All Forum Posts by: Alexander Persky

@Andrew Angerer I am my own roadblock, but not in any negative way. I have recently realized that I have ignored investing in the most important asset of all, myself. So right now I am simply spending more time with my kids and enjoying life!

Thanks for the input.

@Caleb Heimsoth I think your response is telling of the (positive) dynamic that you have with your family. For me, my family and I frankly are not emotional people, and we do business with each other quite often. This would be a larger deal though, but I wouldn't let anyone in my family borrow $100 from me without a written agreement for when I'm getting paid back. Thats just how we are.

@Eric Delcol I agree with you entirely and that is the approach that I would take for sure. It sounds like you may have done a deal with a family member, how did that turn out in the end if that is the case?

@Ryan Swan do you have experience working with family members in situations like these? In my case, any money I borrow would be put towards rehab, or structured as a gift to put towards the down payment only. I need to check on how smoothly the gift option would actually fly with a lender, but I will just ask if it gets to that point. In any case, I definitely wouldn't be borrowing in the hundreds of thousands.

Hi everyone, I am just getting started in REI. I have about 6-8 months before I can realistically purchase my first investment property on my own. For that I plan to go the FHA route to house hack a property, ideally a multi-family. However I would be able to expedite this process if I were to receive a loan from a family member. I am considering this route because a few of them have expressed interest to me in getting into the Phoenix market, it would be their first time acting as a lender, and would be my first time receiving private money. So, we all are on the same page about using this to make money, but more importantly as a learning opportunity.

It would be on me to structure the deals, and I don't really know a good starting point to doing that. I have seen plenty of examples of deals, but without much explanation to the why they are structured in such a way.

So to keep this simple, can anyone share their experience receiving loans from family members for financing properties? How did it ultimately work out? How did it affect the relationship between you and that family member?

One the flip side, can you share any experience you may have purchasing a family members property from them?

I am hoping to open up a discussion for anyone considering this route to jump start their REI career, and we can learn from those that have already gone this route to help make educated decisions. Thanks!

@Bob Okenwa yea I know exactly what you mean. I work around Tempe Town Lake, and theres always new buildings coming up. Most of them are loft style condos in this area. SFRs are being flipped left and right, which is fine but honestly they are so easy to spot because they all end up looking the same inside and out. Maybe its the same person doing most of them. Even tiny shacks around Mill Ave are 400K. I would love to get my feet wet here, but I'll probably have to start in Phoenix.

What's up folks, just wanted to introduce myself. My name is Alexander and I live in the Phoenix area. I bought my first home roughly 6 months ago, and shortly was able to get two roommates. Needless to say it didn't take long for me to realize that having other people pay my mortgage is an excellent thing! I decided real estate investing is the way to go, the only problem is I don't know a damn thing about it.

That's why I am here. I have to live in my home for at least another 6 months, so in the mean time I am soaking up as much knowledge as I can about the business. I plan on house hacking a multifamily property next, so until then I will be making connections, learning the ins and outs, and always keeping an open mind to new ideas.

Looking forward to sharing my successes and failures (hopefully few, but I am realistic) with everyone!