All Forum Posts by: Pete Tam

Thanks for the info Tom.

Tom A. I've my family members who lives in Southeast Michigan but I'm still going to get inspection done by professionals.
Since you are local to MI, can you suggest me good Real Estate inspection company pls!
Do you also happen to know any local mortgage company who can provide loan on cheaper rate than bigger Banks!

Thanks,

Do we simply have to open joint checking account to maintain partnership money ?

Thanks

Ian Dodoo Jason Patterson @Chris Joy

Thanks for your prompt and excellent suggestion. I am looking for a house in Michigan and like one of them. I am going to make an offer but need some guidance which I got from you all...
Pls let me know if I have to take care of anything else before I make an offer / or before finalize the offer.

Do you guys recommend to hire property inspection company to inspect the property before I make an offer ?
Property looks good to me but after reading few post here, I am convinced to hire to investigate the property.

@Jon Holdman

Here is what I mean to ask:

1. How do we get separate loan for us? Let say we are planning to put 30% down on the property, do we have to show 15% down payment from individual loan?

2. Another confusion is how to collect the rent so we can distribute between us without any hassle.
--> Shall we open a joint business partner account so renter pay to that account?
--> Any other option.
--> What would be the best option so it will be easier to file a tax on our own?

Thanks for your excellent explanation Jon Holdman and Steven Hamilton II

I'm not sure whether I post this questions in wrong section.. Sorry if I've post in wrong section.

I'm planning to invest in real estate with my friend. We are not sure how do we proceed further with loan, rent payment, etc.. I've following questions and need your expert guidance:

1. We would like to get separate loan and make payment for individual loan.
2. How can we distribute the rent we get from the investment property.
3. Should we open LLC? If yes, what are the benefits!
4. Property title transfer on both of us name or LLC is a good option.

If you know some other question/answers too, pls add to my list...

Thanks for your help in advance.

Sam W.
Got better idea from Matt's explanation. Any other advice or suggestion on loan part.

Thanks for your post.

Matt Devincenzo

This is such a great explanation..Thanks for your help mate..