All Forum Posts by: Alex Pollock

Just now looking into screening tools and didn't know about the SmartMove tool referenced above. Looks good. I'm curious though, do you still get ID verification and income verification from the potential tenant separate from whatever they provide to the SmartMove portal? And when they go through and fill out the application do they pay the application fee then?

Thanks Nicole and Liam. Sounds like the terms we are being offered are in line with what you guys are experiencing.

Thanks for the feedback Brian. 20% downpayment is the requirement. We've run into the same issue with large lenders not being willing to make the loan out to an LLC, only the smaller banks in our seem willing to do that.

A partner and I have formed an LLC to begin purchasing rental properties as investments. We went back and forth as to whether or not to do this under an LLC, but ultimately we believe it to be the best option for us so we're going forward with it. My question is this. We've spoken with several local banks in our area and we're finding that the terms banks are offering are 20 year (max) notes at 5%. Are these reasonable terms from your experience in today's environment? The notes will be made to the LLC and we'll be co-signing. Our credit and debt-to-income are not an issue. For our purposes is it worth looking for alternative financing given those terms? Thanks in advance!

Brian Burke and Tom Goans, thanks for the advice!

David Beard, plan is to purchase SFR (possibly some condo units in a college town). We've been suggested by some others to do what you've outlined and to work together more informally, purchase properties separately, etc. Makes sense, but really we need to be able to pool our capital to get going. I was not aware that an LLC arrangement would inhibit ability to lock in a 30 year rate, I'll have to bring that up with the bank. Thanks!

Thanks for the input Karen!

Looking for some input on sequence of steps to get started here. A friend and I intend to start building a rental portfolio. We intend to split everything down the middle financially. So, to keep things clean we'd like to form an LLC. I've talked to a local bank who will issues loans to a newly formed LLC, so long as we co-sign as individuals. My question is then this: Would it be wise to get an accountant or attorney involved in setting up the LLC, and to just have as a resource for any issues down the road (taxes, disputes, etc.)? If only one of those two is really important, which one any why? We have a realtor who is a family member already to work with, we've probably found a lender who will work with us, so this is the only other piece of that initial puzzle I'm not sure how to address.

And for those of you who might advise against an LLC, please chime in and let me know why. Thanks!

Thanks Deborah, PM sent.

James - Sooner football is still the main attraction in the fall, but if you haven't been to a Thunder game yet, next time you're in town try to catch one.

Hi All,

I'm a new member from the OKC metro and came here because I'm ready to jump in to REI with the initial objective of generating some passive income through a rental property. If there's anyone on here who lives in or is familiar with the area I'd be interested in talking to you and bouncing some questions around. The more I learn the more questions I seem to have!