All Forum Posts by: Andrew Yip

Thank you Manolo and Jeldwin.. I've never been to Habitat for humanity re_store.. gonna check it out. 

For Irwindale windows, is the price and quality better than home depot? I'm looking to purchase several french doors.. and 7 ft tall windows double pane.. to build sun room.   

I agree with Kiersten vance.. quality and sizes are a challenge there. 

Thank you very much guys..very very helpful.

Thank you Kiersten  I will contact them.

Has anyone tried

www.hdsupply.com/

I think their price is quite close to home depot. 

Hi Los Angeles Bpers,

Just wondering if any of you know where is the best place to purchase windows and doors around los angeles area.   (That has better pricing than Home depot)

I'm remodeling my house and in need to purchase multiple windows and doors. 

Thank you very much for your help.

Congratulations Will on finally evicting these scumbags. My blood boils as I read this thread and then seeing your video. I really can feel your pain and stress.. and really not looking forward to have one for my rental properties.

Thus, I encourage all Bpers experts.. especially the Californians with our crazy court system. Could we all please share the iron clad lease agreement so that something like this can be avoided?

I think it'll be powerful if Bps can create some sort of solid lease agreement template for californian landlord. 

I'm really scared of professional squatter. but I know someday I have to be ready to battle them. 

Thanks Michaela... I replied after the first page.. ughh.. .. should have scrolled to next page.. wow 11 pages long

Hi Cory, I'm kinda new with bigger pockets and airbnb. I would like to know how was this scammer end up?  were you able to kick him out after 3 days notice?

Also just curious do you need to apply for city permit /business license when you do airbnb?  Thank you

Thank you Albert for your answer. I just searched at Fannie Mae guideline. Boarder income can be considered for up to 30%.

My questions is that.. if I don't live in the house anymore.. and I have all the rooms rented...how can I make the income as rental income for subject property/investment property.. since it's just rooms  ( with different tenants).

Is it possible to have an LLC or property management company.. collect the rent.. then write me monthly check? So in this case.. I could state the property is being rented to the property management company / LLC.

Do you think that will fall under fannie mae / freddie mac guidelines?

https://www.fanniemae.com/content/guide/selling/b3/3.1/08.html

"Rental income is an acceptable source of stable income if it can be established that the income is likely to continue. If the rental income is derived from the subject property, the property must be one of the following:

• a two- to four-unit principal residence property in which the borrower occupies one of the units, or
• a one- to four-unit investment property.

If the income is derived from a property that is not the subject property, there are no restrictions on the property type. For example, rental income from a commercial property owned by the borrower is acceptable if the income otherwise meets all other requirements (it can be documented in accordance with the requirements below).    "

Hi BPers, 

I m just wondering if any of you who lives in big cities and rent your rooms (through airbnb, craigslist, etc)  are able to utilize the rent money as loan qualification.

I live in a part of the city, where it's more make sense to rent rooms instead of the whole house as rent income (SFR). All of my rooms has 6 months lease agreement and currently thinking to do airbnb as well.

However when qualifying for a loan, the banks not consider this type of rental income. They only consider if the entire house is leased to someone for a year or two. 

Thus, could you help to give me insight.. how can we utilize rental income from rooms as cash flow that bank would consider?  is there any banks/credit union that would consider this?

Can I or my partner make an LLC... then we make a lease agreement... renting the house to that LLC.. and the LLC pays monthly to our account? Does anybody tried this strategy yet?

Thank you very much for your insights.

Hi everyone, I just want to add my 2 cents. You need to be careful on selecting your tenants in this area. A lot of tenants are so shaddy that they use their relative to qualify for the property and you ended up having gangbanger etc in your house. I had one property in the area where 2 months ago, 6 police cars with gun drawn pointing to the house. Just like scene in the movie :)

Also don't expect tenant would take a good care of your property. Most likely you'll end up spending $$ to fix the damages in your property.

Investing there is not always bad, but with cheap rental and house price.. you can't expect A grade tenant there. I'm wondering if anybody in BP could compare lancaster/palmdale area with Inglewood, compton  or even south central.. which area is more make sense for buy and hold. thanks