June 12, 2025 • 18 mins
Ever had a home inspection reveal something utterly unexpected? On this eye-opening episode, Chris shares his jaw-dropping discovery of an abandoned boat left in a backyard during a final walkthrough. This remarkable story highlights why these last-minute inspections are non-negotiable when purchasing property—revealing how this unusual situation required a $10,000 escrow hold until the sellers properly removed their nautical souvenir.
Beyond boat tales, we dive deep into savvy homebuying strategies that could dramatically increase your purchasing power. Discover how multi-family properties and Accessory Dwelling Units (ADUs) can help you qualify for substantially larger mortgages by leveraging potential rental income. We break down exactly how lenders view these additional income streams and why this approach might be your ticket to affording more home than you thought possible.
With current market conditions in mind, we tackle the burning question many potential buyers are facing: buy now at higher rates or wait for rates to drop? Our candid analysis reveals why waiting might actually put you at a disadvantage when competition surges as rates decline. Learn why buying with less competition now and refinancing later could be your winning strategy in today's evolving real estate landscape.
From government rental assistance programs to refinancing guidelines, we provide actionable insights for navigating the current market with confidence. Whether you're a first-time homebuyer or looking to expand your real estate portfolio, this episode delivers practical wisdom to help you make informed decisions. Have questions about financing? Reach out to our preferred lender Heidi—her contact information is in the episode description. Subscribe now for more real estate strategies that could save you thousands!
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 2 (00:07):
Welcome everyone to another episode of Suit Up With
Bias.
My name is Angelo Bias and myco-host today is going to be
Chris.
Chris, welcome back, man.
How are you Doing good manAbout yourself?
Pretty good, pretty good.
You had a crazy story thathappened just recently, right,
oh yeah.
Yeah, do you mind explaining it?
So?
Speaker 1 (00:27):
this story was like a couple of weeks ago.
So basically, a walkthrough isbasically the final time you're
going to see the home before youclose, right?
So the day of closing, we wasgoing to do a walkthrough, right
, we was going to do awalkthrough right.
Now.
Me, as an agent, I always liketo be 15 to 30 minutes early
(00:47):
with the walkthrough to seeeverything looks right.
The first thing was that thisdoor it was not opening at all.
What I had to do is I had to goback to my car right and get
some tools to yank the door.
You know, thank God no onecalled the cops on me, but I did
(01:08):
have permission to do thewalkthrough right.
So that was one thing that wasgoing wrong doing the
walkthrough.
Now, when I was doing thewalkthrough myself right, I seen
that they left a lot of stuffin the house, a lot of junk, and
the one thing is I tookpictures of it right and from
there I was sending to theattorneys so they could review
(01:28):
it and see, uh, basically, howmuch we have to put down on
escrow, which I did give themlike an estimate of ten thousand
and once I was taking picturesof the inside home, the backyard
, backyard guess what they left?
What did they leave?
They left a big boat in thebackyard.
(01:50):
Never seen this in my realisticcareer at all.
Once I saw the boat, I was likewhat they left?
A boat.
How are the clients going tosee this?
So one thing I had to do istake a picture of the boat and
send it to the attorneys so theycould work on getting escrow
from the seller.
And when they saw it theclients they're like what A boat
(02:14):
?
Can we keep the boat?
That was one thing they wereletting me know Can they keep
the boat?
But in this case it wasn'ttheir boat and we had to do the
right thing, which is gettingescrow from the seller's side.
Speaker 2 (02:31):
So basically, for the people that don't know what an
escrow account is, can youexplain it to them a little bit?
Speaker 1 (02:38):
Yeah, so escrow is basically you're going to able
to close on a home, but they'regoing to hold the seller's fund
on the attorney's account.
Basically, in this case it wasaround $10,000 that they're
holding Right now.
The sellers won't get the fundstill they do the job correctly,
(03:00):
meaning remove the boat andremove their stuff in the house.
Speaker 2 (03:05):
Got you.
So basically the sellers don'tget the full amount that they
would have gotten.
The sale Part of it istransferred to an account the
attorney's called an escrowaccount to be withhold until
they fix the problems that areon the premise.
Got you All right, Perfect.
And how was the boat?
Was it in good condition backin the?
Speaker 1 (03:26):
I don't think that boat was working.
Speaker 2 (03:30):
Why do?
Speaker 1 (03:31):
you say that the way it looks.
It looked very dusty and itlooked like it has never been in
the water for four or fiveyears or more.
Speaker 2 (03:40):
Jesus, and that was never there before.
Speaker 1 (03:43):
It was there when I showed the clients, but we did
request them to clean out thehome prior to closing and in
this case, they didn't yeah.
Well, the good thing is theyalready did the job and removed
the boat, so that's a good thing.
