All Forum Posts by: Jeremiah Bishop

I am going to look at some other lending options, possibly even look at some house hacking with a fha loan. My goal is to have something decided and in motion by the end of this month, so we'll see. @Julio Granda, I'll keep that in mind if stuff falls through on this end.

@Mike Hanneman, 25% is what I've also heard as the usual amount down. However, in this case, I emailed the branch manager about what loans they offered for rental properties to better analyze my deal, and 85/15 is what he came back with. I do have a prior relationship with the manager there, but I have no idea if that had anything to do with it. Thanks for the good wishes.

@Julio Granda, Thank you, that's exactly the type of stuff I was looking for. There isn't really anywhere I could find that just spells that out. Although, it sounds like these would be documents an experienced investor would have, not a first timer. Should I try to get this stuff from the current owners? They are my parents after all.

Hey guys! I am in the middle of my first deal right now. I'm going to purchase a 8 unit property from my parents that are ready to retire from the land lord career. I am looking to do a 85/15 mortgage loan through a local bank that I have some lending history with. I just finished up my financial statement and need to work on a business plan next. Can anyone tell me what a portfolio lender is looking for when it comes to a rental property loan? Past cash flow history? future plans with the property? I am just trying to think of what I would like to see as a lender. Any input at all would be helpful!

Very nice, I'm looking at doing my first rehab on a mobile home rental. After pricing everything out, I'm going to try to make my dollar go further by doing things like replacing window glass instead of getting new windows and refinishing the tub instead of getting a new one.

Thanks guys, I am going to take some time to explore the forums since a lot of my questions have probably already been asked and of course try to contribute where I can. @Mark Douglas, meeting up some time sounds great. Send me a message some time, when you get some free time.

Hello everyone! I am currently working on purchasing an 8 unit property from my parents who are tired of the land lording life. I finally decided to become a member to more easily put together my business plan for a loan at a local bank I've had some loan history with. I am very excited about what opportunities REI holds for me.