All Forum Posts by: Travis Sperr

If it is your primary you should be able to get closer to 90% LTV on HELOC. If that gets you there I would explore.

Also agreeing with that your cost to build looks far too high, I think you can be much closer to $150 a ft.

@Karen Higgins check out TCREI

No Cost to attend - presenters don't sell anything, ever. Based around networking with a presentation from someone who is actively investing or providing services to investors in the market.

https://www.meetup.com/Twin-cities-REI/

@Kris V. Buying properties in you and your wifes name separately is a good way to get started, my wife and I did that early on - the best part was that we might both have a BRRRR going in our individual names and when it came time to refi - we could both use the same joint savings account to show reserves/assets on two different loans. I am self employed and she had strong w2 income so it worked really well. As others have noted once you get more experience you will find that it really doesn't matter as there are no property limits for qualified borrowers.

@Kris V. A 30 yr fixed loan on an investment property at a local bank is not likely at all. I do see some 15 yr fixed notes, but most newer investors don't want 15 yr because it eats up cashflow.

You can finance traditionally with a conventional lender where you get the absolute best pricing and terms, you have to close in your  personal name on title be can deed it to your entity for the asset protection. There is the due on sale but it is my opinion only that the likelihood of it being called is so incredibly low, higher chance of a slip and fall.

Don't worry about being limited by the number of mortgages you can get - fannie stops at 10, but when you have a local bank you can get as many as you need (and if they stop go else where). I am financing with banks now on my 13th and 14th purchase - it is way easier than mortgage lenders. Costs a little more, but am getting 15 yr fixed to my entity. 

Regardless of who is on title the banks are requiring personal guarantees.

Good Luck!

@Matthew Kelly you would need to be licensed in Utah to in order to represent your buyers there.

@Account Closed I would absolutely ask for a copy of the report and offer to pay up to $150 for the report. This is why - the buyer is out the money regardless  - so that would help them out a little bit. I do agree that every inspector has a different level of knowledge, but most are within the same playing field and you can at least see if the items would be of concern to you. 

If there was anything material reported in the inspection, the seller would need to disclose - sometimes sellers don't want to see the report for the reason of not disclosing.

I wouldn't offer more than about $150 because you don't know what you are getting and for a little more you can just get your own inspection.

Good Luck!

@Mark Caudill thank you for the mention. 

@Josh Cowan - happy to connect and run through numbers and see if we are a good fit to work together. 

@Benjamin Lapidus just for reference we have money for any deal that make sense. 

you might check this out @Rob Allmand

https://www.eventbrite.com/e/residential-real-esta...

@Ryan Tuleja check us out here for networking -

https://www.biggerpockets.com/forums/521/topics/419700-twin-cities-real-estate-investors---meet-up 

That is a bad idea. Borrowing money to make an investment with a thin margin doesn't make sense to me. Further that payment reporting to credit could hinder your ability to finance a rental property because of DTI.

It doesn't take $80-120k to get a rental in our market- it takes more time and energy to chase down a good deal. I am buying what I consider to be marginal deals right now for around $200k that rent for $1,800 a month right now. My bank will fund with 20% down. On a 30 yr note at 5% ( as an example - I only use 15 yr notes) the gross cash flow after mortgage and HOA is $665 a month. I use gross because everyone has different resources - property manager, repair folk, etc.

You mentioned you are new to investing, our market is not easy but it is very doable when you are willing to work for it.

Good Luck!