All Forum Posts by: Andrew Lackey

Hello everyone!

I am new to the investing world, and I'm looking to learn as much as I can before finding my first deal.

When you purchase a property to rent out for passive cashflow, how many months worth of expenses do you usually keep in reserve? I'm thinking of a scenario in which you purchase a house to rent out, but can't find a tenant - resulting in the bank (or whoever you borrowed from to get it) repossessing the property once you run out of money to pay the expenses.

Aside from purchasing properties with tenants already in place, is there any other way to ensure the property will be rented before you buy it?

Any advice would be appreciated.

Thanks!

-Andrew Lackey

North Carolina

So would that mean that a lender would generally be more comfortable with a non-recourse loan if it was for a cashflow property in an expanding area full of growing businesses, as opposed to somewhere with high unemployment and businesses shutting down? Oh and thanks for your encouragement!

Hello! I'm new to the investing world, and was wondering about different ways to cover yourself if things go wrong - specifically, if you can't find a tenant, and are unable to pay the loan on a property you haven't paid off yet. I've heard a bit about non-recourse loans, which (if I understand them correctly) save the borrower from financial liability and only take the property as collateral. This supposedly leaves you out of a property, but not stuck in debt

My question is, what other ways are there of safeguarding your investment? And if my information about non-recourse loans is incorrect, please feel free to correct me.

I'll do that, thanks for the advice!

Hello, all! I am a student pilot living in Winston-Salem, North Carolina. No experience in investment yet, I am looking for a group and/or mentor to help me get started into the world of real estate.

Cheers!