All Forum Posts by: Kahner Delchambre

Hello,

I have a question about applying for a mortgage with a partner, and I was hoping to gain some insight. The plan was to apply for a conventional mortgage with a partner, but was wondering if the partner plans on living in the property as a primary residence, would we qualify for a low down payment loan? Even if the property would not be my primary residence, only his, yet we would both be on the mortgage. The property would be a multi-family and he would live in one of the units while the others would be rented. Just wondering if anyone knows or has tried this in the past? Was planning on running this past a lender but,didn’t want to sound too foolish, so figured I get some insight before hand.

Thanks guys

Hello everyone,

I was wondering if anyone had any insight about AIRBNBs in Door County, Wisconsin? I know it is a popular tourist destination and potentially thought it may be more lucrative than doing conventional long term rentals.

Hey Jacob,

Thank you for the reply and your advice is much appreciated. As far as the flips go, if you don’t mind me asking, are you bringing the knowledge and work ethic and the partner is bringing the money?

Thanks again

Hey Peter,

Thank you for reading my post and taking the time to reply. As far as an FHA loan with a low down payment, my wife and I actually have one at the moment on our house. Looking back I wish we would have done that on a duplex and house hacked instead, but hindsight is 20/20. Everything you said will bring some value to this situation. Thank you very much.

Thanks again

Hello everyone,

I am wanting to get into multi-family rentals.  I have been looking to buy in the Brown County area of Wisconsin for a duplex.  For the last three years I have been reading, studying, and watching the BiggerPockets podcast.  On top of that I have made a business binder on how I will run my rental business.  That will cover the tenant management along with property maintenance and keeping track of the numbers involved with property management.  The reason I feel the push to get into rentals sooner than later, is because I have recently been laid off from my job due to lack of work caused by this pandemic.  It brings me to the realization that a stable job isn't really all that stable.  Looking at these duplexes I have also realized that I will not have enough for a 20% down payment along with any cost of potential repairs or renovations.  Also, being unemployed, I would assume that would make it difficult for financing.  My question is, Should I dive in head first and figure out a way to get into rentals now(which is my passion), or find another job and stick it out until I save more money in order to purchase a duplex on my own?  Which I have no problem doing, but I am torn because my passion is getting into rentals and not so much my blue collar job.  I appreciate your time and any advice you could throw my way.

Thanks