All Forum Posts by: Jon Klaus

I like R Bank or Prosperity. 

 Study the comps to see the price difference, also days on market.  

 As a rental it might also increase the time a tenant stays. 

 Yes, they want to know your assets, liabilities, liquidity, and net worth.  But they can't see all that from your tax returns. 

The bank wants an updated personal financial statement for each new loan, so I update then. I also update after I sell a property.  

A PFS is your balance sheet.  What business wouldn't monitor and manage its balance sheet?  When it's rock solid, banks fall over themselves for your business.  

A book Brian Adams recently recommended on the BP podcast, 

Welcome to BiggerPockets, Kristen!

I second Robert's recommendation of The Millionaire Real Estate Investor by Gary Keller. 

A couple of the IRA guys posted above. IRA/401K are important tools, too. Mine have grown faster since I've incorporated real estate into them.

Make time for educating yourself even though you are very busy.  If you look at it from a business perspective, you've been building your income statement, but real estate will allow you to build your balance sheet, which in the long run is more important.  

We're glad you've joined us!

Welcome aboard, Marek.  There is an army of mentors here at BP.  If you want a one on one situation, think and work on how you can reciprocate value.  In the mean time, you can learn most of what you need to know right here. 

I'd talk to the local and regional banks and ask them if they could do this. If not, ask them to brainstorm with you to see what would have to be for them to finance.  Have you talked to the seller to see if he might take second position?  What can you offer to incent that?

Welcome aboard, April.  Have you started listening to the BP podcasts, yet?  Another great learning resource here.  We're glad you've joined us!