All Forum Posts by: Shane Sitzman

Thanks guys, I plan to buy and hold long term. I think the best deal is another he offered: 25% down 1 point buy down at 4.75. I think that might be the best deal. I'll find out what it is without the buy down (assume 4.85?)

Thanks again for the responses. I look forward to completing this deal and moving on to the next;

Shane

Thanks guys, I appreciate the responses.

shane

Sorry guys, I have a quick question and being deployed I don't have the means to find everything I need. I'm trying to work a deal while away and I just got rates from my lender.
Tell me if I'm crazy, but he offered

30yr fixed with 20% down for 5.125% including a 2% buydown fee.

I looked up current rates and found them to be around 4.3%.

This is an investment property, sfr for 90K.

lender's rates compared to advertised rates is something I'm not 100% clear on. Any input is appreciated. I would think that being a mortgage banker, I may not get the same rate as the banks, but it should still be no higher than 4.5-4.6.

we close by the 28th of september.

Thanks,
Shane

I agree. I dont' know that much yet, but the selling prices compared to the rental prices seems like a sweet deal right now. As I learn more, I'd like to get into some other arenas, but right now it's rentals. I'll keep an eye on things, I figure while prices are down this is the way to go, when things change, I'll go from there. Las Vegas is nice right now.
shane

Howdy,
I can't believe that in all the searching and reading I've done, I just now found this site. I'm glad to be here and look forward to learning a lot. I am just starting out in the business and am focusing first on buying non-fixerupper rental properties.

I am now struggling with the formation of my LLC and shopping lenders. I have a lot of questions and am trying to find a place that can get them answered. I hope this is the place.
I'm excited to be getting into REI, it's something I've thought about for a long time, but never had the right circumstances until recently so I'm looking to make it take off.

shane

Thank you for the replies. I will continue to search the site. What i'm trying to do is not that difficult, it's the sorting through the piles of scattered information that is holding me up.

Thanks for your help. I'll go see a lawyer on monday.
Shane

Hi, great forum! I'm excited to be here and excited about REI. I live in and am investing in Las Vegas. I am partnering with my sister and we are creating an LLC. My sister and I are both married. Should I include all four of us as members. I was thinking to include my wife so we can document and claim the days worked for the tax benefits.

Do I need a business license for the LLC? I was under the impression that i don't, however, I was told differently.
Also, Because I'm going in with family, we are drafting an agreement concerning shares and compensation. Does this have to be filed with the LLC paperwork, or is it something between us?

I'm going to employ a property manager for the rentals I'm buying. Do you see any issue with using the same person as property manager and buyers agent?

Finally, Banking. I understand that I need to establish a trust with the property manager to have funds available for repairs and such, however, for the business, do I need any type of special account at the bank. I see business checking and all that, but what is the difference between these accounts and a regular account in the business' name at a credit union (I talked to the credit union and was told they don't have business accounts, but they can put the business' name on the account)

I hope I'm asking decent questions. I've been looking for these answers and this is my first time using a social site.. hopefully you can help because I'm having difficulty figuring it out myself.

Shane