All Forum Posts by: Mike Davis

@Tyler Anderson you may need a hard money loan to get the rental. A HML does not look at your debt so much as the asset.

@Eli Krav I would recommend buying now. depending on your credit, you will have a lower payment most likely. In the 2-5 year timeframe, you can use that home as your first investment property, use an equity line to start investing, or other options.

@Mary Flynn Maes To almost insure that no ugly situation arises, have the temporary tenant put down a deposit of sorts (large enough to where they will leave to get the deposit back). Not sure about what eh laws are in Cali, an attorney may need to hold deposit.

@Marcos Carbi if this is your first multi family deal, I would recommend find a partner to join you on this one. 

@Colin LaReaux with it in an LLC, you will more than likely have to use Hard Money. The cash out refill will depend on your Experience of the members and how many projects yiu have done in the last 24-36 months scores and reserves.

@Campus Johnson if your loan is currently in a LLC, a hard money lender can refinance you into a long term loan

@Cristian De Jesus both @Brent Reynolds and @Shawn McCormick are both are correct. The only thing to add is to never pay anyone fees upfront, the appraisal of course must be paid and that is paid directly to the appraiser.

@John Hugh don’t pay upfront fees, other than the appraisal, and pay that directly to appraiser. 

@Jake Petersen If one partner can't do it without the other, one partner has the money but not the time and you have the time but not the money...50/50

@Immanuel Sibero and @Lucas Martinez Gentlemen...I stand corrected. Immanuel, thanks for pointing this out!