All Forum Posts by: Mac McDonald

You may want to consider setting up a self directed IRA and purchasing your investment properties through an LLC. This can help you avoid some of the tax burden when you sell or exchange the property.

As far as financing goes for the apartment property, you can get financing up to 97 or 100% but you will pay high rates for it. I suggest putting 10 to 20% down so you can secure a decent rate. If they are in decent shape you will not have recourse. Closing in an LLC with no recourse will help keep you personal credit separate.

Stay away from misleading lenders of owner occupancy, they are really cracking down!!!!!!!!!!!

Regards,

Amount of money needed to put down for purchase is determined by type(purpose) of property...I have some programs allowing for 3% down. Of course there are initial costs -appraisal, underwriting costs, etc.

If you would like some ideas please email me with more details:

Purchase price
LTV needed
Property Type
Location
Credit

I would be happy to advise...

Regards,

You can buy apartments through LLC, generally lenders will look at the majority holder's credit. If you have good DSCR then credit will not be as much an issue anyway.

Access to equity with poor credit can be more difficult depending on how poor. You may want to find how much each partner will qualify for...then you will know how much capital you have to work with initially.

This will help you determine costs on financing. If you need help with this let me know.

Regards,

I'm in Colorado but service nationwide.

Shoot me an email for further discusion.

Regards,

Chris,

Sound like you're on top of getting things in the right place for purchase. Depending non your credit there should be some options out there for you to purchase, are you looking to buy in Colorado....great buyers market developing, Boulder's still pretty expensive but profit potential is there.

CO is great you'll love it out here!

I would be happy to help advise on your situation.

Good Luck!

Good Afternoon!

I am glad I found this site its great to see all thats happening out there!

I am a Commercial/Residential/Hard Money lender based in Fort Collins, CO. with 6 years lending experience.

Happy to help with any lending questions out there, if I don't have the info you need I can generally tell you how to find it.

Happy Investing!!

:woohoo:

Welcome Urban Investments,

I am a Residential/Commercial Lender out of Fort Collins...have done many loans in Co Springs. I have some very interesting programs for SFR investors and very aggressive commerical mortgage programs. Also can help with Apartments financing as well.

Colorado is buyers paradise right now! Get it while its good!

Please do not hesitate to contact with any questions or scenarios.

Best Regards,

I would check with the Planning and Zoning division of the City, they are generally entity that keeps and updates zoning records.

Knoxville is a growing a zoning changes are happening fast.

You may want to find a lender who is more experienced in commercial, sounds like he may be a residential loan officer...

I would be happy to help you with securing financing for your project.

Regards,

Mac McDonald
All American Lending Group Inc.
[email protected]