All Forum Posts by: Mary St.Clair

@Tom Gimer - most helpful. Thank you so much.

@Aaron Kovac - thank you for your reply. So much to learn. Enjoying all of it.

@Kevin Romines - great info. Thank you so much. So much to learn!!!

@Ned Carey - thank you so much for your feedback.

@Tom Gimer - I do have a question regarding the process. I have two sisters that are partnering with me and instead of forming an LLC and getting a commercial loan with a 20 year amortization schedule and 5 year balloon payment and possible having loan rate change at that time (up or down, depending on the market) it's my understanding that we could do a conventional loan with Tenancy in Common with a 30 year fixed rate loan. But my question is in what order do we get the Tenancy In Common on the paper work?

Thanks for your help.

I am reading the book, Building Wealth One House At A Time, and came across “Holding title as tenants in common” and was wondering if anyone has any experience with purchasing property this way? And if you could share some wisdom and insight.

Yes!!!  After digging deeper it would not be cost effective. 

@Todd Rasmussen - I felt like I was just really over thinking it. Thank you. So I would just need to talk to a lender and tell them it’s a rental property and they would be able to take it from there in how the loan would need to be set up?

@Jenifer Levini - your book sounds very interesting. I’ll have to look it up once it’s out. Congrats on it!!

@Jenifer Levini - thank you so much for your input. And yes!! After talking to zoning/planning it would not be financial beneficial with this particularly piece of property.