All Forum Posts by: Ian Dale Ibrado

How do you screen tenants when applicant is a company? How or what questions do you include in your application form? what information or references would you need? Dont want to make a mistake that it might be someone random pretending to own the company.

Hi guys. What are your thoughts on buying vacant land? i have recently seen a couple of areas for sale. 1 is 80 acres for 200k with a cabin and hiking trails, the other is 70 acres and rented as farm.  

tia

ian

@Max Emory I can pay it off within a year with just cashflow from all rentals combined but worst case, I am saving too.. I can pay it off within 6 to 7 months but would prefer to have cf pay it off so i can have some reserve funds from savings

@Jeffrey Abraham The bank actually has a format but would like to have a better chance by having someone guide me. It will be next year though. I have just recently purchased my 3 suite property.

@Jeffrey Abraham Thank you for a detailed response.  I was actually having a hard time trying to figure out the procedure.  I wasnt aware of the business plan part but was told it was a requirement if i had no record of business financials (newly formed corp)   Do you have a sample copy of a business plan for lenders?

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Hi Gino, appreciate your response.  Would love to see a copy of your credebility book. A business plan actually makes sense but through the years ive been listening and learning through podcasts and audiobooks, i havent encountered a business plan as part of financing.  I guess once you have one made, you can reuse it same format and edit the numbers.

thanks

@Brian Plajer that is exactly what Iam planning to do. It will allow me to purchase a larger deal by having access to heloc and pay it down within a year 3k per month from combined cashflows from other rentals.  It is similar to using a private lender to get in the game.

Hi @Gino Barbaro, I was thinking of paying it back within a year using cashflow from combined rentals. Besides, i wont be using the Heloc for the entire down payment, probably less than half of the downpayment.. Its just for me to buy a larger deal rather than a smaller deal if i used my own savings. 

Will be purchasing a 4plex next year which needs roughly 80 to 100k down payment.  Im thinking, instead of a 4plex at 100k downpayment, Ill use 50k of Heloc to add to my 100k for a total of $150k to purchase a 6plex around 600 to 650k.  Heloc is around 8.5% interest and deals im looking at are 15% coc self managed, theres a bit of spread. Plan is, ill pay Heloc in a year from what I save monthly.  It will allow me to purchase a larger deal rather than a 4plex and be paid within a year.  Its not like ill be using Heloc the entirety of the loan.  What do you guys think?  

Hi Gino, appreciate your response.  Would love to see a copy of your credebility book. A business plan actually makes sense but through the years ive been listening and learning through podcasts and audiobooks, i havent encountered a business plan as part of financing.  I guess once you have one made, you can reuse it same format and edit the numbers.

thanks

@Gino Barbaro undefined