All Forum Posts by: Cole Farrell

@Jaysen Medhurst

Okay I used the calculator which is actually amazing. The report was very cool and useful. Anyways, it would not let me post it here unless I upgraded so I took some crude photos but can add numbers if they are not easily read.

I have heard of rules such as the 2% and then similar things such as saving a percentage of rent each month for repairs/maintenance/vacancy but am not versed on them. If you have information on them I would love to know more.

@Jaysen Medhurst Yes that would be great! Can we do it in this discussion? I apologize for the late response, I had quite a bit distracting me.

@Jaysen Medhurst The purchase price is $80K, after all expenses it would have a cashflow of $600. I was considering an FHA however current tenants are great, would it be worth losing one?

@Jaysen Medhurst Thank you for the response. I have thought about an FHA, however the cashflow with the current two tenants is too good to pass up. Although I would pay less down with the FHA, I figured paying more down and keeping both tenants for the higher cash flow would be more beneficial. Do you think that is reasonable?

Hello, I am about to purchase my first investment property but I am slightly wary on which loan I should use. My plan is to acquire an empire as I am sure is many others. Having this goal in mind, I created an LLC and started searching for someone to finance my first property. I quickly realized obtaining a commercial loan with no history is near impossible. After talking to a few banks, I searched for residential loans instead based on not having the 5yr bullet, higher down pay etc. Today I received a call back from one of the commercial lenders saying they would do the loan. The terms are along the lines of 6%int, 20% down, 5yr fix over 20 years total. This is the only offer I have received yet. To make it a bit more complicated, I am 21 years old and therefore have barely any substantial income. I am looking for advice if this is a good deal, and will benefit me or if this is a dangerous path (The loan type). Thank you so much.