All Forum Posts by: Jack Taylor

@David Baier in Sarasota

I am looking into purchasing a property in FL that already has renters in units. There's additional space on the lot to build more--and I'd like to build one for myself as well as one additional rental unit. It seems like the mortgage to buy the property that already has rental income, and then to to build on it, may be tricky or confusing. Does anyone know how this type of mortgage would be structured?

Hi, I have a self-directed IRA that I plan to use to purchase a fixer upper. I'm debating whether I should sell the house once flipped, or refinance once rehabbed and then rent it out. The question is, I can get a lower rate using my own personal funds rather than a corp, but is that possible and legal to do so? Or do I have to purchase it from my LLC? Legal implications?

I searched for something similar and saw some similar, but not the same, situations in the forums here--which is why I'm posting. Any help is appreciated!

Thank you!

I know the US Census has their data available online, but I'm looking for an API that allows me to get recent population history for, say, the top 30 cities in the US. Would anyone know where to point me to look? Trying to see some population trends and want to automate it.

Hi, I'm in Chicago and considering purchasing some rental properties in S. Florida, around Greater Miami. Not that location *necessarily* matters, but would it help to take some online real estate inspection courses for Florida (if they exist) to make sure I know what to look for when making purchases down there? Obviously the issues are different in some ways than they are in Chicago--i.e., flooding, probably insect issues, etc.. Plus, I don't think the knowledge would hurt anyway. I'd be curious to know what people think. I can just pay an inspector, but figured it may be good knowledge to have myself to vet out any bad properties from the start.

Loan amount is $190K. Condo value is roughly $250K.

I have a 740-760 credit score (depending on agency and financial movements), and am looking to do a refi on a condo as my primary residence in Chicago. The 2 mortgage companies I've spoken with are only giving me a 4.125% rate. Seems high for right now, even for a 30-year, with just ok service fees ($3K-4K). Am I getting robbed here? Trying to get out of my PMI payments.

Yes--I am taking advantage of the increase to wipe out the PMI. You have a great point in the 30/20 paydown.

My real goal is to maximize cash in savings so that I can purchase another property faster(this isn't my only means of saving, just looking to maximize all areas of my life).

Thoughts?

I'm in the process of refinancing my place. I have had refinanced once to get a lower rate, but I want to refi again now to get out of my PMI.

My issue is that I've been in the place for 12 years now, and I feel like if I do a 30-year loan, It's almost like I will end up with a 42 year loan (in theory, it actually is). That makes me feel like I've gotten nowhere with all of these payments--stretching out the loan further. I would, however, like some extra cash in my pocket with the lower payment, as opposed to a 20-year refi.

Can someone help clear this up for me?