All Forum Posts by: Peter Tonsits

@Lisa Larson

Hi Lisa, I really like your advice. Do you mind sharing a little

more about your systems that work well for you?

Thanks :)

@Andrew Postell

My business partner and I are both on the 1st property’s mortgage loan. My business partner is living in the property with renters. When we try to qualify for a 2nd loan the bank is considering it a primary residence (which it is for my business partner) and are not considering the rent we have been collecting as rental income due to it being classified as a primary residence. We are both wanting to be on the 2nd loan as well so we can qualify for a larger loan. Sorry for the confusion, hopefully that clears it up.

Thank you in advance for your insight :)

Hello,

Me and my business partner bought our first property in 2019. We are currently renting that property out to tenants and my business partner lives in it as well.

We are trying to purchase a 2nd property however a local credit union bank is saying that we cannot count a primary residence (considered primary residence because my business partner lives in it) as rental income even-though we have been collecting rent for almost a year. Now our mortgage is counting against us in our debt to income ratio with nothing to off-set it. Due to this we are unable to qualify for a large enough mortgage.

Question 1: is this pretty standard across the industry or should we keep looking and see if other banks would consider this rental income as income?

Question 2: if there is no way around this does anyone have any suggestions for alternative routes?

Thank you in advance for your responses :)

Hi @Michael Sato I also purchased Brandon and Heather's book on managing rental properties on audible and would like access to the bonus material. Thank you :)

@Jaysen Medhurst thanks for that info! I didn't even think to think of the other people that would go into making a school run. I appreciate the time!

Hi, 

My name is Peter and I wondering if anyone has any opinions on buying properties close to college campuses? To me it seems like a great idea as you will always have a large pool of renters and as the school gets bigger and bigger I would assume the demand to be close to campus would increase as well as an increase in property value.

Thanks for all the future advice! :)

Hi,

My name is Peter and I am 24. I have a two friends who have similar goals/aspirations and we would like to start investing in real estate. We are trying to read everything (books, forums, etc.) and listen to everything (bp pocasts, meetups, etc.) to educate ourselves as best as possible, but would like some advice on a few things. We are thinking we would like to get into the business of buying properties that need some work, rehabbing them, renting them out and then slowly acquiring more and larger unit properties over time.

Questions:

#1 What does it look like applying for loans as partners? Do you need to form some sort of corporation like an LLC?

#2 Would you say going into business with friends is a bad idea? I have known these two guys forever and we are like brothers. We all bring different skills to the table (they have a landscaping/home remodeling business, and I'm more of an accounting and numbers guys) that we believe would make a good team.

Thanks for all the future advice :)