All Forum Posts by: Wei Jie Yang

Bridge and @shane Clearly and @Nathan Brooks  has been amazing every step of the way and their properties are amazing deals.

ROI Turnkey has also been amazing. @Jared Garfield is ridiculously easy to get a hold of on facebook and will take the time to talk to you about everything at all times. The only downside with them though, is there is definitely a bigger communications issue with anyone that is not Jared or Tom then with Bridge or Memphis Invest. I believe that's mostly due to them being a much smaller outfit, and going thru some personnel changes though.

Overall very satisfied with everything so far. Should close Alabama by next week. Should close Bridge in 2 to three.

Just an update on my situation.

I currently have two houses under contract. One in KCMO with Bridge Turnkey and one in Huntsville Alabama with @jared Garfield 

Both properties seem to be killer in terms of Cashflow, and the Huntsville one might have some decent equity since I am not buying that one Turnkey, although Jared does run a turnkey business, but I am getting a new roof and four year old systems from a motivated seller.

Overall that makes 4 houses in one year and that hit my cashflow goals alot quicker and for a lot less cash than I expected. I want to try for #5 and possibly #6 as well, but I am not sure if I should stick to a turnkey route (which has all worked out REALLY REALLY well) or try to buy a semi distressed property to renovate a bit.

Currently not really looking at MFR simply because I need 25% rather than 15%. Figured I might as well take advantage of the leverage while I can.

Do local banks/credit unions have similar terms in terms of down payments as Fannie/Freddie? I was under the impression they were closer to 30% and 6% minimum with points

Hi guys,

Looking for advice on the topic of sequencing house purchases.  I have Purchased two rentals so far. Should close on two more by end of July.  I've so far limited my purchases of $100K+ SFH, that can rent for $1000+ that I hope can appreciate over time due to them (mostly) t being in good/path of progress areas.   Now I'm at a point where I am thinking whether I should aim for more expensive or more affordable housing stock.

With conventional loans as of this week, I am able to do 15% down and 5% interest rates with no points. It seems like a waste to have terms that good for a property that is 60K-90K,m even if COC% are better. I'd rather get a 120-200K property that cash flows and I would save and focus properties on that level until all 10 (or 20 if my wife goes back to work).

I can look to the 60-90k houses once I get pass my Fannie/Freddie slots and have to resort to portfolio loans. Since Portfolio loans typically needs a higher downpayment as well as higher interest rates a cheaper house strategy then will be much more efficient then doing now. 

Does that line of thinking make sense if i am mostly aiming for cashflow (with a bit of appreciation down the line)? Is there any flaw in this strategy (other than speed of scale?) 

I've talked with a few PM people before and in a lot of market's when people use rentometer, the rule of thumb is to look at the top range on the 80% column for newly renovated turnkey properties. So $900 would be accurate in most markets providing that the renovation are good.

 Since the original primary house is worth 1M+ then any debt I get on the 2nd house would be net of that equity - Debt, which means I would still have 1 million because the original house is free and clear right? 

Hi guys, 

Question about getting accredited investor status. If my current primary is worth over $1 million free and clear, and I buy another house that I will use as my primary going foward, does that mean my current primary, would be considered as part of my net worth, since it would not longer serve as my primary and I would be counted as an accredited investor? Are there any downsides to doing this? Are there any restrictions?

Hi Everyone,

Sorry for the rushed nature of this post, but I am doing this troubleshooting live so please bear with me.

I am working with a agent on a purchase a SFH in KCMO and he sends offers/contracts via DOTLOOP. Well I put in an offer and but he is having difficulty putting in the specifications that I want.

The Current offer is that the Seller pay 5K in closing costs. This, in my mind would pay for some of the closing, a lump sum PMI, and a bit of a rate buydown.

BUT as it currently is on the contract, it states that the BUYER will be responsible for Loan Costs and PMI costs, which defeats what I want to do. I have asked the agent to change that part of the contract. He is having trouble doing so, as he is not able to change that section via an online DOTLOOP contract. He instead split the costs of the Closing between the "Closing" section and the "COST NOT PAYABLE BY BUYER" section. The next section still states that BUYER is responsible for Loan costs and PMI.

What can be done in this case? I'm thinking Scan over a PDF to me with the changes and I would initial it manually.  Or would what he did be enough? He's not sure if it is. 

Hi Everyone, I am look for an insurance company or broker that does landlord/liability insurance at ACV in Alabama? The property I am looking to buy is around 3K square feet and I do not want to pay the premium or the minimum replacement cost insurance for a property of that size. I was told that an insurer with would do it at ACV would be cheaper.

Haven't had much luck finding any home owner/landlord insurance that covers it at a better price though.

For a conventional loan? I understand the difference between getting a loan from a mortgage broker and a lender from a bank that has an investment focus but is there a sizable difference between lenders in the same category when it comes to conventional loans?

In terms of mortgage brokers, what would the difference be if I used Ridge lending vs Highland residential mortgage vs SNMC? Wouldn't the price of points and rates be relatively equal?

In terms of bankers what would the difference be if I went with MSI Financial vs some other small banking institution (I only know the one that I have used) Wouldn't rates, point cost be relatively the same?

I can only imagine it would be the closing fees, but would that be the only difference so long as the lender you are working with is investor focused?