Speaker 2 (04:01):
But that's why it's so important to do a final
walkthrough right For thingsjust like that Correct, and it
has to be either on the day ofclosing or the day prior to
closing.
Speaker 1 (04:11):
It's very important.
Yeah, You'd be surprised when ahome, especially if it's vacant
anything can happen.
Speaker 2 (04:18):
Yeah, absolutely, especially if it's prone to
flooding and there's a severerainstorm that came.
Maybe you'll even find out ifthere's flooding in, uh, in the
basement or things like that.
Speaker 1 (04:29):
yeah, and from there.
If anything does pop up in thewalkthrough, say there's a hole
that we never saw or there's apipe leak from there, uh, we
will definitely work on gettingcredit on, basically, you know,
the best for you, yeah, no Forthe clients.
Speaker 2 (04:49):
Absolutely.
I mean, we've heard a bunch ofcrazy stories of what's
happening in like closingssometimes, and at closings, the
final walkthroughs and whatnot,and the list goes on and on.
Speaker 1 (05:02):
Oh yeah, especially if it's vacant, you got to guff
a bit.
Speaker 2 (05:05):
There's no squatters living there.
Yeah, that's very tricky, butthankfully I think New York
amended that squatters squatterslive in there.
Yeah, that's, that's verytricky, but thankfully I think
new york amended that squattersrights right, so now it's a
little bit more easier to takethem out all right, yeah, so you
don't need to worry too muchabout that, but that is kind of
like scary to have people livingin the house that are not
supposed to be there.
Speaker 1 (05:23):
Yeah, last day was pretty nuts with the squatters
oh yeah, man and um.
Speaker 2 (05:29):
There was another thing I wanted to talk to you
about because I think we we'vebeen getting this question a lot
and I think people don't knowthat sometimes they qualify for
more if they're looking at somemulti-families, correct?
Adus?
Speaker 1 (05:42):
yeah, so if you're buying a single family that has
an adu right just basicallyaccessory apartment you can add
that income and basicallyqualify for higher the amount
you are.
We just got to know if that hasthat permit.
Speaker 2 (05:58):
that call accessory apartment, accessory dwelling
unit, yeah, something like that,adu yeah.
And then if they do have thatpermit and stuff and you're all
good to go, then you can usethat basement as a source of
income for the mortgage to getapproved higher correct.
Speaker 1 (06:15):
This is just for strictly single families now if
you are looking for more tomulti-families, like two to four
, then that's somethingdifferent.
Now, um, a lender coulddefinitely add basically the
rental income on your loan, soyou qualify higher yeah, no,
absolutely.
Speaker 2 (06:34):
and um, depending on how much rent you can receive
from that apartment, from, likethe, the, the unit that you're
trying to rent out, you'll bequalified for more or less
depending on that.
So maybe sometimes it has a oneover three and you might tell
the bank, hey, I'm going to beliving on the one unit, I want
to rent out the three units soyou can get the most out of that
(06:56):
mortgage.
Speaker 1 (06:56):
Correct, and it's also helping your mortgage
Exactly Right and in the futurethis could be one of your
portfolios in the real estatemarket and you could keep buying
and renting your buildingsAbsolutely.
I mean if you could reduce thatmortgage renting, you know,
your buildings.
Speaker 2 (07:11):
Absolutely.
I mean, if you could reducethat mortgage as much as you can
, right, and then have someoneelse pay some of it off, then by
the time that you know you'reready to move on to another
property, you're going to have alot of equity in that home.
Speaker 1 (07:24):
Oh, for sure.
Speaker 2 (07:25):
Yeah, because you're going to be paying part of it
and then your tenants are goingto be paying part of it.
Maybe you paying part of it andthen your tenants are going to
be paying part of it, maybeyou're only paying, uh, like
less than half of the mortgage.
Right then, all of that extrapayment being made to the
mortgage, it's just basicallybeing saved up in your equity
and the price is going up aswell, so every, every year, the
market is going now, yeah, and agood thing is right.
Speaker 1 (07:47):
You could add that as your income, the rental incomes
, and you're going to qualifyeven for more higher if you're
planning to buy, maybe in thefuture, a single family.
Speaker 2 (07:57):
Yeah, you know exactly and though the
possibilities are just unlessit's, I think for most people we
do suggest, like, if you'regoing to buy a home right and
you're looking at a home, maybelook at a multi-family just
because, like you could get thatrental income and it can help
you.
It might cost you, sometimeseven a little bit more than
single families, but it's worthit in the long term because you
(08:17):
have more flexibility with thathome.
As long as you're willing totake on tenants, you do have
that flexibility of in thefuture, like now you're going to
have two units that you canrent out and whatnot, if you
want to move on to another oneFor investment properties.
How much is your minimum downpayment for those?
Speaker 1 (08:35):
Usually it's 20%.
20%, yeah, if it is aninvestment home.
