All Forum Posts by: Casey Delaney

My above suggestion does not really solve your immediate need though @Ryan Chase. Ill do some more brainstorming

Cash-out re-fi to a 30yr.  lower payment - save, save, save. Start the building process (finding a builder right now in Sioux Falls is difficult anyway), build. Close on your new house next year at this time and you will have the 12 month requirement met. In the mean time, get your current house ready to rent and get yourself educated on being a landlord? 

I agree with the above posts. Focus your efforts on buying the right properties at the right price and finding a lender to work with you. 

You will have some liablity protection with your insurance policy and you can purchase umbrella policies if you want added some added insurance. There are costs associated with forming an LLC. The lender will not base their decision to lend to you based upon LLC or no LLC.

Good Luck

Hi Melissa Welcome to BP and the Sioux Falls market! I second @Michael Lemieux advice on the beginner's Guide and the podcasts. There is a ton of usefull information in each one. Also there are a few good REI clubs in town. I know @Aaron Junck is a great resource and may be able to steer you in the right direction. 

As far as a business plan, keep it simple and in a format which you can present to other investors/bankers. 

Good luck!

Hey Bret is your bank requesting a personal financial statement or are you just providing one?? I have a loan with a new bank and when we closed, they pointed out they wanted a yearly statement along with personal and business tax returns. Is this common?

Thanks for the info.

I think your investment group in Sioux Falls is a great idea. Seems every city its size has a real estate group or two and ive seen nothing for SF besides the SDMHA. I would be game to get together and talk houses.