All Forum Posts by: Leonard Qendro

Hi everyone,

My buddy and I are looking into investing in a rental property together. We're wondering what the best way to go about it is. I'm more experienced than he is in real estate investing. However he has a better job with higher income that will qualify us for a larger loan and a better rate.

We're considering putting 3.5% down on a house that we both co-sign on the loan and split the deed 50/50, along with all other expenses and profits. One of us (either me or him) will live in the property for the first year, and either rent out the other rooms or rent out the other units.

I'm wondering what the best way to structure this is. Can we both co-sign on the loan? Should we form an LLC or LLP?

A lender told us that it would be best if only one of us was applying for the loan, and that we should create another contractual agreement between us to split costs and profits.

I've never co-signed with a friend before and would appreciate all advice that you have.

Thanks!

Leo

 Thanks Chris. I'm not sure how to go about finding them. I could always reach out to homeowners individually. Is there a method that works best?

Hi everyone,

I'm currently stuck in my real estate journey. I purchased a house last year. I bought the house for 287K, and after renovations it now appreciates for upwards of $450K. I'm a 1099 worker. I rent out the rooms and make about 30k a year in income from just the rental alone. After write off's however, my total income comes out to $43,000, including income from my job. 

I was hoping to continue buying properties. I can refinance the home but I got such a good rate I don't want to lose it (2.875). I got someone to co-sign on the loan with me in order for me to buy the home. I don't qualify for a HELOC because of my DTI. I don't have much debt other than a small motorcycle loan and the minimums on a few credit cards that don't amount to more than ~$200 a month.

Basically, I cant get funding. I have about $22k in a Roth IRA, but only a couple of thousand in savings that wont really get me qualified for any new investment property purchases.

Someone recommended I look at foreclosures, others told me to just save as much as I can and wait until the next tax season when my income would be considerably higher to try again to get funded. Another thing can be owner financing, but I'm new to investing and don't know where to get started. I also have no idea how taking on a foreclosing property would work.

Any help or ideas are highly appreciated.

Thank you!

Leo

Hi everybody,

I moved here last year from New York. I purchased two buy-and-hold single-family homes last year and so far have had a great experience with real estate in St. Pete. I'm looking to expand and will soon be starting my own company.

I'd love to meet any investors and other professionals in the area. Feel free to respond to this thread or send me a private message so we can link up.

Thanks!

Leo

Thanks for the response Jordan.

I'm leaning more towards the HELOC as well, considering I don't have many other options, and the ones that I do have don't make much sense when it comes down to the numbers.

How was your experience with TD bank and were their rates/terms better than other lenders?

Hi everyone,

I'm currently a new investor in St. Petersburg, FL. I bought a house last year for $287k that now appraises for over $400k. 

My current mortgage including taxes and insurance is $1429 a month. I house-hack and rent out the rooms for $2500 rental income every month.

I need some help deciding on how to get my next deal funded. 

I have $46,000 in self-employed income and $21,000 in rental income on my tax returns for 2021. Some lenders have told me that I don't have enough income for a refinance because my 2020 tax returns don't show sufficient income even though my 2021 tax returns do. 

One lender says I am able to qualify for a $60K cash-out, but with current rates, I will lose my 2.875% for a much less desirable 5%. Similar to getting a second mortgage. Basically, refinancing the mortgage isn't so much a good option for me. I've contacted several other lenders and they say they are either unable to refinance the home or their rates and terms just do not make sense from an investment standpoint.

I have $20k in cash that is tied up in an IRA, and 8k in cash in a savings account. My expenses are low, having only one credit card that I pay off every month and a small motorcycle loan for $117 a month.

I'm wondering what else I can do to maybe get funding. I've considered getting a HELOC. I have also considered hard money, but I have no experience with it and I am not sure what to expect. I was hoping to refinance my home but with the rates the way they are I'm not sure it is wise to do so. One other option is to wait and save money again until I have enough to fund another deal.

Let me know if I'm missing anything and if there are other avenues that I can explore. I appreciate any help and or constructive feedback on my strategy.

Thanks,

Leo