But if you're living there,then it's 3.5% or 5% Gotcha.
But for numbers wise, likemortgage, it's best to speak to
your lender.
Yeah, to see how much is yourmonthly mortgage and if you're
comfortable paying that amount.
(08:55):
Yeah, but the good thing is thethe tenant is paying partial of
your mortgage.
Speaker 2 (09:00):
Yeah, especially if they're in a program.
A program pays quite a lot fromwhat I've seen in the
government websites correct andit's guaranteed money.
I know some people have astigma against um, program
vouchers and stuff but honestly,from our experience, they're
just like any other, any otherrenter.
The benefit is that you justhave someone who will
(09:23):
automatically pay you everymonth.
The government willautomatically pay you.
It might be delayed a littlebit sometimes, but they are
going to pay you, yeah, and yeah, I mean if you have any
questions having to do withfinancing, we have a preferred
lender that we use.
Yeah, her name is hitakil.
If you want any moreinformation about her, we can
(09:44):
always put it down in thedescription below so you could
give her a call if you have anyfinancing questions.
Speaker 1 (09:49):
She is amazing and will help you throughout the
whole process yeah, and justknow that you could always refi
you know, even though theinterest is, you know, going up
a bit right, just know, down theline you could always refi
right once it reaches to youknow, four or five percent right
, because if you want to keepwaiting right, just know, if the
(10:12):
interest does go lower, there'sgonna be a lot of buyers out
there.
Oh yeah, a lot of competitionis gonna start competitions out
there.
Yeah, it's best to start earlythen and keep waiting, because
everyone is.
Speaker 2 (10:23):
The mindset is like let's keep waiting until rates
go lower because then that'll bea better opportunity.
It is, in a way, right, but theproblem is that everyone has
that mentality and everyone'swaiting for the rates to go down
so they can all jump into themarket.
Speaker 1 (10:37):
Yeah, and also the rates to market is going to keep
going higher.
Speaker 2 (10:40):
Yeah.
Speaker 1 (10:41):
So it's best to Right .
Speaker 2 (10:43):
And if you buy now less competition, of course,
right.
And also, even though you'regoing to be paying a little bit
more, when rates eventually godown, because I'm pretty sure
they're going to go down in thefuture, once they go down by 2%
or more, that's a good time torefinance.
Usually that's when it makessense to refinance.
But again, heidi can definitelyanswer any and all questions
(11:04):
regarding that, because I knowone of the most important things
when it comes to buying a home.
It's like can we afford it?
And if we can afford it, howcan we make it maybe cheaper in
the future?
And that's where refinancingcomes in.
If you have any questionsregarding that, definitely
contact Heidi.
She can help you out with anyand all those questions.
And I think, having said that,there's one thing that came to
(11:25):
my mind right now that's beenbothering me, and that's the
Knicks game.
Speaker 1 (11:29):
Oh, I don't know what happened with the Knicks.
They're supposed to win thePacers, but they lost.
Speaker 2 (11:37):
They lost man.
That's crazy, but can youimagine, if they won, how crazy
the city would have gotten?
Speaker 1 (11:45):
They would have to call the army the National Guard
.
Speaker 2 (11:49):
You seen the video right?
Oh yeah.
Speaker 1 (11:51):
I saw one video that they were boxing a Pacers fan
and a Knicks fan.
It's nuts Out there.
It's nuts.
It's crazy.
A lot of people have Knicks fan, it's not out there.
Speaker 2 (11:58):
It's not.
It's crazy.
A lot of people have beensaying that it's going to become
Gotham.
If they would have won, yeah.
Speaker 1 (12:05):
Knicks fans are a different story.
Speaker 2 (12:07):
They're a different breed for sure, just like the
Yankees fans, not as much asKnicks fans yeah, knicks fans
are kind of crazy but yeah theylost.
Speaker 1 (12:17):
Let's see what happens in the future where
we're Cat and Brunson.
Speaker 2 (12:21):
Maybe Giannis joins.
Speaker 1 (12:22):
It'd be difficult.
Speaker 2 (12:24):
It'd be difficult.
Speaker 1 (12:26):
What picks are they going to give them?
Speaker 2 (12:28):
They're going to give it to Miguel, you could maybe
trade Cat for Giannis, get somemore persons there like trade
Cat trade.
You really think milwaukeewants cat.
Well, at milwaukee, if yannisrequests a trade, right then
milwaukee.
They're kind of, like, you know, in debt to yannis because he
(12:51):
did win a championship for them,so it's like you know you
should treat them good if hewants to go to the Knicks, you
know, and if they trade Katalong with someone else and
maybe some I don't even know ifthey have picks.
I don't think they have picks,but if they can make a package
together and keep the core teamand stuff, giannis replaces the
(13:11):
power forward position and he'sa way better defender than Kat,
a way better defender and he'lldrive to the basket and stuff.
