All Forum Posts by: Chad Kamerad

I just experienced this same situation.  Ask around to friends and local agents what banks (the one i went with is in a small small rural town) they suggest for commercial loans. Local small banks have much more flexibility when it comes to terms if they keep loans in house. If you prove to them you are a good investment over time they will loan to you time and time again (with great terms) with no problem.

Thanks for all the responses! It is absolutly great to be able to have other investors experience to help along this path. Before I found BP, I second guessed every decision after I made it. Hope someday I can pass it forward

bought for 88k. What I was asking was about the property taxes going up if we rent it. 

thanks bud, it's only 40 mins away and we are only moving so the wife doesn't have to drive so far to work. We are actually qualified to get another home and another rental. The place we are negotiating has an efficiency on the third floor plus we are (hopefully) getting it for around 30% under market value. Finding a good deal on a investment property is becoming a long task but we will get there. Should I worry about taxes going too crazy on the place we are moving out of?

So here is my question. (Lincoln, IL) The house we live in we have had for a few years, we put 14,000 in it and it's absolutely beautiful. We got in when rates were around 2.4% and our payment is around 650/mo. We can rent it for around 850/mo or sell for around 98-100k. We owe 85,000 so we wouldn't get more than 8k after commission. My agent said we could list for 108k but it would take awhile to sell it over 100k. Is the 200 from rent going to cover costs? I would hate to lose that awesome rate. It is an imaculate 3/2 with a 2.5 car garage in a nice neighborhood. I would love some opinions as to what I should do. Thanks in advance!

thanks so much everyone. I hope this property works out well. I am happy to have found this community. 

Just wondering what you decided to do? I decided to go ahead and use an LLC. My wife has set up two separate LLC companies so I didn't need to do much research. Additional protection is always nice.

I think this is a good deal and a good bank to work with. Just wanted some feedback. The terms are as follows: 20% down commercial 3.5% 5/1 ARM 20 year loan. Loan gets adjusted every 5 years and will not be raised over 2%. I want to work with this bank because they have no cap on the number of mortgages they will loan. It's a small bank that keeps loans in house. I would appreciate the feedback.

Thanks,

Chad Kamerad

So a little background. I have always been fascinated with real estate. I had never thought it was something I could do. However after a few years of the wife and I working we have built up a nice nest egg. We have little debt, perfect credit, and make over 100k per year and that number is growing. Through sheer determination and will power we have both been successful. So after setting aside a chunk for a trip overseas we will have around 20k left for a down payment. After spending the last six months or so dedicating my free time to learning and absorbing as much as I can I feel ready to purchase our first rental. 

I made one offer on a great duplex with nearly perfect renters. Sadly the seller would not meet in the middle on price so I walked away. I feel that was a blessing, because now I have a place to ask the questions I need answers to. I was wondering if starting out I would be better off with a single family home rather than a fourplex. I would love the extra cashflow but is the learning curve worth it? It may be a matter of opinion but I would love to hear them.

Second question I have is about partners. I have had a couple people I know offer to partner with me on my second purchase. These people are not experienced investors either. The question I have is "am I better off getting to know other local investors in my area for partnership (should I want a partner)?" We are in a position to put a down payment on one new 90-140k property per year in our current situation. Is a partnership even worth concidering?

Sorry if I ramble, I am unfamiliar with using forums.

Hello all, I would like to introduce myself. My name is Chad Kamerad. My wife and i are just getting started in investing. She is a business owner and has little time to do much in the way of researching properties. I am so proud of her for building a growing business when there were no local jobs for her profession. I have been getting educated over the past several months as well as conducting research on my local market. We just put an offer on what i hope to be our first duplex. Also we plan to move into another home soon and rent out our current residence. We hope to purchase at least one property per year. Next year we have plans to purchase a much larger multifamily unit. I am thankful for my job at a coal mine that allows us to save the money needed to get started. I would really like to make some friends on here as well as get advice and criticism from those who have been there and done that. I am unfamiliar with using forums so i apologize in advance for the inevitable blunders.

 thanks,

Chad Kamerad