All Forum Posts by: Timothy B. Dunn

We are searching lenders for our first property and are having to finance using our llc in order to protect my pension limits on earnings.   My question is how do you account for future interest rate hikes down the road? Are rents typically tied to the rising interest rates?  I am assuming that when the interest rates do increase, mortgage payments will naturally go up with home owners, does this in turn trigger rental rates to increase as well to cover our higher costs?

We are obviously new to this game so please be kind with us newbies....

Hello BP community,

We are looking for a 30 yr fixed llc mortgage for a $70,000 duplex that we are purchasing.  Any leads or suggestions would be greatly appreciated.

We are located in Southern Illinois

@Richie Thomas again, you continue to impress.... All points that you make are spot on. Truth be told, Mt. Vernon is not the most logical choice in the area however, We are nervous enough being our first property, keeping it close to home so that we can learn how to be managers and owners at the same time brings us both much needed comfort.

Going forward, after we are comfortable with this unit we plan on focusing on the Indianapolis are since our daughter and her family live there.

Again, thank you for all of the time that you have devoted to this property. I plan on saving this discussion for future reference on some of the areas of reference and use of tools.

Much apprecieated

@Andrew Postell. Thanks for the information, I will be checking with our smaller local banks on Monday

@Richie

@Richie Thomas WOW, you have taken me from sitting in the back of the classroom to right smack dab into the front row.  Your post is incredible on detail and observations.   I am being mentored by a local agent who owns approximately 30 properties in the area, this property in on the north side of town which is known to be a higher rent area but comps are tough to come by....the figure that i used for rent came from him but I will do more research before making an offer on this property.   The crime is not ideal in this area but not at the point where my wife and kids have ever felt threatened walking down the streets at night but again, something that I will definitely look deeper into.

As you mentioned this is the MLS listing and the numbers that I ran were for th asking price, All of the valuable insight that you have affected really gives me the info needed to either walk away or make the appropriate bid on the property.

Thank you sooooooo much for taking all of the time and effort that you put into this eval, I can’t begin to express how much it means to my wife and I.

Thanks again,

Tim

Benjamin Back,

Thank you for taking the time to look at this deal for us...I did forget to add in the mowing and snow removal which would eat up approximately $65 a month from the net profits.  

Thanks again for the help, jumping in to the game can be very intimidating but the BP family sure does ease the anxiety.   

Good luck with your future investiments.

Ok BP family,  we are about to make our first offer on a purchase and hold property,  could some of you please take a look at our numbers and see if there is anything that we are missing on this deal.  

Thank you in advance for your help

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hello BP family, let me first start by thanking all of the BP members for their valuable input in all of the various areas of discussion on this site. Your knowledge and expertise has most definitely calmed the first timer nerves when it comes to jumping in and making a positive change for our family.

I am recently retired and thus restricted on earnings before my pension is effected. With these restriction we must run our business through a LLC in my Wifes name. We have read in several posts that getting refi/ cash out mortgages for the Brrrr method is an issue when acting under an llc.

Has anyone operating under an llc been able to successfully navigate this obstacle and scale your investments?

Any insight that can be offered will be greatly appreciated.

I am currently living in southern Illinois but am also willing to purchase in the St. Louis and Indiana markets if that make a difference.

Thank you in advance,

Tim Dunn