All Forum Posts by: Timothy Leong

For me, rents due on the 1st with a 5 day grace period. On day number 6 there is a $75.00 late fee and a pay or quit gets sent out. It seems like its pretty standard for my area.

21 when i got my first, 22 now and working on number 2....Age is just a number, i figured work hard now and let it all pay off down the road!

http://www.homepath.com/investors.html

They require 10% down for investment properties and you would have to use a lender that does homepath loans. No appraisal/PMI

One of the things you can do is try to avoid talking about your age. I haven't come across someone straight forward asking how old I am. If you think the age question might come up, before it does hype up what you've done to make them assume you're older and they typically wont ask.

I'm 22 and when I go out to look at properties I just do what I want to do, walk around the outside instead of greeting note anything i would need to do to the property before walking inside to greet the agent (during open house). Typically when I walk in to greet they almost always think I'm an agent (I'm not) I just tell them I'm looking for my next property. Funny thing though is that everytime I leave an open house I always notice that they peek out to see the car I'm driving.

When I was looking for my first rental property my realtor hinted a little joke about buying a house without a Frig/Washer/Dryer saying that if the tenant is willing to put one in, then they will most likely stay longer since they dont want to constantly move the appliance.
What I notice some people in my area was doing was showing the house without the Frig/washer/dryer then giving an option to add in the appliance for a slightly higher rent.

There are plenty of ways...wholeselling/flip/buy and hold...depending on how much capital you currently have/DTI/provable income would determine what the best route is for you to start.
I'm 22 bought my first investment property in Suisun City, CA (when i was 21) and about to buy my 2nd investment property most likely in Oakland, CA.

A place you can take a look if you want to buy and hold with little DP is homepath homes since it only requires investors to place 10% down.

welcome to BP fellow bay area.
Bigger pockets is a great place to get more information and help. Because of BP I got my first rental property 4 months ago!

Maybe this isnt as good of an investment like i thought it would be.
DP: 39,200
Mortgage, interest, property tax and hazard insurance=$974
for a 30 yr conventional loan around 3.5%

I still have time to back out of the deal if its not a good investment. Thanks all, I was hoping it wouldnt take more than 2 weeks to get the letter

Hi all,
Last week a buyer backed out of an approved short sale and I was able to "slide" right in according to my Realtor. He mentioned that the approve short sale should be moved into my name after a few days and we should have a quick close. Is this true? Ive been reading mixed things about it and havent came up with anything really sound to say one way or another. Im debating on getting out of this deal and buying property elsewhere or staying in this deal.
Approved short sale last buyer @196k
Comps are now at 240k
Tenants are paying $1425/month and wants to stay another 1.5/2 years (already in the house for two years)

I'm a hit and miss to the section 8. I was doing some research on this and it seems to be different in each state and county. In some states Section 8 is very strong and will help the landloards out while in other they are week and just takes the tenants word. From what I was looking in CA, section 8 pays about 70% of the rent and the tenants are still responsible for the other 30%.

Great discussion though, I wonder what other people are thinking about this especially because I'm still on the fence if i want to allow section 8 or not.