All Forum Posts by: Jennifer L.

Hi Everyone!

I recently joined and received some good insight on my first point! My husband and I bought our first home in WI January 2020 and looking to start investing in our first property this year nearby in the Fox Valley (hopefully finding a deal before summer). We want to start small to get our feet wet. Initially we were planning on partnering with a friend, but after looking at the numbers and interested in only SFH or Duplexes to start, it makes more sense for us to do it on our own. I think an umbrella policy makes more sense than an LLC at this time.

Is finding a lendor for investment property pretty similar to purchasing a primary residence like we did previously? I'm unsure of what type of loan we should be looking at for lowest interest rates and is it normal to be able to get a pre qualification just to look at numbers before doing pre approvals and getting a hard credit check with each lendor?

Some things about us - we both work full time, great credit, when we bought our home January 2020 we put 20% down with a fixed 3.125% - 10 year loan. We are open to doing a heloc if that makes sense. We are able to put 20% down for an investment property, but prefer to use less of our cash if possible. 

Also if anyone in WI has lendors they recommend they've personally used, please let me know.

Thanks!

Hi Everyone!

My husband and I bought our first home January 2020 and looking to get into REI. We want to start small just to get our feet wet with a friend and purchase a SFH, Duplex, or up to a 4 Plex depending on the price. We live in Wisconsin and want to purchase nearby as I know the market here and we will be self managing. Our friend lives in LA (is originally from Wisconsin) and wants to start REI too. We all have great credit, down payment, and make good money working remote. This will be my friend's first property and he has never owned a home.

Since this is a partnership and we want to protect our own assets, is an LLC the best way to go? I know commercial rates will be higher. Is there any one for my friend to get a conventional type loan for lower rates, but have us included as owners for the home? I'm not sure he would qualify since none of us will be living on the property.

Thanks for the help!