All Forum Posts by: Izac Sheforgen

@Dan Guenther hello Dan! What’s the best way to reach out to you? Looking to get connected with a Realtor in tour area.

@Jim Drew does Loveland allow short term rentals? My fiancé and I are looking to buy a SFH to rent out and Loveland was actually on top of our list. We want an area that has attractions year round, and one that we could see ourselves enjoying as a second home as well. Would love to here your thoughts and feedback!

Could you please send me more information on these topics and some finance information? Thank you!

@Mitchell Schiffer Hey Mitchell! My name is Izac and I also invest in the La Crosse area. I would love to get connected and see if you’re ever interested in doing some contracted work or talk real estate

@Ryan Lisota Congratulations Ryan! La crosse is a great area to get started. Lots of investors and competition, but good deals to be had. The REI meeting is this Wednesday. You can reach out to Adam above with questions

Hey Justin,

I haven't found a lender that will finance a multi family with 5-10% down, unless you owner occupy the property. However, if you finance through a commercial loan you can find some lenders that will finance with 15 or 20% down. The only draw back is that commercial terms are not as good from what I've seen.

Hello all! I am fairly new to real estate investing and only own two duplexes, one I close on next week. I was recently approached by a friend asking to invest in a large 9-plex. Unfortunately I am not able to fund the deal or down payment myself, but my friend offered to fund the deal. I am wondering how a partnership like this may look? He would have to fund the down payment, which would be anywhere from 15-30% for a commercial loan correct? On a $750,000 property this down payment would be a huge chunk of change. Due to me just closing on a property I wouldn’t put forth much of the funds at all, but would manage the property, take care of all maintainence, capital expenditures, repairs, etc. I would also screen Tennant’s and be in charge of all managerial aspects. What would be a fair percentage of the deal? I know property managers get 10%, but I would be offering financing for repairs, maintenance, and capital expenditures. Does anyone have any advice on how to partner in this situation and what steps I would take to get this deal going? Thanks so much!

I am waiting for their applications to be filled out before I can run a credit check. They are both working full time. They actually just sold that property that they fell behind on their mortgage because they were tired of landlording themselves. So I’m assuming they had money from that deal.

The rental is in MN so I will have to look into that. 

Hello! I am renting out one side of my duplex and received an application today from two former military officers. I let them know ahead of time that I do background and credit checks on all my tenants. In response, they reached out ahead of time and made me aware of a credit situation. Due to Covid they had a Tennant themselves who failed to pay rent which caused them to fall behind in their mortgage payments and ultimately had a large impact on their credit. 

As insurance to prove they were financially secure and responsible, they offered to pay 4 months of rent in advanced. Would it be wise to accept this offer if everything else checks off in their applications? I know I’ve heard this can be a red flag, but I’m wondering why it would be a problem? Any suggestions would be greatly appreciated! 

Thanks for the replies Caleb and Michael! I can get about $2,000 for rent on this property. Going with the 15 year would definitely limit my cash flow, so I think I’ll most likely do the 30 year option