All Forum Posts by: Sang Nguyen

With the BRRRR strategy, is it possible to not cashflow as a result?

Let's say you have a mortgage for $500,000. PITI is $2800. Average rent is $3000.

ARV is $700,000. Bank gives you a loan-to-value of 80%, or $560,000. Your new PITI (because the loan amount is higher) would be higher, right? Am I thinking about this right?

@Rick Baggenstoss oh man, thanks!

Hey @John Underwood! No HOA rules. I haven't checked local regulations mainly because I don't know who to call or where to even find a number. Do you have anything that you would recommend me googling?

Hi gang!

Happy Monday!

I'm looking to buy a STR to possibly AirBnB in Atlanta. The area / neighborhood in general is Peachtree Hills / Peachtree Battle. I'm looking to see if anyone with experience doing what I'm about to do has some words of advice / things to look out for / cautionary tales that I should be aware of, specifically in Atlanta (but anywhere else would help, too!).

@Nick Rutkowski does it help if you're a member of that bank? i have a local CU in mind, and i have some money in there too, but i'm thinking of liquidating and moving to wealthfront for a higher APY

@Rod Curry I'll give that a shot Monday. Thanks for the tip!

So with owner-occupied financing, I can house hack and not have to show 6 months of PITI?

@Andrew Hogan Please forgive me for the stupid question, but what exactly do I ask? "I would like an owner-financed mortage"?

Right! It didn't make sense to me. Like, if I can afford the mortgage payment without renting out the other units, why does PITI matter? I'm just thinking that I made the mistake of telling them my intentions (that I wanted to rent out the other units), but I'm just curious if it's a federal law with buying multifamily properties.

Hey gang!

I'm curious if someone can shed some light for me. I recently talked to a lender (Wells Fargo) and told them that I was looking to buy a multifamily, live in 1 unit, and rent out the others. They told me that a 3 or 4 unit will require at least 20% down. They also said that I needed 6 or 7 months of PITI, even though I'll be living in it. Did I tell them the wrong thing?

The reason for this post is because, if I'm buying a property, and I can easily afford to mortgage, why is the PITI requirement even a thing?