All Forum Posts by: Brian Garrett

All of the "no income verification" loans that I'm aware of are still going to require that you can show income it just doesn't have to be formally documented on your tax returns.

They are called "bank statement loans" where they'll look at the deposits to your bank account to qualify as income and they traditionally want to see 12-24 months of deposits the longer the history the better the rate/term.

I'd sell and 1031 because the rents are substantially low given the amount of equity.

Those properties are not yielding the highest and best return from the money that's being tied up.

Now if the properties are sentimental and you want to pass them down to your kids that's different.

Value-add is always better for those looking to capture equity and then either refi or 1031.

Turn-key is good for high income earners (or high net worth) who are just looking to park money.

That’s within the normal ballpark.

Typically $150-250+ depending on materials and finishes.

Finding a deal around here is like finding a needle in a haystack unless you go into D-class neighborhoods.

I'm a local and 33401 has some pretty rough parts that certainly aren't B or C neighborhoods.

Buy bigger multifamily properties.

High yield savings accounts were great a year ago when they were above 2%.

Now they're somewhere around 0.80% but that's still better than your traditional bank.

I'm in the market for the same but unfortunately here in my area $1MM is more like 5-8 units.

Obviously the location and asset class plays a major role here but I'd want at least $10k/month gross rents.

I'd also be looking for value-add so I can create additional equity to tap into rather than leaving my capital parked.

Ozone generators work wonders for getting rid of the smell inside a house.