All Forum Posts by: Frankie Woods

 Exactly!  So in that case, the loan will only show up on his credit report and not yours.  However, you will both have ownership in the property (as well as the liability associated with liens resulting in foreclosure, lawsuits, etc.).  I would get your intent in writing before proceeding however.  It just makes things clear for all parties involved. 

If you are using private money to use as a down payment for a conventional loan, you will have to season the funds in your account for more than 2 statement cycles.  Over-leveraging can be troublesome, but sometimes you need to get creative.  Look at your own risk tolerance and stay within your own comfort level.  Happy Hunting.

LLCs involve commercial lending.  You can still house hack, but the terms aren't as good.  Just make the numbers work.

If you are getting conventional financing, you'll have to "season" any private loans.  Typically > 2 months.  But by all means, get creative.

STL is blowing up right now.  If you are serious, talk to locals in the area (e.g., PMs, Realtors, Police, City Planning).  Aggregate data is only a start to your research.  And generally, the data is lagging  the actually trends that boots on the ground can provide.  

Depends on the terms of the refinance.  Most banks doing the refinance will require a payoff of the original loan plus any additional fees / accrued interest / penalties.  The refinancing bank wants to be in first position.

Purchase with all cash and you can use Delayed Financing to get your money out immediately.  A hard money lender will record a loan against your property and the bank refinancing will see this.  This will initiate whatever requirements they have (e.g., nothing, 6 months or 12 months seasoning etc.).  There are several threads explaining the implications...just search "refinance" or "seasoning".

From what I've experienced, lLenders will look at the total debt your are responsible for.  So if you give a Personal Guarantee with your partner on this loan, they will count the entire amount against you, regardless that you have a partner.  Maybe you should consider putting the property in one of your names and the quick claiming the other on the title?  

Get a cash reserve that you're comfortable with and put it in the highest interest bearing account, most likely a high yielding savings account, that you can find.  The money needs to be liquid and unlikely to be unavailable when times are tough -- because tough times often follow situations where you can't get money from other sources.  There are several recommendations on BP.  I agree with @Ian Kee however, get a track record and then find private money.

PenFed will do up to 80% LTV