I think he just fits.
Honestly he fits.
Speaker 1 (13:25):
but it'll be tough.
We got to see what players aregoing to trade to Milwaukee and
see if it makes sense for bothparties.
Speaker 2 (13:33):
Yeah, let's see, man, because that could happen.
Maybe you even throw in MikkelBridges in there, even though
you basically sacrificed allyour first round picks for
Mikkel Bridges.
Speaker 1 (13:44):
Too much picks, I'm sorry.
Speaker 2 (13:46):
So maybe you put Kat and Mikkel Bridges for Giannis.
Speaker 1 (13:50):
That's not about trade, I don't think so, but
yeah, who do you think is goingto win the?
Speaker 2 (13:58):
finals.
I think heavy favorites isgonna be okc and I just think
that they have defenderseverywhere.
Right, pacers have defendershere and there, but I think okc
can just defend it everywhereand that's.
I feel like defense wins,championships and okc.
When I saw that they held theWolves to nine points in one
(14:19):
quarter, that was crazy to me.
I was like you can hold off theWolves, right.
That's just insane.
I feel like if OKC loses that'sgoing to be such an upset, an
insane upset.
But if OKC wins, I just hopeit's not a stomp where it's 4-0
(14:39):
and Pacers don't even have achance.
Speaker 1 (14:42):
My prediction I think OKC winning, maybe in six, in
six, maybe pushing to seven yeah.
Speaker 2 (14:49):
You think they could push it to seven the Pacers?
Speaker 1 (14:51):
Yeah, the way they were playing against the Knicks
they were playing a lot ofdefense, especially game six.
Speaker 2 (14:57):
Yeah.
Speaker 1 (14:58):
Especially with Brunson.
That guy wouldn't even let himbreathe, right Just on top of
him.
Speaker 2 (15:04):
Oh, nembhard.
Yeah, Two of them.
First it was Neesmith and thenit was Nembhard.
Yo, brunson was gettingfrustrated, like so frustrated
he was like I'm done with it,yeah, so I think they could push
it to seven, but OKC isdefinitely going to win the
series.
For sure, you should put moneyon it.
Speaker 1 (15:23):
No, but OKC is a very young team, I think younger
than the Pacers.
Speaker 2 (15:30):
They might be younger than the Pacers.
Yeah, because, shea, how old ishe?
Like 25.
25?
Yeah, he's so young.
Speaker 1 (15:36):
The whole team is young.
Speaker 2 (15:38):
Yeah, it's nice that we're going to get a new
champion this year, like fromprevious years, although Denver
did win it Two years ago.
Two years ago In.
Speaker 1 (15:46):
Milwaukee.
Yeah, Boston won last year wedon't really talk about Boston.
Speaker 2 (15:52):
Boston's won too many .
Yeah, I think in like the 60sor 70s they won like nine out of
that transit, out of that 10years.
Yeah, they bought they, theywon nine, and then the uh, the
sixers won one.
It was like in a 10-year span.
It was crazy, uh, so never talkabout that.
So it's in that sense.
(16:13):
Yeah, it's gonna be amazing.
Just hope it's not a stomp.
And I, I, I remember that youtold me that you were watching
the Yankees game also.
Speaker 1 (16:21):
Oh yes that Saturday it was going wrong.
But first I was watching theYankees game that Saturday
because they were facing theDodgers yeah and it was so bad.
You want to guess what was thescoreboard.
What was the scoreboard?
18 to 2.
Speaker 2 (16:40):
Oh, my God.
You got a murder.
Basically, jesus, is there anyplayer that stood out on the
other team that just killed youguys?
Speaker 1 (16:49):
The whole team, the whole team.
They were doing home runs hits.
There was no one that did badat all.
Speaker 2 (16:57):
At what point in that Yankees game did you feel like
it was over?
Speaker 1 (17:02):
Oh, once the Knicks come up at 8 o'clock I change
the channel.
That's when it was over.
We were losing, say, about six,seven runs.
Oh, my goodness.
Yeah, Saturday was pretty badand the Knicks lost, so that
even made it worse yeah, andthen I heard your order guide
messed up a little bit.
Oh yeah, on top of that too,wing stop.
Speaker 2 (17:25):
They forgot my chicken sandwich.
Um, and it happens, they're sobusy.
That's why, on game nights likethat, especially when you have
yankees and the knicks playing,oh my God, everyone is ordering
Wingstop and I feel like that'sthe fastest growing chain right
now.
Wingstop, the fastest growingfast food right now, because
(17:46):
everyone loves Wingstop.
Speaker 1 (17:48):
Pretty pretty good.
Speaker 2 (17:49):
The fries somewhat okay, but the wings pretty
pretty good, yeah, absolutely,but expensive, oh yeah, oh, very
expensive it's.
