All Forum Posts by: Wei Jie Yang

Congrats!

Hi @Damon Cluck! Sorry it took so long to get back to you. Been meaning to but I forgot. 

My first property with Memphis Invest I put down 20%. My next 4 I put down 15% + lump PMI. Saved me 10's of thousands and allows me to buy much more than I would normally be to. Only works for SFR though.

In terms of speed of closing what is the speed like in comparison to a regular conventional loan? 

What are the draws and inspections requirements like, if there are any? 

Goal: I have three numbers.

1) To cover the current lifestyle for me, my wife, and my kids. These includes all housing bills (utilities, property tax), car maintenance, food, at least two vacations (one international, one in the USA) per year.

$4.5K per month

2) To give the "caviar dreams and champagne wishes" lifestyle that I want to be able to give to my wife and kid(s), as well as a few other people in my family

$25K per month.

3) A Ego number.  If I achieve this, it means that I consider myself a "successful" person. I would like to leave a legacy to my family as well if possible, but that's far away.

$100K per month and at least $10M net worth.

How: Rentals. SFR and Multi's. Maybe commercial one day. Life insurance as well once I hit a certain monthly income number.

Progress: $2K a month on 5 SFR I bought this year. I don't want to count the income or appraised value of my primary though. I don't think I will be leveraging or selling it anytime soon and I am not sure if I want to rent it out forever so I am discounting the equity and income generated on that house. But I'm still far away from goal 2 and 3 but I am pretty close to number 1.

Hi! I am a relative newbie as well! I suggest listen to podcast. Biggerpockets, GRE, etc. etc. Holton Wise's youtube channel is also a wealth of info for the buy and hold investor, even if you aren't interested in Cleveland.

Processing fee and Underwriting fee is typically part of the loan origination. $1.4K. An additional 1.5K for points and it comes to  5.625% seems excessivly high. I had a lender who was just as expensive in his origination and his rate was at least 4.85%. 

They guy I typically use has a 450 Processing and a 450 underwriting fee and his rate was 5.125 with no points.

I am having trouble getting the full value of my primary due to DTI limitations. How tight/loose are underwriting standards from bank to bank? Is it normal for a lender to assume a 25% vacancy factor when it comes to rental income for a HELOC? Or is that a limitation due to the investment properties being new? Or is that standard across the industry at the moment?

What's your origination fee? Alot of the closing costs are not in the banks control but the origination fees are. Just based off of that, your rate and closing looks terrible for your credit score.

What exactly is the issue with Bildwise? Is it that they just don't manage the construction crews they hire/refer and there's a lack of contact between them and the investor when there's issues or is their scope of work and estimations completely off or what? 

Does it make sense to start an LLC in a state you have no property in for the sole purpose of getting a HML for properties in that state to either fix and flip or attempt a BRRRR at? I currently have properties in a few states (Ar, AL, MO) but I want to start either flipping or attempt my first BRRRR in Indy. I've talked to a few HML's. A few are willing to lend to me and a few are willing to lend to only an entity.

Should I create an Indy LLC to get a HML loan? Would a Al, AR, MO LLC suffice for HML Entity requirements? If I were to use an OOS entity, would I have to register it to Indy if I got a HML for a property there?