All Forum Posts by: Betty Cruz

@Kristin Steadings  I don't think a CPA or lawyer would be as knowledgeable about that specific question as someone like @Dmitriy Fomichenko or @Mark Nolan. Both are very active here on Bigger Pockets. 

I wanted to update you all who were so kind to help me out about a month ago. I have found a great off market opportunity today and now need to figure out the best way to finance it with my partner. We have agreed to take it on 50/50. I don't know if that makes a difference to banks. I plan to call tomorrow to find out. It needs to close by the end of the month.

Details - $45,000. Already has a renter with a two year lease at $900/mo. They want to stay. It can be fixed up for about $25,000 and then sold for $100,000. We want it as a rental property at least for a while since the renters are already in place.

Options for my half of the financing:

1. HELOC - it's ready to go and already closed

2. Traditional loan for a rental property (requires 20 percent down but already pre-approved)

3. Cash. I have the cash to just write a check for my half of the total cost.

My partner wants to pay his half with his solo 401K. 

Any advice or insight would be appreciated. thank you!

@Jeff B.to your point about cash flow, why is $325 a month better than $2300 a month?

@Joel Schiffer  Sorry Joel, I had meant to tag you on the last post. 

@Adam Baker @Brad Larsen

I'm no mathematician but if the top 6 management companies have 1700 properties combined (per Brad's post), and maybe there are another 1700 out there with other companies or independent, and an average vacancy of 10 percent, that would mean that at any time you could easily find 340 properties advertised for rent in a perfectly healthy rental market. 

@Mark Nolan Cute. I've read your materials and they are very informative. I see the advantage/need to have both a checking account and brokerage account primarily for the bank card and cashiers checks, which the brokerage account doesn't provide. Is that a correct line of thinking?

@Account Closed It's not required that you have a Realtor, but when you register there is a place to enter your Realtor's name and info if you have one.

@Kyle Kieke I'm with you. I'm interested in multi family and can see a lot of upside.  I have an offer on one right now that I'm very interested in. Message me if you want to discuss and compare notes. 

@Wanda Croft. Hi Wanda, I've been looking in that area as well. Seems like the rentals could cash flow. Are you finding that to be true? What are the challenges there?