or 3rd purchases, assuming you have the income/assets/credit to qualify. The goal is to keep your current property or properties while also using your active income from your 9-5 job to invest and achieve financial freedom in the near future.

There are multiple ways to get capital and use that money to reinvest, especially for a high market value property that will soon to be paid off. @Albert Bui @Carlos Valencia 

Hi James,
happy to hear that you're hunting your first house hack! There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible. Try looking into zillow/Redfin and see what your potential rents you can get near the neighborhood by filtering the bedrooms/bathrooms of the intentional property that you are planning to buy. This will allow you give a reference point on how much potential rent you can receive. (Max vacated rents - your monthly mortgage payment) = +/- net cashflow. Happy to connect and assist you in your real estate investing journey. @Albert Bui @Carlos Valencia

Hi Theresa,

If you are planning to buy a rental property while renting an apartment, lenders will have to count both of it as a liability. Typically investment properties requires 15%-25% down payment depending if it's a single family or multifamily. However, if you put it as a primary residence house, the only liability you will be counted towards is the monthly mortgage payment of the house and removing your rent expenses (since you moved out). The benefits of buying a primary or first time homebuyers is that rates are typically lower than investments because the governments incentives to buy houses even for 2-4units now. On the other hand, you can repeat the process every year through house hacking and rent out your current primary house by converting it as a rental and acquire another property. I'll be happy to connect if you have any questions or concerns. Wishing you all the best on your Real Estate Journey!

@Carlos Valencia @Albert Bui

HI Jacob, welcome to SEA. If you're interested, we have local RE meetup events every month. If you are interested feel free to dm me and we'll be happy to connect.

As for starting off your real estate journey, happy to hear that you're hunting your first house hack! There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible. Try looking into zillow/Redfin and see what your potential rents you can get near the neighborhood by filtering the bedrooms/bathrooms of the intentional property that you are planning to buy. This will allow you give a reference point on how much potential rent you can receive. (Max vacated rents - your monthly mortgage payment) = +/- net cashflow. Happy to connect and assist you in your real estate investing journey. @Albert Bui  @Carlos Valencia

Hard money tends to close a lot quicker + less supporting docs to provide upfront than conventional loans or full doc loans. However, conventional loan tends to offer better rates by focusing multiple aspects like income, assets, liabilities and credit. 

As for HML, mainly focusses on assets, ARV (after repair value) of subject property, and credit which is why HML can close a lot quicker.

@Carlos Valencia @Albert Bui

HI Ryan, 

Happy for you on starting your Real Estate journey! You can always start off on house hacking a multifamily in MI 1-4 units with min 5% down or 3.5% down for FHA. This will allow you to acquire more rental units and also being able to use the vacated unit rents at 75% to help your debt to income ratio DTI.

Happy to help and address any scenarios that you may have!

@Albert Bui @Carlos Valencia