All Forum Posts by: Craig Risser

Hello,

I have $10k available in a personal line of credit.

I currently have the funds I need for a down payment and closing costs for my next property but was curious about reserve funds. 

Would a traditional lender qualify my personal line of credit as reserve funds?

Thank you 

Hello everyone,

About to open an LLC to hold a few properties in. Wondering how I should elect to have my LLC taxed? S-Corp, C-corp, etc..?

Thank you in advance!

Hello everyone,

Planning to start shopping for my first property in February 2020 and I had a question about lender/mortgage approvals.

Long story short, I took out personal loan of $7,000 in July to cover some unforeseen expenses.

Will a lender see this amount (roughy $6,200 by February) and only allow me to use what I’ve saved up less $6,200?

So instead of $30k they’ll only allow $23.8k?

Thanks for your help.

@Chris Mason

Thanks. I understand every situation is unique but basically the six month reserves on a primary residence “requirement” is a bunch of junk considering my credit score is strong?

Hello everyone,

Getting my down payment, closing costs, and cash reserves lined up for my first investment property come January.

But today I read that lenders also want to see six months of cash reserves available for my primary residence. Approximately $7k in my case.

Is this information accurate? My credit score is 820.

Thanks

@Subbie Kaur @mark ainley thank you both!

Hello everyone,

Looking to purchase my first rental in the next few years and I’m getting things organized.

I have two questions; what should I look for in a property management company and will a property management company take on a single property?

Thanks!

(I have no interest in managing my own property regardless of potential cost saving)

@Frank Patalano

Simply raising the capital for a down payment.