Hello BP Members,I've been listening to Brandon's Rental Property Investing book this weekend where he mentioned these forums.It seems like a great tool, so here I am.I'm a Facility Manager based in Safety Harbor so I have quick access to Tampa, St.

And, because the plan is to refi after a quick fix-up do you go with a shorter term mortgage (i.e. 5 year arm) to keep things even lower cost?

Being able to afford losses is like saying you don't care if your arm is bleeding, and you can't stop it...because you have lots of band-aids. 

2) If we purchase as an LLC the bank wants 35% down for 30yr, 5/1 ARM or 7/1 ARM and personal guarantees.

The other option is to have another agent in your office list it so your E&O covers it and it stays arms length.

TBH, it's a great way to start, and I tend to recommend going as low as possible when working with a new operator.Private lending is the other good route, and I would say that has a slightly higher safety factor.

The downside is that any drop in rates can be taken advantage of only through refinancing, which incurs additional costs.While Adjustable Rate Mortgages (ARMs) are available, and often have lower interest rates initially, rates can rise dramatically if the economy changes, making them a higher risk.

@Kelsi Dockins look to the Commercial lending department at a small local bank, they will do in house loans, also called "portfolio" or Commercial Loans, the only loans I have over $50K are Lines of credit, all of mine are sub $50K loans. the terms are usually 3,5,or 7 year rate with 15,20,or 25 year amortization, so every 3,5, or 7 years you renew the loan at current rate, much like an ARM, but this is very common for Commercial, people get confused about borrowing commercial on residential, but, you are owning this property for business, AKA commercial purpose, to make money, this is what professional investors use, and anyone that has maxed out their secondary market financing.

For example if you were to say we have an emergency foundation issue on a lot of combined townhomes that needs to be resolved immediately due to the safety of the members of our community then sure I can wrap my head around that. 

I consider this loan to be my worst debt as far as dollar amount and interest rate.Details are as followed:$25,727.09 is the payoff:Current interest rate is 7.59%118 payment remaining (was a 15 year loan originally)Monthly payment is $342.54, of that $161.62 goes to interest every month.I have another student loan, but it is federal and will be gone in 4 more years thanks to the student loan forgiveness program for public safety workers.