How He's Financing Rentals With Partners With Dave Spooner (Ep 467)
Rental Income Podcast With Dan Lane
Rental Income Podcast
4.8 • 836 Ratings
🗓️ 30 April 2024
⏱️ 28 minutes
🧾️ Download transcript
Summary
On this episode, we talk about their decision to operate under an LLC or as individuals to build their portfolio.
We also talk about how they used an FHA 203k loans, a powerful tool to buy and rehab properties with a small down payment.
Dave and his partners have come up with a unique way to make sure they can continue to buy rentals even if one member of the partnership can't afford it at that particular time.
We also talk about what they are doing with the monthly cash flow, and how they are managing their properties.
https://rentalincomepodcast.com/episode467
Transcript
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| 0:00.0 | inspiring interviews with today's top landlords this is the rental income podcast and now |
| 0:08.4 | dan lane buying rental properties with a partner can be a great way to build a rental portfolio |
| 0:14.4 | Dave I wanted to bring you on this show today because you've got kind of a unique partnership |
| 0:19.8 | you teamed up with your siblings, |
| 0:21.9 | with your brother and your sister, and together you started buying rental properties. Can you walk me |
| 0:28.3 | through how this all started? Yeah, so I was working in the property technology space for a handful of |
| 0:35.7 | years and had a lot of great exposure to some very |
| 0:38.3 | smart landlords and saw what they were doing and learned quite a bit from them and decided, |
| 0:44.0 | along with my brother and sister, that we wanted to buy our first property and we figured |
| 0:48.0 | what better way to do it than to kind of leverage each of our opportunity and house hack. |
| 0:55.0 | So we decided to purchase our first property as a 203K that my brother lived in and we rented out a couple other units in the property. |
| 1:01.9 | And it was a great way to get our first step through the door. |
| 1:05.5 | And we've acquired a handful of properties since then. |
| 1:07.8 | On the podcast, today we're going to talk about the smart way that Dave and his |
| 1:11.6 | partners are financing their rental portfolio. We'll talk about how they own properties, whether they |
| 1:17.4 | use an LLC or whether they thought it was best to own the properties in their name. We'll talk about the |
| 1:23.5 | advantages and disadvantages to having a partnership. And we'll get into that 203K loan that Dave |
| 1:29.9 | mentioned. And we'll talk about how they were able to use that to buy their first property |
| 1:34.7 | with a very small down payment. Joining us on the show today from Cincinnati is Dave Spooner. |
| 1:41.3 | We'll take a quick break to thank our sponsors. We'll come right back and we'll talk to |
| 1:45.5 | Dave. When it comes to hiring, the best way to search for a candidate isn't to search at all. Don't |
| 1:50.3 | search match with Indeed. Indeed is your matching in hiring platform with over 350 million |
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