All Forum Posts by: Lee Nestlerode

When I bought a two flat in Chicago, our lender was satisfied with a LOE stating funds ($25k) were gifts to my wife and I (12,500 each). Perhaps that is because we were going to live in one of the units after rehab, so not a true investment property.

Could your form a partnership with the friends and family then buy them out when you get your funding together?

I have started to look at Topsail Island in NC, about 3 hrs from RDU. Looking for agents now. Meeting up with some people next week who have recently bought there. Will let you know what I find. I am planning to self manage using homeaway for marketing and just develop good contacts for cleaning and maintenance, as understand PM fees can approach 30%.