All Forum Posts by: Nick Cooper

I’m looking to purchase my second long term rental and I’m wanting to know if 20% down would be possible with an investment property as I’ve been told 25% is minimum. 

@Ken Naim this is good to know I’ll have to look into it thanks

I found a commercial 2 acre lot that I'm looking to purchase for my paving S-Corp LLC.

I was wondering if it would be better to purchase it with a commercial loan in the name of my LLC or to purchase it with my own name then rent it out monthly to my LLC?

Which of the 2 would have the better impact on my DTI down the road? Or does my personal guarantee still bring down my DTI if I purchase in the business?

@Joe Splitrock

Thank you for the insight! A year goes by super fast anyway so we will just rent out half the house and before we know it the year will be up. Didn’t think about renting the RV that’s a great idea as well!

So if I do decide to just rent out extra space in the house while I live in one of the rooms I assume I would need to change the insurance for this to cover the renters?

The RV would be parked at a camp that I have a lifetime membership with. 

@Ned Carey we had intention on living in it until we build our new home but now thinking it will just be easier to stay in our RV for about another year and rent it out sooner instead of waiting until the new house is built.

I just closed today on my first property. We done a conventional 30 year loan and at closing there was a paper I had to sign that said I must have the home as my primary residence for 1 year. My wife and I are thinking of living in our RV full time and just renting the house out. Is there a way around this? What if I ‘technically’ keep this as my primary residence and just rent out the rest of the house? Or does the lender not really even care? The insurance is escrowed so they will be notified if I switch to landlord insurance. Or do I just tell them I don’t want to occupy it anymore and want to make it a rental is this possible or would that have to completely rewrite the loan?

Thanks in advance for any wisdom on this!

I just closed today on my first property. We done a conventional 30 year loan and at closing there was a paper I had to sign that said I must have the home as my primary residence for 1 year. My wife and I are thinking of living in our RV full time and just renting the house out. Is there a way around this? What if I ‘technically’ keep this as my primary residence and just rent out the rest of the house? Or does the lender not really even care? The insurance is escrowed so they will be notified if I switch to landlord insurance. Or do I just tell them I don’t want to occupy it anymore and want to make it a rental is this possible or would that have to completely rewrite the loan?

Thanks in advance for any wisdom on this!

I just got an acceptance on our offer for $107k and seller to cover closing cost on a 3 bed 1.5 bath. Been following BP for close to 3 years now and finally making my first deal after a lot of studying and procrastinating. I’m hoping to cash flow at least $200 a month after putting 20% down with a conventional loan. House just had full rehab in 2019 with new roof, hvac, siding, windows, bathroom, flooring and countertops.