All Forum Posts by: Eugene DuShawn Smith

@Mitchell Bumann hello I hope all is well. Just wondering if you still had any opportunities throughout the Jacksonville area thanks 

Thank you for your reply Bill.

I definitely want to dive super deep into creative financing I'm just not sure how or where to start. It seems like the purchase of my 1st and second homes were relatively easy but getting to my 3rd seems impossible. Yes I do have a family so the option of buying, living in the property for a year, then renting it out is not an option for me. I'm really wanting my next property to be the vacation short terrm rental route. 

@Greg Scott thank you so much for your reply. Currently my monthly mortgage is $1569 a month. Tenant's rent is $1875. So there's some cashflow in there but I still end up having to come out of pocket a little bit for some maintenance issues and upgrades. If I refi at current mortgage % rates the monthly mortgage will more than likely increase. As far as why I went with a commercial loan under an LLC it was to my understanding that that was the best way to expand my portfolio without being told that my DTI would efffect me. If there are other options tha I can use without having to sell my townhome I would love to explore them. I've even thought of using my primary single family home here in Florida as leverage only problem is we took a HELOC out on it last year to pay off debt so I don't know if that's an option.

Hello I really need help in deciding which of these 2 options if any I should choose. we purchased a 3BR 3BATH townhouse in Martinsburg WV back in 2018 for 175k that my wife kids and I lived in until 2021. shortly after that we relocated to Jacksonville Fl. bought a 2nd primary single family, created an LLC, placed the WV property under it at a 6.6% commercial interest rate which put our loan balance at 180k and have since being doing long term rentals with a tenant property managing the WV townhouse myself. obviously the townhouse has appreciated nicely and analysis puts its selling price point at about 300k. I would now like to continue my journey in purchasing more rentals properties preferably a condo or 2 under the existing LLC but I'm not sure how to proceed

should I 

1) do a cash out refi on the WV townhouse then use the funds as a down payment on 2 new mortgagees, which I'm not even sure if that's possible? 

or 

2) sell the WV townhouse then use the funds for 2 down payments on new mortgages?

I really do not want to sell the Townhouse but I don't know how to continue to build my portfolio without doing so. I don't have 20k just laying around for a Down payment on a new commercial loan.  there has to be some kind of way to compound in order to make this happen. I feel stuck please assist 

Thank you very much for your advise. This is helpful 

So I been having this idea of buying a condos out in Orlando for a while now. Beside the HOA fees their pretty cheap and I think there could be a lot of money in them; buy and sell with a tenant, long term lease with tenants, or even short term Air BNB. what do you you guys think think?

 I have equity in my investment property and I have a lot of equity in my primary residents. 

no rehab needs to be done on the investment property and I already have a tenant in place on a lease. 

My goal is to keep moving forward with investments. I don't want to take my foot off the gas 

Thanks for the advise. I just did a cash out refi in order to move my 1st property from my name to my LLC another cash out refi on the same property wouldn't be over kill? also I have a tenant in place now already, I would love to find a muti family or duplex on the market

I just closed on my 1st investment property under my LLC and I'm very excited about it. now I'm at a point where I want to keep my foot on the gas but I'm having an issue trying to figure out what's the next move (how do I attain my second investment property?) ...Third...fourth etc. any ideas would be wonderful.

I just closed on my 1st investment property last week. WOOH WOOH!! I Moved to Florida from West Virginia in 2021 but kept the townhouse I bought there in 2018 and placed a tenant. I got with a loan officer that does nationwide loans "Capital Commercial" and refinanced under my new company Eugene Housing Choice LLC. the interest rate was higher than I wanted it to be but was expected of course because of the current times that we're in.