All Forum Posts by: Jordan Gerkin

@David Kelly okay and it’s about 3 hours away. The bank I was dealing with has a branch in the town where I’m looking

@Jason Leavitt okay that seems to make sense. They did seem to be a little hesitant. I will definitely look around, thanks!

@Rico Nasol okay sounds great, I really appreciate that!

@Mike Mosee will do, thanks for the input!

@Kenneth Garrett Wow okay thanks for the info, I’ll definitely shop around!

@Forrest Faulconer haha okay will do! I have pretty decent credit. In the 700s. Thanks for the input!

Hi, looking to invest into a single family home to rent out. Is it common for a bank to say that they need 35% down and the longest loan length they have is 20 year variable interest rate? From what I understand, that seems to be more on the commercial side of things. They were telling me that since it’s going to be for a rental and used as a business, that’s the type of financing available. This happens to be the main bank I use and I do have a commercial loan through them, and they are local, so I was hoping they would be more easy to work with. Should I go and check other banks?

Okay thanks everyone! I really appreciate the feedback. Right now my lease states:

“The premises shall be occupied only by the persons named in this lease, or subsequently approved by Lessor in writing. The presence of an individual residing on the premises who is not a signatory on this lease agreement, or who has not been approved in writing by the Lessor, will be sufficient grounds for termination of this agreement. The term “residing” shall mean occupancy of the premises by a person for more than ten days in any six month period.”

So if I’m understanding correctly, someone not on the lease can stay there a total of 10 days during a 6 month period and then after can’t until that 6 month period is over?

I have a renter asking me how many nights a month a guest can stay the night without being on the lease? I know this probably varies state to state (I’m in Illinois by the way), but is there an average? And is this a strict law to adhere by?

@Greg Dickerson okay awesome, I will be sure to do that. Thank you!