Oh yeah, oh very expensive it'sworth it, though it's worth it.
Yeah, what's your favoriteflavors, man?
Uh, it's the lemon pepper.
Lemon pepper.
No other ones, not really.
Speaker 1 (18:06):
Oh, mine's mango habanero I'll never try it, just
try it yeah, you should trymango habanero.
Speaker 2 (18:12):
it's so nice.
But having said that, I thinkthat's the end of the episode.
Do you have anything to say tothe audience?
No, no, I got you Well, guys.
Thank you so much for tuning into this week's episode of Suit
Up With Bias.
Please feel free to have anyquestions put into the comments
below and we'll try to respondto them as fast as possible.
(18:33):
Thank you, guys.
So much, bye, bye, guys.
Welcome everyone to another episode of Suit Up With
Bias.
My name is Angelo Bias and myco-host today is going to be
Chris.
Chris, welcome back, man.
How are you Doing good manAbout yourself?
Pretty good, pretty good.
You had a crazy story thathappened just recently, right,
oh yeah.
Yeah, do you mind explaining it?
So?
Speaker 1 (00:27):
this story was like a couple of weeks ago.
So basically, a walkthrough isbasically the final time you're
going to see the home before youclose, right?
So the day of closing, we wasgoing to do a walkthrough, right
, we was going to do awalkthrough right.
Now.
Me, as an agent, I always liketo be 15 to 30 minutes early
(00:47):
with the walkthrough to seeeverything looks right.
The first thing was that thisdoor it was not opening at all.
What I had to do is I had to goback to my car right and get
some tools to yank the door.
You know, thank God no onecalled the cops on me, but I did
(01:08):
have permission to do thewalkthrough right.
So that was one thing that wasgoing wrong doing the
walkthrough.
Now, when I was doing thewalkthrough myself right, I seen
that they left a lot of stuffin the house, a lot of junk, and
the one thing is I tookpictures of it right and from
there I was sending to theattorneys so they could review
(01:28):
it and see, uh, basically, howmuch we have to put down on
escrow, which I did give themlike an estimate of ten thousand
and once I was taking picturesof the inside home, the backyard
, backyard guess what they left?
What did they leave?
They left a big boat in thebackyard.
(01:50):
Never seen this in my realisticcareer at all.
Once I saw the boat, I was likewhat they left?
A boat.
How are the clients going tosee this?
So one thing I had to do istake a picture of the boat and
send it to the attorneys so theycould work on getting escrow
from the seller.
And when they saw it theclients they're like what A boat
(02:14):
?
Can we keep the boat?
That was one thing they wereletting me know Can they keep
the boat?
But in this case it wasn'ttheir boat and we had to do the
right thing, which is gettingescrow from the seller's side.
Speaker 2 (02:31):
So basically, for the people that don't know what an
escrow account is, can youexplain it to them a little bit?
Speaker 1 (02:38):
Yeah, so escrow is basically you're going to able
to close on a home, but they'regoing to hold the seller's fund
on the attorney's account.
Basically, in this case it wasaround $10,000 that they're
holding Right now.
The sellers won't get the fundstill they do the job correctly,
(03:00):
meaning remove the boat andremove their stuff in the house.
Speaker 2 (03:05):
Got you.
So basically the sellers don'tget the full amount that they
would have gotten.
The sale Part of it istransferred to an account the
attorney's called an escrowaccount to be withhold until
they fix the problems that areon the premise.
Got you All right, Perfect.
And how was the boat?
Was it in good condition backin the?
Speaker 1 (03:26):
I don't think that boat was working.
Speaker 2 (03:30):
Why do?
Speaker 1 (03:31):
you say that the way it looks.
It looked very dusty and itlooked like it has never been in
the water for four or fiveyears or more.
Speaker 2 (03:40):
Jesus, and that was never there before.
Speaker 1 (03:43):
It was there when I showed the clients, but we did
request them to clean out thehome prior to closing and in
this case, they didn't yeah.
Well, the good thing is theyalready did the job and removed
the boat, so that's a good thing.
Speaker 2 (04:01):
But that's why it's so important to do a final
walkthrough right For thingsjust like that Correct, and it
has to be either on the day ofclosing or the day prior to
closing.
Speaker 1 (04:11):
It's very important.
Yeah, You'd be surprised when ahome, especially if it's vacant
anything can happen.
Speaker 2 (04:18):
Yeah, absolutely, especially if it's prone to
flooding and there's a severerainstorm that came.
Maybe you'll even find out ifthere's flooding in, uh, in the
basement or things like that.
Speaker 1 (04:29):
yeah, and from there.
If anything does pop up in thewalkthrough, say there's a hole
that we never saw or there's apipe leak from there, uh, we
will definitely work on gettingcredit on, basically, you know,
the best for you, yeah, no Forthe clients.
