All Forum Posts by: Dave Skow

Geoffrey - awesome ...having cash makes negotiating way easier ...fyi - in the future - if you need to get a loan in the name of your LLC as compared to a loan in your own names - the terms on the financing will be higher .

 @Nick Cascio- thanks ...its common to see partners buy using the LLC format .....its also common to see partners buying in just their own names ....either way you will want to have all the bases covered in writing so there are no major issues down the road

@Ayyoub Feza- thanks -  depending on how you file your taxes - you might ask this  question to a CPA ...if you file jointly - I would recommend  you  be the buyer of the  next rental .....this would posisbly allwo you to  avoid needing the document the  rental property 

@Jay Dhanak- thanks and welcone to the PNW - you will liekly need to look on the  edges of  Snoh / Pierce  counties to  find something that  works .  If you havent already -  1) get pre approved  ( assuming you need finnacing  2) forge a realtionship with a realtor that understands the need you have 

@Vicente Hernandez- most lenders prefer referals of  1) buyers that are  willing  and able to buy  2) relators that they can partner with  in search for new  business .  Most lenders  will find it challenging to provide  buyer referals to agents  unless they have some sort of lead gen system  working for them

@Sunny Karen- thanks ...nice sounding plan ....if you havent already done so - make sure to get yourselves  formally pre approved  with a lender  using a hypothetical  scenario ... depending on the loan amt needed ( if any) - make sure the lender you talk to can handle the amount .  Good luck

@Sean Haran- thanks ...if you havent already done this - make sure to get fully pre approved with a lender  in order to make sure you can qualify for the loan amt you think you will need .

@Tori Trent- thanks - great topic ....if yuou arent already pre approved with a lender - get a  free  pre approval in place .  There are relatively new conventional loan programs that  allow as little as 5% down payment  on the purchase of an owner occupied  1-4 unit property so hopefully this helps conserve  your capital 

@Trevor Crabtree- thanks ....before seraching to hard- if you need to use  financing - get fully pre approved with a lender ..its  free and  easy  and this will educate you /  organize you and  prepare you .  Good luck

@Nick Cascio thanks 1) if your friend is a strong buyer - going in jointly might be an option ...if you are able to do this - meet with a real estate attorney and get everything hammered out in wirting with the partnership ( eg... what happens if one partner wants to exit the property in the future and the other person doesnt ) 2) consider buying and financing it as a rental property or using a DSCR ( debt service coverage) type loan 3) consider additonal co borrowers that are strong ( relatives ) 4) obtain a new job that has a salary that can be used 5) wait to buy unitl you have the seasoning for the variable income