All Forum Posts by: Clayton Plank

@Stephen Dickey thanks for the motivating words. I agree the biggest hold up for new investors is the failure to take ACTION!

@Trentan Moore it is my understanding that a co-signer is only signing for your approved values. Not like a co-borrower which increases your values.

Andrew beat me to it....

@Jackilyn De Castro Welcome. Condos can be very tricky. Does that $890 a month cover the condo fees? How is the condo association doing? Are they stable? Do they allow renting? Just because it is rented doesn't mean they allow it. What do the condo by-laws state the condo association can do if they find out you are renting the unit if not allowed?

@Tyler Stokes Welcome to BP! This is a great place to learn. Listen to the podcasts, read the forums, and find a local RIEA to join. Best advice I can give sir.

@Trentan Moore how have you structured your business partner into the deal? The bank requiring that amount down looks like they feel this is an investment property and not the regular owner occupied requirements.

@Binyomin K. Network! Let everyone you talk to know what you are looking for.

They don't enforce it because if you do not pay them the sum of the loan then the have to foreclose. Are you going to continue to make the payments knowing they are trying to take the property back? No so they then began to loose that money. Then when they get it back after a year or more is the property even worth what the loan amount was?

@Isaac Huerta what is the cost of this duplex and are you going to title in as you both have ownership of it?

@Tom Chen that sounds like a great strategy. Just make sure you know any of the restrictions that may come with it. When I did mine there was a three year time that I could not refinance or I had to pay a penalty. Good luck to you sir.