I do appreciate all of your guidelines, Im so lucky to be here to meet you and get your advices.
About my broker/realtor, Im first home buyer and it is so hard for me in situation that my realtor/ broker did not give me any helpful advice about potential cash flow area, type of house, price negotiation strategy or anything else. She seems irresponsible or lacking of knowledge about investment, I don't know why. I have to find myself Lender with so high rate loan when my credit score is far higher than 640, but my realtor/ broker did not tell me trying shop around. She suggested me buy a single family but I learn myself it is better to buy multi family. She did not give me advice in negotiation price, so I lost two times of fee of inspector and appraisal fee because the house I offer is higher up to 10k compare to appraisal value.
About broker of Lender, she did not give me explanation clearly about the restriction of 3-unit/4-unit, just tell me I only buy 2-unit. And the rate is 3.75%, her commission 1.6% and tell me all the term is could not be negotiated. What is wrong here with my team? I always have to research myself almost everything.
Can I change my team when I have not closed any transaction?
About self sufficiency test: I believed that I am qualify for all of this requirement. At that time, I am pending with the 2-unit home that has up to 7 beds, ( 1 unit has 3 beds and 1 unit has 4 beds ) , the location is very good for cash flow, 55103, 2 block away from light rail, near Capital House, Downtown, U of M, market, opposite to Church, School. The PITI is $1,288 ( with tax, 1.35% mortgage insurance and 3.75% rate, term 30), the exist leasing income in 1 unit is valued by Appraiser is $1195. But the home price I offer is higher 10k compare to appraiser's price. My realtor always advices me offer a highest price, even higher than the listing price. I do not know why.
Due to believe I could not get 3-unit/4-unit, I have to rid off many triplex, quad that are very potential for cash flow.
Does anyone can be better than my existing Team ? I am grateful for all of your advice!