All Forum Posts by: Jake S.

Looking for some recommendations for my recently purchased Duplex near the Twin Cities area!

Hey Chuck! For your first deal, I agree with keeping it close to home. Heck, on several deals I would do that.

I would say try to keep it in an hour radius from your home, that way you can go to it, without dedicating an entire day!

Hey Brandon! Glad to have you here on BP!!!

I am 25 myself, just getting started this year (closing on a Duplex next week)

Also, I too had troubles with the 2 year proof of income (finally hit 2 years, just this year), as I switched my job a lot. There are some exceptions to the 2 year proof of income, where some situations, 1 year will do. But that may be for just self-employed individuals.

I would suggest reading the BP book, on the no/low downpayment ways of investing in real estate, great book.

You can also look into Private loans.

Glad to have you here!

Jake

@Will Barnard I appreciate the solid advice and feedback. Thank you so much!

So he can lend me up to $315k then? He earns more than that, but he is also retiring this year.

Yeah I'll be tracking expenses and he will as well, we are pretty good with organization

I keep my receipts by taking photos of them and organizing them into Google Drive, by month for now, since I do not have a ton to organize yet

@Royston Gibbs Great to hear!! Glad to have you on BP 

@Account Closed My father and I have a very similar relationship, and have a lot of trust in one another. 

So I can draft up a short promissory note for IRS purposes, so they don't view it as a gift, and how would my dad set it up as a note in the bankbook?

100% agree on buy and hold. That is our intended strategy. I am closing on a duplex soon that will be buy and hold.

The one I plan on fixing, I believe I am going to fix it up, rent it out, and refinance in a year or two years. My dad is agreeing to a 1-2 year interest only loan on it, then when I refinance, we can then go seek out another property, rinse and repeat.

Since I am in the starting stages still, his investment helps me get going quicker and allows him to have a consistent % income.

He will be retiring soon and will be investing in buy & hold soon

@Account Closed Definitely will be getting Hazard insurance on the property. Thanks for that tip!!

I have an LLC, and plan on putting it on the title, so I'll be sure to also use it on the insurance policy! I would have missed that

@Jon Holdman Simple enough! Thank you :D

@Jon Holdman Thank you! Ill dig into this. Doesn't sound too complicated!

Do they need to be present at closing? (the lender)