All Forum Posts by: Jacob Yates

Given the fact that cash is king I would take the 50k upfront, but that is if your market has homes that this additional money will allow you to buy. Otherwise I'd say go withh the $700 less in expenses if you are diligent saver you would achieve your 50k in 6yrs and that is just assuming you save in a savings account and not a brokerage account saving in index funds. I haven't actually done a deal so that is simply ky opinion, hopefully it helps you.

Given the fact that cash is king I would take the 50k upfront, but that is if your market has homes that this additional money will allow you to buy. Otherwise I'd say go withh the $700 less in expenses if you are diligent saver you would achieve your 50k in 6yrs and that is just assuming you save in a savings account and not a brokerage account saving in index funds. I haven't actually done a deal so that is simply ky opinion, hopefully it helps you.

Hi everyone I am looking at making an offer on my first deal. I would like to have each tenant pay for their own utilities. I know some laws may require that certain things be set in place to have tenants pay for their own utilities. Outside of the law what are the necessities to have tenants in a duplex pay their own utilities. Such as water, trash, and electricity? I know the electricity needs to be multimetered, but does multimetering the house also cover the water usage for each individual unit? 

Also if I have each unit individually metered can I then have the utility companies charge the renters directly for the utilities? if I can do such a thing I will be including this in the lease.

Hi I am looking for a duplex in the Zeeland, Grand Haven, Holland, Spring Lake area. If you are selling let me know. I look forward to hearing from everyone.

The title seems pretty self explanatory but I will clarify. I am looking to find financing for a rental property. I don't have the down payment for it, but I have a friend who is willing to loan me the down payment for it. I read on another post that Fannie Mae forbids using loaned money on the down payment. So the question is if I have a personal loan made to me can I take that and use it for the down payment on an investment property?

So I can't take a private loan from a private lender and use that to pay for the down payment on a rental unit? 

@Joe Villeneuve The loan is directly to me. How do you figure the loan is a 4% flat rate instead of the 2.86...% that Jon was saying it is? I don't understand how you came to that conclusion.

@Jon Holdman

How did you calculate the annual interest rate? Thank you that was very helpful.

@Joe Villeneuve

I guess I have yet to cover the rest of the terms.

@james marshall

I was only going to calculate the 20% 1 time. Let me throw in my numbers and see if you still feel that it is a loan. So the initial investment is 16,000 so I plan to repay the 16,000 + 20% for a total of 19,200 broken down into 5payments spreadout across 5yrs with each payment being 3840. Would this still be considered a loan although the interest is only calculated that one time and never again during the life of the loan?