Speaker 2 (04:49):
Absolutely.
I mean, we've heard a bunch ofcrazy stories of what's
happening in like closingssometimes, and at closings, the
final walkthroughs and whatnot,and the list goes on and on.
Speaker 1 (05:02):
Oh yeah, especially if it's vacant, you got to guff
a bit.
Speaker 2 (05:05):
There's no squatters living there.
Yeah, that's very tricky, butthankfully I think New York
amended that squatters squatterslive in there.
Yeah, that's, that's verytricky, but thankfully I think
new york amended that squattersrights right, so now it's a
little bit more easier to takethem out all right, yeah, so you
don't need to worry too muchabout that, but that is kind of
like scary to have people livingin the house that are not
supposed to be there.
Speaker 1 (05:23):
Yeah, last day was pretty nuts with the squatters
oh yeah, man and um.
Speaker 2 (05:29):
There was another thing I wanted to talk to you
about because I think we we'vebeen getting this question a lot
and I think people don't knowthat sometimes they qualify for
more if they're looking at somemulti-families, correct?
Adus?
Speaker 1 (05:42):
yeah, so if you're buying a single family that has
an adu right just basicallyaccessory apartment you can add
that income and basicallyqualify for higher the amount
you are.
We just got to know if that hasthat permit.
Speaker 2 (05:58):
that call accessory apartment, accessory dwelling
unit, yeah, something like that,adu yeah.
And then if they do have thatpermit and stuff and you're all
good to go, then you can usethat basement as a source of
income for the mortgage to getapproved higher correct.
Speaker 1 (06:15):
This is just for strictly single families now if
you are looking for more tomulti-families, like two to four
, then that's somethingdifferent.
Now, um, a lender coulddefinitely add basically the
rental income on your loan, soyou qualify higher yeah, no,
absolutely.
Speaker 2 (06:34):
and um, depending on how much rent you can receive
from that apartment, from, likethe, the, the unit that you're
trying to rent out, you'll bequalified for more or less
depending on that.
So maybe sometimes it has a oneover three and you might tell
the bank, hey, I'm going to beliving on the one unit, I want
to rent out the three units soyou can get the most out of that
(06:56):
mortgage.
Speaker 1 (06:56):
Correct, and it's also helping your mortgage
Exactly Right and in the futurethis could be one of your
portfolios in the real estatemarket and you could keep buying
and renting your buildingsAbsolutely.
I mean if you could reduce thatmortgage renting, you know,
your buildings.
Speaker 2 (07:11):
Absolutely.
I mean, if you could reducethat mortgage as much as you can
, right, and then have someoneelse pay some of it off, then by
the time that you know you'reready to move on to another
property, you're going to have alot of equity in that home.
Speaker 1 (07:24):
Oh, for sure.
Speaker 2 (07:25):
Yeah, because you're going to be paying part of it
and then your tenants are goingto be paying part of it.
Maybe you paying part of it andthen your tenants are going to
be paying part of it, maybeyou're only paying, uh, like
less than half of the mortgage.
Right then, all of that extrapayment being made to the
mortgage, it's just basicallybeing saved up in your equity
and the price is going up aswell, so every, every year, the
market is going now, yeah, and agood thing is right.
Speaker 1 (07:47):
You could add that as your income, the rental incomes
, and you're going to qualifyeven for more higher if you're
planning to buy, maybe in thefuture, a single family.
Speaker 2 (07:57):
Yeah, you know exactly and though the
possibilities are just unlessit's, I think for most people we
do suggest, like, if you'regoing to buy a home right and
you're looking at a home, maybelook at a multi-family just
because, like you could get thatrental income and it can help
you.
It might cost you, sometimeseven a little bit more than
single families, but it's worthit in the long term because you
(08:17):
have more flexibility with thathome.
As long as you're willing totake on tenants, you do have
that flexibility of in thefuture, like now you're going to
have two units that you canrent out and whatnot, if you
want to move on to another oneFor investment properties.
How much is your minimum downpayment for those?
Speaker 1 (08:35):
Usually it's 20%.
20%, yeah, if it is aninvestment home.
But if you're living there,then it's 3.5% or 5% Gotcha.
But for numbers wise, likemortgage, it's best to speak to
your lender.
Yeah, to see how much is yourmonthly mortgage and if you're
comfortable paying that amount.
(08:55):
Yeah, but the good thing is thethe tenant is paying partial of
your mortgage.
Speaker 2 (09:00):
Yeah, especially if they're in a program.
A program pays quite a lot fromwhat I've seen in the
government websites correct andit's guaranteed money.
I know some people have astigma against um, program
vouchers and stuff but honestly,from our experience, they're
just like any other, any otherrenter.
The benefit is that you justhave someone who will
(09:23):
automatically pay you everymonth.
The government willautomatically pay you.
