All Forum Posts by: Bo Goebel

Have you chosen a title company for closing? Check with them, as they are the most experienced with closings. 

I'm not going to speculate on if it's possible or not, but it seems with the right lender and title company, it seems possible. I'm interested to see what comes of it. Good luck!

Have you chosen a title company for closing? Check with them, as they are the most experienced with closings. 

I'm not going to speculate on if it's possible or not, but it seems with the right lender and title company, it seems possible. I'm interested to see what comes of it. Good luck

Like @Dalton Dellinger said... cozy.co is most likely your best route here. It’s easy to set up, user friendly, links to bank accounts (auto-payments) and is free for you and tenets. Although not as professional, Venmo and/or cash app are definitely the most convenient way. 

You're pursuing solid strategies for sure. I wish you the best. We should get together sometime when I'm back in town. 

Both, if by "debt to service" you meant Debt Service Coverage Ratio. Those two things are a primary concern of any conventional lender. 

If this is something you'll be living in (your primary residence) banks will be more lenient.  If it's a true investment property, they will impose stricter requirements. 

You can use it as a metric in your own calculations (mostly to compare to other similar units), but overall, caprates are pretty useless with 1-4 units. Banks will not consider them, only appraisals. 

CoC ROI applies, but banks don't care much about how much money you are making on the deal. Their primary concern is with the Debt Service Coverage Ratio when looking at an investment property.

Sounds great. Looking forward to it. 

Looking forward to hearing about it. You could be on to a great partnership, and if not, you'll learn soon and (hopefully) on a smaller deal. Good luck!

@Chad Kastel Anyone putting their money in the deal should have the lion’s share of the equity. I’d recommend a 30/70 split just based off of that. Given specific break-down of strengthens and experience plus the tasks completed by each member, I think anything between 20/80 & 40/60 would be reasonable as well. Based on what you’ve shared about this situation, Jim seems to have the expertise, so I’d say equity would sway closer to the 20/80 breakdown.

@Ryan Peach I have a family event in the evening of the 14th. So I could do Thursday evening or Friday through the afternoon. I'm indifferent on location, as I enjoy all types of beverages. 

Regardless, looking forward to (hopefully) meeting you and some other investors in Eville.