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Seperate bank accounts
About to embark on my first REI. Do you guys recommend I open separate bank accounts for each property? I'm planning to buy two in the next 6-9 months. Also, how do you handle rent payments. I've read a lot of blogs a...
Joshua Randall
Purchasing a Rental for College Students
There are multiple homes in a D1 college town that are 4/2, $127,000 purchase. I've looked at comparable rents in the area for college students and they sit between $365-425 per room rented. To put 20% down I would ne...
Wesley Thompson
First Subject - To and Wholesale Deal
I recently locked up my first subject - to deal which I wholesaled to another buyer. Really excited as creative situations is where I'm looking to build my credentials and skills.Property Value: $220,000 - $230,000Loa...
Brandt Welch
How to Finance My Second Property
Hello BP community!I recently purchased my first home about 8 months ago and I'm looking to buy another in the area to rent out. I had a conversation with a lender this morning and he mentioned that the underwriter fo...
Stephanie Preasha
Tenant paid most, not all rent
I have a situation where a long-term tenant paid all but $275 in the rent (total rent is $1775). My lease states he will be charged $25 each day not paid but does not specify anything about partial payments. I did l...
Kyle Meyers
1099 and W-9 Records
For those landlords and investors who have to send 1099s, they do not need to send them to corporations and non-profits. What records do we need to keep to prove the payee is a corporation or non-profit? Do we still n...
Vladimir Patic
401k Loan as downpayment
I have read somewhere that if money from 401k is used to purchase an investment property that income from that property would be tax free. Is this accurate or not?
Sidney Garcia
Can the 2 year work history be waived on a FHA loan? unique situation.
Hello everyone, I would like to have a FHA loan for my first investment property and put down 3.5% as down payment. even though I don't have a two year work history, I have 6 months of great bank statements. Making 10...
Michael Masters
COVID-19 and Your Lender's Response
Below is what I've seen from Freddie Mac where I got my loan. Please note that "borrowers are eligible for forbearance regardless of whether their property is owner occupied, a second home or an investment property."...
Nicole P.
Multi-family Loan Advice?
Hey there. I’m in the process of getting approved for a loan to buy my first property. I was really hoping to buy a small multi-family property to start with. I was talking to my lender about options today and they to...