It might be delayed a littlebit sometimes, but they are
going to pay you, yeah, and yeah, I mean if you have any
questions having to do withfinancing, we have a preferred
lender that we use.
Yeah, her name is hitakil.
If you want any moreinformation about her, we can
(09:44):
always put it down in thedescription below so you could
give her a call if you have anyfinancing questions.
Speaker 1 (09:49):
She is amazing and will help you throughout the
whole process yeah, and justknow that you could always refi
you know, even though theinterest is, you know, going up
a bit right, just know, down theline you could always refi
right once it reaches to youknow, four or five percent right
, because if you want to keepwaiting right, just know, if the
(10:12):
interest does go lower, there'sgonna be a lot of buyers out
there.
Oh yeah, a lot of competitionis gonna start competitions out
there.
Yeah, it's best to start earlythen and keep waiting, because
everyone is.
Speaker 2 (10:23):
The mindset is like let's keep waiting until rates
go lower because then that'll bea better opportunity.
It is, in a way, right, but theproblem is that everyone has
that mentality and everyone'swaiting for the rates to go down
so they can all jump into themarket.
Speaker 1 (10:37):
Yeah, and also the rates to market is going to keep
going higher.
Speaker 2 (10:40):
Yeah.
Speaker 1 (10:41):
So it's best to Right .
Speaker 2 (10:43):
And if you buy now less competition, of course,
right.
And also, even though you'regoing to be paying a little bit
more, when rates eventually godown, because I'm pretty sure
they're going to go down in thefuture, once they go down by 2%
or more, that's a good time torefinance.
Usually that's when it makessense to refinance.
But again, heidi can definitelyanswer any and all questions
(11:04):
regarding that, because I knowone of the most important things
when it comes to buying a home.
It's like can we afford it?
And if we can afford it, howcan we make it maybe cheaper in
the future?
And that's where refinancingcomes in.
If you have any questionsregarding that, definitely
contact Heidi.
She can help you out with anyand all those questions.
And I think, having said that,there's one thing that came to
(11:25):
my mind right now that's beenbothering me, and that's the
Knicks game.
Speaker 1 (11:29):
Oh, I don't know what happened with the Knicks.
They're supposed to win thePacers, but they lost.
Speaker 2 (11:37):
They lost man.
That's crazy, but can youimagine, if they won, how crazy
the city would have gotten?
Speaker 1 (11:45):
They would have to call the army the National Guard
.
Speaker 2 (11:49):
You seen the video right?
Oh yeah.
Speaker 1 (11:51):
I saw one video that they were boxing a Pacers fan
and a Knicks fan.
It's nuts Out there.
It's nuts.
It's crazy.
A lot of people have Knicks fan, it's not out there.
Speaker 2 (11:58):
It's not.
It's crazy.
A lot of people have beensaying that it's going to become
Gotham.
If they would have won, yeah.
Speaker 1 (12:05):
Knicks fans are a different story.
Speaker 2 (12:07):
They're a different breed for sure, just like the
Yankees fans, not as much asKnicks fans yeah, knicks fans
are kind of crazy but yeah theylost.
Speaker 1 (12:17):
Let's see what happens in the future where
we're Cat and Brunson.
Speaker 2 (12:21):
Maybe Giannis joins.
Speaker 1 (12:22):
It'd be difficult.
Speaker 2 (12:24):
It'd be difficult.
Speaker 1 (12:26):
What picks are they going to give them?
Speaker 2 (12:28):
They're going to give it to Miguel, you could maybe
trade Cat for Giannis, get somemore persons there like trade
Cat trade.
You really think milwaukeewants cat.
Well, at milwaukee, if yannisrequests a trade, right then
milwaukee.
They're kind of, like, you know, in debt to yannis because he
(12:51):
did win a championship for them,so it's like you know you
should treat them good if hewants to go to the Knicks, you
know, and if they trade Katalong with someone else and
maybe some I don't even know ifthey have picks.
I don't think they have picks,but if they can make a package
together and keep the core teamand stuff, giannis replaces the
(13:11):
power forward position and he'sa way better defender than Kat,
a way better defender and he'lldrive to the basket and stuff.
I think he just fits.
Honestly he fits.
Speaker 1 (13:25):
but it'll be tough.
We got to see what players aregoing to trade to Milwaukee and
see if it makes sense for bothparties.
Speaker 2 (13:33):
Yeah, let's see, man, because that could happen.
Maybe you even throw in MikkelBridges in there, even though
you basically sacrificed allyour first round picks for
Mikkel Bridges.
Speaker 1 (13:44):
Too much picks, I'm sorry.
Speaker 2 (13:46):
So maybe you put Kat and Mikkel Bridges for Giannis.
Speaker 1 (13:50):
That's not about trade, I don't think so, but
yeah, who do you think is goingto win the?
Speaker 2 (13:58):
finals.
