All Forum Posts by: Ryan K.

Cool, thanks for the good tip!

 

Hey Daniel, I've never heard this before. Do you have any source for this? Anyone vouch for this? I'm set up to pay my credit card in full every month, but this would be a big help for the next loan.

@David M. you had me until Zelle.  Wells Fargo is a demonstrably bad business and I will not support them.

I have 3 rental units, owned and financed under my own name. It's definitely a small business; I am the only employee and sometimes my wife. I feel like it will make it easier to track revenue and expenses if I separate it from my personal accounts.

1. I would like a checking account for regular debits/credits and a savings account, to hold security deposits.
2. 3 units have monthly revenue (and security deposit amount) of $5500, for an idea of account minimums.
3. I would like the greatest interest-bearing accounts, no monthly/annual fees.
4. Credit/debit card and remote check deposit. Physical locations is a low priority.

Does anyone have a banking recommendation?

Anyone ever use First Internet Bank?

Has anyone found anything out about EIDL loans?  My current mortgage on the investment property (formerly primary residence) is 3.625%, so it doesn't make sense to accept this to pay the rent.  Can I use this as part of a down payment for my next investment property, to grow my small RE business?

I have the following offer.  If I take more than $25k, is there a 2nd lien on the property?  Are there any online resources that clarify any of this?

Thanks for all the input!  Based on my available down payment, the 25% down and higher comm rates influenced my offer - much lower than list price.  The selling broker confirmed they are only finding comm lending rates.  Who knows, maybe it will influence them to accept my low ball!  Or, I'll keep looking.

Thanks for the response!  So far, I have only gotten commercial quotes.  What is the criteria to qualify as owner-occupied res?  Can there be any commercial in the building?  What about a home office (for me)?

I am looking at a 2-story building in my downtown area.  There is a nicely updated 2 bed / 2 bath apartment upstairs, and 2 ground level commercial tenants (presently a hair salon with a full bathroom and office).  It is not condominiumed, 1 whole building.

If we were to move into the apartment, could we get owner-occupied financing?  30-year, 3.5% (or wherever it may be), we could up to 20% down - is less than 20% an option?

The Vail Board of Realtors sent an email this morning.  They met with Senator Gardner last week, regarding this bill and their concerns about it.

"Key points we heard from Senator Gardner are:

· This bill is about ‘Parity”

· He is looking for fairness and equity from an assessor point of view

· There is no house sponsor

· This was not to increase tax revenue

· He does not want any assessment plans to drive land use. This should be up to individual municipalities.

· This bill will die and not move forward this legislative session"

The last point is key.  It was a non-sensical bill from the beginning.  Poorly thought out, with a myriad of unintended consequences.  So this one is dead, but it may make a return in the future in a different form.

I'm all for income and lodging taxes on STR income. I think a property tax is misguided. If prices did crater...I'd be stoked to load up more property because most CO resort stuff is too expensive to cash flow with a mortgage and too pricey for cash!

Right now, there are 28 MLS listings in my town. 6 are less than $500k (all condos/TH). Cheapest SFR is $599k; the highest price is a 11.5 acre ranch along the river listed for $10M (future development). Removing this high outlier, average list price is $1.016M, $365/sf. Not much out there!

I want to grow my portfolio (residential rentals, creating "passive" cash flow).  I'm sitting 6 figure downpayment, but there is nothing available in my market.  How do I put this money to work?