All Forum Posts by: Brandon Plombon

Personally I'd invest in RE and use excess cashflow from properties to pay down your debt. It's essentially doing both but investing first for the cashflow and using the property to make your payments each month on the student loans.

I am looking for a duplex/triplex/fourplex in the Minneapolis area.

@Paul Lee Yes- Typically it won't be a gut remodel house... maybe new carpet/paint/ect. A well kept/livable but outdated fixtures maybe stuck in the 1970s.

If you are going back to school I would definitely recommend looking at financial aid in the form of grants, tuition assistance, and other federally backed student loan programs. Grants or scholarships might have stipulations but can you really complain if you are getting free money? Also with interest rates as low as they are - I think there are some low rates even better than what I got for my federal student loans. A lot of those programs will be based on income and you may/may not qualify.

As far as attorneys "redoing" title work and other silly documents are charging $400+ per revision even though 95% of it is done by a paralegal and is copying/pasting from the last time they did it. Yes, I do agree that is silly but its the industry. They provide important services to banks in the form of protecting the collateral and in return banks lend on real estate to individuals/investors confident in the clean exchange of ownership. In addition, most people won't agree attorney fees for several hundred or thousand dollars. You deserve to charge that much after all you invested time and money into your education to further your career. Good luck on the BAR if you decide to go!

As a lender - just make sure you have 2 years+ of stable income, make sure DTI is in order, Do you have good/decent credit? I don't see why this wouldn't be an issue as long as you can sustain the payments. I would even recommend 5% conventional if you are able to on the second house. With interest rates this low - save your additional 5% down to put elsewhere for better returns than sunk on equity.

Thanks @David Levin I stand by my previous post for suggested equity splits.

I agree with @Cody Barna - See if there is a family friend or other family member that could help in the process would be best but it is difficult as you don't want to be seen as going around the seller. If there is no one - I would recommend moving on to the next one.

Well based solely on equity the below splits would be fair:

37%

37%

26%

What is "ALL of the lifting"? I would recommend taking a few extra % points for your work on the deal and pitch to your partners and see how they feel. I'd try take off 5% for each to the following equity % splits, but my 2 cents with the limited info given. 47%, 32%, 21%

Honestly, go to the bookstore tab at the top on Biggerpockets. All of the ones by Brandon Turner and David Greene are great. You can't go wrong with any of them and they are even having a Black Friday/Cyber Monday Deal going on. E-books are only $6.99!

Disclaimer: I am not affiliated with any of them.

No problem @Chris Marshall I hope it works out and you are able to raise the rents.