All Forum Posts by: Erick Lee

Hi Jess, I'll give it a shot. First off I would not touch your 401k to get into taxable investment since you will pay taxes and an additional penalty if you decide to withdraw. The second part is where it gets much harder. Depending upon your family living situation i.e. (kids) , it may not be feasible to move out and into a "box". However, if you can that is an option because when you live in a house you are actually "consuming" the cost of the property. Rent you house for $4000 and then find a 1 bd room for $1500. Off the top of my head, I would look at an ADU if it was already an existing structure such as a garage and only if I could stand living next to someone in "my house". With all the research I have done it would not make sense to build from scratch. Last option would be to use the 60k to remodel your house and rent for much more than you would normally get if you didn't remodel. You could pull an equity line for the remodel and based upon how much you use (added payment) figure out how much more you can rent for. Then keep your original 60k for liquidity purposes.

Good Luck

If I was 18 and still living at home and didn't need the money I would find the most successful real estate group or brokerage in town. I'd walk in and ask if I could intern for someone. Then by watching, learning, and networking you can familiarize yourself with how the system works. Additonally, read books and conduct your own real estate analysis of properties BP has some basic calculators. Good Luck. 

Trouble refinancing due to Covid rulesMy business partner and I have multiple multi family apartment buildings held as a General partnership. They are all cash flowing and we both have good credit scores and Good incomes. I am trying to refinance my Single family home (residence) from a 3.5 percent 30 year to a 2.5 percent 30 year, but when I tried I was told by the lender that due to Covid they no longer accept rental income as part of the underwriting. Therefore, I have a bunch of debt without the income to offset. So I have two questions? is this true that they can't use rental income in the calculations and if I put the buildings in an LLC won't the mortgages still be in my name and therefore counted against me? I'm in Los Angeles. Let me know your thoughts please.

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My business partner and I have multiple multi family apartment buildings held as a General partnership. They are all cash flowing and we both have good credit scores and Good incomes. I am trying to refinance my Single family home (residence) from a 3.5 percent 30 year to a 2.5 percent 30 year, but when I tried I was told by the lender that due to Covid they no longer accept rental income as part of the underwriting. Therefore, I have a bunch of debt without the income to offset. So I have two questions? is this true that they can't use rental income in the calculations and if I put the buildings in an LLC won't the mortgages still be in my name and therefore counted against me? I'm in Los Angeles. Let me know your thoughts please.

My business partner and I have multiple multi family apartment buildings held as a General partnership. They are all cash flowing and we both have good credit scores and Good incomes. I am trying to refinance my Single family home (residence) from a 3.5 percent 30 year to a 2.5 percent 30 year, but when I tried I was told by the lender that due to Covid they no longer accept rental income as part of the underwriting. Therefore, I have a bunch of debt without the income to offset. So I have two questions? is this true that they can't use rental income in the calculations and if I put the buildings in an LLC won't the mortgages still be in my name and therefore counted against me? I'm in Los Angeles. Let me know your thoughts please.