All Forum Posts by: Michael Dunn

Good Afternoon BP community,

I just have a quick question , and that is ....... If I have already used an FHA loan to purchase my Primary Residence , When ( if at all ) would I be allowed to purchase another Primary Residence using an FHA loan ? is it a 1 year waiting period ? 2 years ?

Thanks for the help 

Thank you John, appreciate the the info on the Insurance

Lee, thank you as well  ..... Never thought about Protecting a property in a Land Trust , great advice 

Jim, as Flavio said ..... Fantastic answer 

Thank so much for replying and the advice given 

I am looking to purchase my first Rental property within the next month or so 

So before I buy my first Rental property, I want to go ahead and find out if I should put each Rental I buy into an LLC at all ?

Or do I want to put every Rental that I buy into the same LLC ?

Or do I want to avoid LLCs all together ?

I have read various articles and heard opinions on both sides .... Some favoring LLCs and others saying that the cost to set them up can be Costly ( Depending on what state and or County you live in ) , so depending on this , sometimes it's not worth setting up individual LLCs.

I lie in the Desoto County,MS / Memphis,TN area , and from what I have found through researching both state's LLC procedures ..... The cost doesn't seem that high at all on a per 1 LLC basis . Now this is if you do it yourself, so I'm not sure how much a Lawyer would cost to MAKE SURE I set them up 100% correctly to protect myself and each propety(s) within an LLC.

Thank you for any and all help and insight on the topic at hand.

I just want to make sure I fully understand LLCs and if makes sense to go that route with my Rentals.

Thanks again 

Thank you for everyone's input

Hi Mindy,

I was thinking that Rental Leases/Agreements where likely written in 3 month Increments 

Do you give your tenants a better Monthly rate, the Longer term Lease that they sign ?  And then charge a bit more per month the shorter the Lease is for ?  Thanks much 

Good Afternoon,

Can someone who has personally dealt with and or knows of some Trusted Portfolio Lenders that are in the Desoto County,MS area

Thank you for the help and any information or personal experience anyone is willing to share with a Lender they have used that does Portfolio Lending.

And also please ..... What Terms did the Lender(s) you used offer,

1. Is The LTV based off of the ARV ?

2. What Percent down do they require ( 20% or 25% ) ?

3. What ( If any ) Seasoning Period do they require

4. What type of Interest Rate did you get

5. What ( if any ) amount of Points did you have to pay up front

6. What about tying the Costs for all of the Repairs into the Loan ...... Were the Funds administered to you for the work out of an Escrow account ? And how where the Draws given .... once a month ? Every week ?

Thanks again, I appreciate all of the help

For all those out there who have Rental properties ...... Have you ever done Leases on a 6 month basis ?   And what about a 9 month lease ?

Are 9 month rental leases common ?

Thanks so much 

Good Afternoon,

Can someone who has personally dealt with and or knows of some Trusted Portfolio Lenders that are in the Memphis,TN 

I'm preferably looking for Portfolio Lenders in the Shelby County ( for TN area ), and in the Desoto County ( for the MS area )

Thank you for the help and any information or personal experience anyone is willing to share with a Lender they have used that does Portfolio Lending.

And also please ..... What Terms did the Lender(s) you used offer,

1. Is The LTV based off of the ARV ?

2. What Percent down do they require ( 20% or 25% ) ?

3. What ( If any ) Seasoning Period do they require

4. What type of Interest Rate did you get

5. What ( if any ) amount of Points did you have to pay up front

6. What about tying the Costs for all of the Repairs into the Loan ...... Were the Funds administered to you for the work out of an Escrow account ? And how where the Draws given .... once a month ? Every week ?

Thanks again, I appreciate all of the help

Good Evening,

I was hoping other members could please help me in answering, and shed some light on my following 2 Questions/Scenarios .......

1.  How soon after I buy an Investment Property, will I be able to SHOW the Rental income , as Actual Income .... via Money that I am " Making / Earning " , and thus claim it on my taxes ?

I am wanting this Rental Income to show that I am making more Income on a Per Yearly basis 

2. If I own 2 Rental Properties ...... How Hard/Easy will it be to use my VA Loan to buy a Primary Residence , IF my Income NEVER goes above $21,000 a year , as my Earned Income ?

Thanks so much for the help