All Forum Posts by: Rachel Stewart

I have an interesting issue - I hope this is the right place to post. I have access to private funding (parents) but we don't know how to structure it so I'm the only one on the loan/deed. It needs to be an non-owner occupied investment mortgage. I know the easy way is to let the money sit in my account for 2-3 months and then the bank considers it mine. 

One issue is we have a fairly flexible budget. We're looking at 2-4 unit multifamily properties that range from 150k-400k with up to about 200k to invest (high COL). We started seriously looking in January and at that point they gifted me the annual exclusion limit (we had our eye on a much smaller property that fell through at the inspection stage). Now a potentially great property came on the market at 400k and the money that has been sitting in my account is not near the down payment amount. Are we just screwed for this property and back at day 0 for down payment seasoning? It seems crazy that at ~50% down you couldn't find some reasonable way to finance it.

Outside of this particular property- what are some ways we can structure this partnership? I think we want to stay in the 2-4 unit (non-commercial) area for now. 

Hi again -  does anyone have experience sub-metering multifamily properties in Lake County? There's a number of properties in the area I've looked at online but I notice a lot of them aren't split utilities. I've heard rumors about third party companies that come out and sub-meter water. What are the options for water/gas/electricity? 

Hi Everyone!  I have a potential deal in Grayslake, have the initial OK- on private money but this will be my first deal and I was wondering if anyone could double check my numbers/sanity check? Looking for someone more familiar with that area as up until now I have been focusing mostly downtown.