All Forum Posts by: Teho Kim

I was cold called by my lender to reduce my interest rate from 6.25% to 5.625%. But I am confused by the loan estimate that I was given, and the "other costs" of the loan. Mortgage officer says these are costs I'd have to pay regardless of the loan or not. But wouldn't it be better to pay those off month by month instead of wrapping it into a 30 year loan? 

I'm having a hard time wrapping my head around this and if it makes financial sense to refinance. For reference, I am about a year into the original loan. 

Would there be any lenders that allow for a VA loan for a duplex when both units are leased for 10 months? My loan officer is saying no, but the literature I'm seeing says up to 12 months delayed occupancy is allowed for special circumstances. Any insights are appreciated, thank you!

I'm moving to Tampa and would like to house hack a multifamily. I'm getting a lay of the land and found a potential deal in Palmetto Beach. How is that neighborhood?

I'm looking for some advice on whether I should renovate or continue renting out as-is. Home in question: https://www.zillow.com/homedetails/120-Ramon-Cardenas-Dr-Del...

Background:

I'm closing on a 4-plex in a couple weeks that I will owner-occupy. 471500 purchase price using 0% down VA loan. Home has room for improvement looks-wise (see pictures in link). Market rate right now is $1200/mo and with renovations (quoted 60-75k in labor) it's hard to say because there aren't much data points, but I think I could fetch $1500-1600/mo. I am uncertain what the ARV would be.

What would you do in my shoes?

Most agents I've reached out to have been clueless on REI and multifamily. It's a very small military city so the quality isn't there and I feel like I'd get more from being unrepresented.

Seller is working on getting the financials. 

1 tenant moving out in July. 

Yes. I was told some units have had remodeling done and some have not. I plan to see the property this weekend

https://www.zillow.com/homedetails/120-Ramon-Cardenas-Dr-Del...

https://www.calculator.net/rental-property-calculator.html?c...

It's not the best investment but it's a way to subsidize my living while I'm stationed in Del Rio Texas for 4 or 5 years. My main concern is the $525k figure. How do I go about determining what to offer and what figure is fair?

Just found out that assumable loans are a thing for VA loans. My next military assignment is to Del Rio TX and I'd like to get take advantage of the assumable loan.

But despite it being a small town with a proportionally large military presence, I'm not seeing any mention of assumable loans on listings. Is this something I have to inquire for each listing agent? 

Hello,

I know that new constructions aren't a typical thing on BP, but for my particular niche it is what me and my business partner are going with. That said, before we sign the contract our builder has given us an itemization of the construction. Is this a figure that can be negotiated? Does anything look out of place? Appreciate any insights! 

House is in suburban Oklahoma for a 4 bed 3.0 bath.

This is a bit unique and weird question to be posting on biggerpockets  but I'm unable to find any information.

I'm in the process of purchasing a rental with the intention of furnishing it for short term stays. I know it's possible to get furniture from many stores that offer "0% APR financing." Is this a good idea? Or am I missing something? Furniture financing is normally a bit dumb of a move in my opinion, but I think it's logical from a business perspective.

Doing so should free up my capital and I am looking at a large budget for furniture...

Thanks!

@Ryan Mullin : What a huge coincidence! Bo Kim, who I was talking to on the phone, said he closely worked with you. Going w/ your opinions and passing on this offer.