All Forum Posts by: Alexander Churchill

Wouldn't I need more than a name to do the check? Like social security or anything? Right now I only have names. If I need more than that how do I go about getting it do I ask the seller or ask the seller for permission to ask the tenants?

What's up BP! So I'm closing on a rental property in about 3-4 weeks. I'm inheriting tenants and I want to know if and how I can screen them before I actually close and inherit them. Do I just need their names?? How do I go about it??

Thanks Michael P. You're right. I do intend to hold for a while. My biggest intention right now is to increase income through rental properties. Everything sounds more and more like the 20 year fixed is the best option which I already figured. I appreciate your input!

Thanks I really appreciate your input! I'm probably going to go 20 year fixed in a way I just needed to hear it but when you break down the numbers that way is really does make more sense!

Hey sorry .... I didn't realize that wasn't something I could do. Just looking for different inputs

What's up BP! So here's the thing. I'm ridiculously indecisive about choosing which loan/rate to choose for my first multi-unit rental property. Almost to the point where it doesn't make sense to me why I'm beating myself up so much about 70 bucks a month in profit. Closing in 4 weeks. Have about a week and a half to decide. So here's the numbers: Property income Unit 1 - 650 Unit 2 - 625 Detached 4 car garage - 3/4 currently rented at $50/ month . So the income in is currently at 1425 per month with potentially $50 more (1425-1475 per month) Here's the Mortgage numbers: 20% down 20 year term- Fixed rate at 5% Principle - $346 Estimated monthly expenses (P&I/Taxes/Insurance) = $545 a month 30 10/1 arm 30 year term 10 year fixed rate at 4.63% Adjustable after 10 years Principle Years 1-10 - $270 •adjust every year starting year 11 •can go as high as 10.63% in year 13 •Limits on interest rate changes are 2% for first change and 2% for subsequent changes up to Maximum rate of 10.63% Estimated monthly expenses for first 10 years (P&I/Taxes/Insurance = $473 a month I know I'll probably have the option to refinance and my my main goal is to increase income and continue building a portfolio but also wanting to build equity/net worth as well. Someone please tell me to stop being cheap and go with the secured payment and rate especially with initial rates not being much different! Lol no really ADVICE PLEASE. Just want to here some opinions from different investors!

Cash flow for the 20 year fix would be 545 subtracted from 1425-1475 so roughly $880-$930 in cash flow The 30 10/1 would be 475 subtracted from 1425-1475 so roughly $950-$1000 in cash flow Not a big difference in grand scheme I know

What's up BP! So here's the thing. I'm ridiculously indecisive about choosing which loan/rate to choose for my first multi-unit rental property. Almost to the point where it doesn't make sense to me why I'm beating myself up so much about 70 bucks a month in profit. Closing in 4 weeks. Have about a week and a half to decide. So here's the numbers: Property income Unit 1 - 650 Unit 2 - 625 Detached 4 car garage - 3/4 currently rented at $50/ month . So the income in is currently at 1425 per month with potentially $50 more (1425-1475 per month) Here's the Mortgage numbers: 20% down 20 year term- Fixed rate at 5% Principle - $346 Estimated monthly expenses (P&I/Taxes/Insurance) = $545 a month 30 10/1 arm 30 year term 10 year fixed rate at 4.63% Adjustable after 10 years Principle Years 1-10 - $270 •adjust every year starting year 11 •can go as high as 10.63% in year 13 •Limits on interest rate changes are 2% for first change and 2% for subsequent changes up to Maximum rate of 10.63% Estimated monthly expenses for first 10 years (P&I/Taxes/Insurance = $473 a month I know I'll probably have the option to refinance and my my main goal is to increase income and continue building a portfolio but also wanting to build equity/net worth as well. Someone please tell me to stop being cheap and go with the secured payment and rate especially with initial rates not being much different! Lol no really ADVICE PLEASE. Just want to here some opinions from different investors!

What's up BP! I Live in PA and I'm buying in the area I live in . I'm In a contract on my first rental property. It's a 2 unit side by side double. I've been getting mixed advice on setting up an LLC on the property and if so that I should do it prior to closing so I don't have to transfer. Any advice on if I should set up LLC for just owning one property at the moment? I'm looking for Pros and cons and alternative suggestions!

Hello BP! My name is Alex and I live in Williamsport, PA. I've always wanted to get involved into real estate investing and decided to take my first step! I am currently in a purchase agreement on a 2 unit property here in Williamsport and I'll be closing in about 4 weeks . I plan to buy and hold and utilize as a rental property. The main reason I joined was to learn as much as possible before taking my first steps as an Investor/Landlord. A little about myself : - just turned 23 years old - currently work full time / also military (reserve) - never invested before and hope to start a portfolio I hope to learn and make friends/connections with all of you!!