I think heavy favorites isgonna be okc and I just think
that they have defenderseverywhere.
Right, pacers have defendershere and there, but I think okc
can just defend it everywhereand that's.
I feel like defense wins,championships and okc.
When I saw that they held theWolves to nine points in one
(14:19):
quarter, that was crazy to me.
I was like you can hold off theWolves, right.
That's just insane.
I feel like if OKC loses that'sgoing to be such an upset, an
insane upset.
But if OKC wins, I just hopeit's not a stomp where it's 4-0
(14:39):
and Pacers don't even have achance.
Speaker 1 (14:42):
My prediction I think OKC winning, maybe in six, in
six, maybe pushing to seven yeah.
Speaker 2 (14:49):
You think they could push it to seven the Pacers?
Speaker 1 (14:51):
Yeah, the way they were playing against the Knicks
they were playing a lot ofdefense, especially game six.
Speaker 2 (14:57):
Yeah.
Speaker 1 (14:58):
Especially with Brunson.
That guy wouldn't even let himbreathe, right Just on top of
him.
Speaker 2 (15:04):
Oh, nembhard.
Yeah, Two of them.
First it was Neesmith and thenit was Nembhard.
Yo, brunson was gettingfrustrated, like so frustrated
he was like I'm done with it,yeah, so I think they could push
it to seven, but OKC isdefinitely going to win the
series.
For sure, you should put moneyon it.
Speaker 1 (15:23):
No, but OKC is a very young team, I think younger
than the Pacers.
Speaker 2 (15:30):
They might be younger than the Pacers.
Yeah, because, shea, how old ishe?
Like 25.
25?
Yeah, he's so young.
Speaker 1 (15:36):
The whole team is young.
Speaker 2 (15:38):
Yeah, it's nice that we're going to get a new
champion this year, like fromprevious years, although Denver
did win it Two years ago.
Two years ago In.
Speaker 1 (15:46):
Milwaukee.
Yeah, Boston won last year wedon't really talk about Boston.
Speaker 2 (15:52):
Boston's won too many .
Yeah, I think in like the 60sor 70s they won like nine out of
that transit, out of that 10years.
Yeah, they bought they, theywon nine, and then the uh, the
sixers won one.
It was like in a 10-year span.
It was crazy, uh, so never talkabout that.
So it's in that sense.
(16:13):
Yeah, it's gonna be amazing.
Just hope it's not a stomp.
And I, I, I remember that youtold me that you were watching
the Yankees game also.
Speaker 1 (16:21):
Oh yes that Saturday it was going wrong.
But first I was watching theYankees game that Saturday
because they were facing theDodgers yeah and it was so bad.
You want to guess what was thescoreboard.
What was the scoreboard?
18 to 2.
Speaker 2 (16:40):
Oh, my God.
You got a murder.
Basically, jesus, is there anyplayer that stood out on the
other team that just killed youguys?
Speaker 1 (16:49):
The whole team, the whole team.
They were doing home runs hits.
There was no one that did badat all.
Speaker 2 (16:57):
At what point in that Yankees game did you feel like
it was over?
Speaker 1 (17:02):
Oh, once the Knicks come up at 8 o'clock I change
the channel.
That's when it was over.
We were losing, say, about six,seven runs.
Oh, my goodness.
Yeah, Saturday was pretty badand the Knicks lost, so that
even made it worse yeah, andthen I heard your order guide
messed up a little bit.
Oh yeah, on top of that too,wing stop.
Speaker 2 (17:25):
They forgot my chicken sandwich.
Um, and it happens, they're sobusy.
That's why, on game nights likethat, especially when you have
yankees and the knicks playing,oh my God, everyone is ordering
Wingstop and I feel like that'sthe fastest growing chain right
now.
Wingstop, the fastest growingfast food right now, because
(17:46):
everyone loves Wingstop.
Speaker 1 (17:48):
Pretty pretty good.
Speaker 2 (17:49):
The fries somewhat okay, but the wings pretty
pretty good, yeah, absolutely,but expensive, oh yeah, oh, very
expensive it's.
Oh yeah, oh very expensive it'sworth it, though it's worth it.
Yeah, what's your favoriteflavors, man?
Uh, it's the lemon pepper.
Lemon pepper.
No other ones, not really.
Speaker 1 (18:06):
Oh, mine's mango habanero I'll never try it, just
try it yeah, you should trymango habanero.
Speaker 2 (18:12):
it's so nice.
But having said that, I thinkthat's the end of the episode.
Do you have anything to say tothe audience?
No, no, I got you Well, guys.
Thank you so much for tuning into this week's episode of Suit
Up With Bias.
Please feel free to have anyquestions put into the comments
below and we'll try to respondto them as fast as possible.
(18:33):
Thank you, guys.
So much, bye, bye, guys.
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