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All Forum Posts by: Tyler Adams

Tyler Adams has started 2 posts and replied 4 times.

Bill thanks for the response. The plan was to give him 10% ownership with up to 12 months for him to pay me 10% of the down payment. Also giving him reduced rent so he can save that 10% much easier. After the 1-2 years is up I plan to refi into a conventional loan. Between Appreciation and saving money I should be able to cover the 20-25% down for a investment property loan. I’d like to just buy multi family investment properties right now but I don’t have 100-175k for the 25% down. But I do understand that if it gos to court it could look like I’m taking advantage of him and I definitely don’t want that. 

I will be on the loan as well and I have the down payment already saved up so I can show where the down payment is coming from. 

I have a nephew graduating from college and relocating to my area. I'm thinking about buying another 2-4 unit multi family building with him on the loan and him occupying 1 unit so we can use an FHA 3.5% loan. I will cover all down payment, monthly expenses and manage the units On tittle I will give him a small amount of equity in the property and reduced rent while living in the unit. We will have a contract that states at the end of 1-2 years he has the choice to reimburse me for the portion of his down payment or sign his equity back over to me and I will refi so he isn't on the loan. He will get reduced rent in a very high rent area as well as a choice to buy into real estate with no money up front. I get to buy units at lower down payment and lower APR. What I'm hoping is he sees the benefit in real estate investing and will partner with us to continue and buy more units. For anyone wondering why I don't just occupy the units myself. I have a family with kids and lots of animals. We don't feel like it's far to our kids to uproot them every year of two. A stable home is very important to us for our young kids. I'm hoping someone has done a deal like this or has some in-site for us. Maybe a better ways to structure the contract or do's and don't. My lender said he can right the loan as long as all of us are on the loan. If I'm missing something please comment. We are in the planning stages and trying to work the kinks out.
Thanks. 

Post: Hold outs and reserves

Tyler AdamsPosted
  • Montana
  • Posts 5
  • Votes 1

We own a triplex and are soon to close on a duplex in Montana. We will house hack the duplex and sell our current SFH. That will fund 3-4 more multi family rentals. We will have between 10-14 doors in total I'm guessing. Units will be in Montana and Florida is the plan. Our plan was to always have $20k in reserve for our triplex. But I'm thinking I don't need $20k per multi family. How does everyone handle this issue. Do you just have 1 account that hold all reserve's and cap it at a percentage or do you cut it to $10k per property. Assuming that not everything will break at the same time I really don't think I need $100k in reserve when that money can be invested in another rental. FYI I do a lot of maintenance and rehab myself currently. In the future we do plan to travel more so the little things will sometimes be passed off to a handyman. Thanks in advance