All Forum Posts by: Jon Stewart

Mark Costa I have taken this approach on my last 3 deals. Obviously the fewer people involved the less capital there is to be invested, and the growth is slowed. I have a similar psychology on investing and if I can do it on my own I will, I like the control, less strings and I am still learning at this phase and if I’m 100% I get to see 100% of the process. Nothing against partnerships and I imagine in the future I will be involved in some. Presently I look for properties with sure value add plays allowing me the opportunity to re-finance and pull some of my equity out to re-invest in new purchases 1.5-3 years down the road. My dealings with local banks is your loan balance isn’t limited to your net-worth and they don’t do much digging for a specific reserve number. 90% of the focus has been on the deal’s numbers.

@Mike Bereck Here's a link to HUD approved lenders (mortgage companies, banks, credit unions) You can use the search criteria to pull up which banks have been qualified to offer FHA loans in your area. Most banks and lenders will be happy to speak with you. https://www.hud.gov/program_offices/housing/sfh/le...

@Mike Bereck The sense I get from your post is that you want to create a a rental portfolio of more than one property. I would definitely look in to the low down payment loan products FHA (3.5% down, The FHA loan is good for owner occupant up to 4 units.), USDA Rural loans (can be 0%), available in certain areas. Save your funds for the next one where you may not qualify for some of the low down payment owner occupied loan products; and will have to put a larger chunk down.

And to answer your 2nd question, I would start with the bank and try and try and get approved on your own and only use a partner/investor when necessary, save them if needed for down the road.

Very solid work @Keith Jourdan. How did your numbers end up?