All Forum Posts by: Dana Vijum

Anyone in this forum a commercial realtor? I’m looking for a 3-5 acre piece of property in the Southeast part of Phoenix, (zip codes 85044, 85048, 85283) preferably with access to water & sewer.

I have an LLC and will be possibly partnering up with a friend of mine who has one as well. We are interested in purchasing land and starting a RV/Boat storage business in Northern AZ. (We both live in AZ)

1. I will be putting up money for the down payment and securing  financing because my partner has changed career fields in the last year and may have trouble qualifying for a loan on paper.    My partner will be able to be on site while improvements are being done to the property (fence, well, septic etc).

Questions I have:

1.  Would you consider this a 50/50 split on proceeds since I am putting up the $ and he is doing the rest to get us up and running?

2.  Do we open up a new account in both our names for income & expenses?

3.  How are taxes handled in a partnership arrangement like this?

I have found a rental property in a desirable area of Phoenix AZ  and have made an offer on it.  Since I am a new investor, the bank is requiring 30% down plus closing costs.

The loan will have a fixed 4.82% APR for 30 years

30% down  will be $75,000 + $6,000 in closing costs. 

Since this is my first deal and most likely the one I will learn the most from; other than wiping out my entire savings for the down payment; is there another way to structure this deal?

Dana Vijum

As I'm proceeding with my first Rental house investment; the loan will have a fixed 4.82% APR for 30 years, and 30% down which will be $75,000 + closing costs. Since this is my first deal and most likely the one I will learn the most from; other than wiping out my entire savings account for the down payment; what other options might I have?

Thanks for the response. My understanding of portfolio loans is they are easier to qualify for as a new investor (1 year) and have fewer requirements. Credit score is not an issue. I still have my full time job, but my DTI ratio is off until I can establish Rental income.

I need some advice from those of you who Buy and Hold properties.  I have 2 offers on houses and need some advice how to proceed.  I have the 20% down and would need to finance the rest.

I am preapproved for a portfolio loan.  My question is how do you proceed with funding?  Portfolio loans are between 8%-12%.  Should I consider Hard $ in the short term and shop for a better interest rate?     Will Rental income help me get a better interest rate down the line?

Thanks for your advice,

Dana

Coming up with a plan to quit my 9-5 job and my biggest concern is not having insurance through my employer.

What do you all do for Health Insurance when you're self employed in REI? I need to cover husband and 2 teenagers.

I'm interested in buying some Long Term rentals in AZ  and have questions about portfolio vs. traditional financing.  

Is it typical to pay 30% down for a portfolio loan?  I thought portfolio loans required less of a down payment so you can grow your investment "portfolio".  

What are some questions I should ask portfolio lenders?

Amazing transformation!

Thank you all for your input!