All Forum Posts by: Chuck Rhodus

I found a seven Plex apartment building I want. I am going to get a HELOC for the down payment but will still be short $20,000-$30,000. I may be able to get a financial partner for this balance but if I cannot what are your thoughts on using an additional loan? We all get those mailers from loan companies. The interest rates are not that high from these companies and actually lower than what I would pay a financial partner to join me. I have not spoke to our lender yet to see how they feel. Has anyone done this or have any comments for me?

I dont know how to write a contract or where to get one. I will be seeking financial partners and I will need different options for contracts. If anyone can share sample contracts with me would be appreciated.

Thanks so much!

Newby here- I hear that I need to keep my deals close to home. What IS close to home, 1 mile, 30 minute drive? Your thoughts please...

Andrew Postell, perfect thanks!!

Rod F., I have no question of the importance of a LLC. I am working on that. The question is about the loan and the timing of it all.

TY

Please help me with advantages/Dis., pros/cons on buying my first triplex (150K if it matters) and putting the mortgage in my name compared to the LLC. I have been told the loan costs are a lot less and then I can do a quit claim deed to the LLC.

ty

I know the rule is, if you get an FHA loan, you have to live in the building. Is there a way around this? I own a home and the apartment building I would buy is in the area.

I am brand new in this game. A little advice appreciated. I have about $30,000 equity in my home that I will use toward down payments on multi family units. Would it be better to buy one newer, nicer maybe even bigger multi family unit or several cheaper, older apartment buildings?

If I have someone that invests let’s say 50k, into my deal, what arrangements can be made to pay him back? I read and hear how good this to have this done but have not heard anyone explain how the investor is paid back. I am totally clueless. Thanks, Chuck