All Forum Posts by: Michael Behr
Michael Behr has started 19 posts and replied 54 times.
Post: What is a fair partenership
- New to Real Estate
- Huntsville Al
- Posts 55
- Votes 19
Ok more info. He’s willing to do cash for deals and I would put 20% down and get 20% out. I’ve been thinking about that and it’s not great like how will I build anything? If I do 20% to the bank then I make payments and get the property at the end and in this deal it don’t seem like I’m getting anything but my 20% back. This maybe a way to build capital?
Post: What is a fair partenership
- New to Real Estate
- Huntsville Al
- Posts 55
- Votes 19
Hello,
I have been approached for a partnership. This is good cause I don’t have a a lot of knowledge. He asked me what is a fair partnership for me? He also said he would need to be on the title and have control. I’m fine with the control portion. How do I determine a fair amount and protect myself in the partnership?
Post: How to fund deal
- New to Real Estate
- Huntsville Al
- Posts 55
- Votes 19
Quote from @Robin Simon:
Quote from @Michael Behr:
Hello,
I found a multi unit property. I have about 20% down payment. I’m now being told it will likely be 25%. My credit score is 780+. What’s the best way to fund this deal? I’d like to use as little as my money as possible
230k purchase price
45k is what I have to put down(don’t want to use all this)
how many units?
4 but I passed
Post: How to fund deal
- New to Real Estate
- Huntsville Al
- Posts 55
- Votes 19
Ok good info. I’ll need to look into that. I guess I’ll have to do it on the premise that I’m living there
Post: How to fund deal
- New to Real Estate
- Huntsville Al
- Posts 55
- Votes 19
Quote from @Dennis Muno:
Quote from @Michael Behr:
Hello,
I found a multi unit property. I have about 20% down payment. I’m now being told it will likely be 25%. My credit score is 780+. What’s the best way to fund this deal? I’d like to use as little as my money as possible
230k purchase price
45k is what I have to put down(don’t want to use all this)
Hello Michael,
It depends on what you are trying to do. Also don't forget you'll need money for closing costs in addition to a purchase downpayment.
Questions:
Does the property need rehab? Then you'll need hard money or bridge. Some lenders will lend up to 90% purchase and 100% rehab.
Is the property in good condition? You could use a DSCR loan. No personal income needed. Your FICO will be checked. Rents will need to cover PITIA(principal, interest, taxes, insurance, HOA).
For DSCR most lenders require 20% down+closing costs. However, some lenders require 25% down for a first time investor.
Do you already have an FHA loan? If not, you could try an FHA loan(minimum 3.5% downpayment) and buy a multifamily(1-4 unit). You stay in one unit(you are required to for a year), rent the rest of the units out and then use the tenant's monthly rent to cover the mortgage payments.
If you have 45K I won't recommend you using all that if not necessary. You never know what will come up after you buy. Life happens.
No rehab. The one unit I saw was good looking. It had other things. I have a primary that I got va loan for in April. Would I still be able to do FHA. I was hoping to not use the 45k if I could avoid it
Post: Space Command no go Huntsville
- New to Real Estate
- Huntsville Al
- Posts 55
- Votes 19
Not even with all the new apartments?
Post: Where to get the other 5%
- New to Real Estate
- Huntsville Al
- Posts 55
- Votes 19
Ok close to a deal but struggling with the money part!! The deal will be 4 units at 230k on one Parcel ( is this an issue with bank?) I have about 20%. I’m being told I’ll need 25% for down payment. I know I need a bridge loan to help cover down payment. How do you pay that off in the time frame allotted. Am I over thinking this? What are the steps in this process? I reached out to several lenders and never got a clear answer
Post: Resources for Buying Businesses
- New to Real Estate
- Huntsville Al
- Posts 55
- Votes 19
Codie’s is great but has everything locked behind a paywall. I have a business I’m looking and looking for info also
Post: Can I get a FHA or any QM on 2 duplexes on the same parcel?
- New to Real Estate
- Huntsville Al
- Posts 55
- Votes 19
Where is this? I got a similar situation
Post: How to fund deal
- New to Real Estate
- Huntsville Al
- Posts 55
- Votes 19
Hello,
I found a multi unit property. I have about 20% down payment. I’m now being told it will likely be 25%. My credit score is 780+. What’s the best way to fund this deal? I’d like to use as little as my money as possible
230k purchase price
45k is what I have to put down(don’t want to use all this)