All Forum Posts by: James Camp

I have a $30k limit right now on my LLC's credit card with 2% cash back. I didnt even think about using that for the rehab if need be! great idea. Again its tough, because I am self employed, and make very little in taxable income.

Im sort of in a pickle here. I go very out of my way to write off evertything I can, as Im self employed. I will have a taxable income of about $25k-30k for 2019 last year, but about $110k in bank deposits to my personal LLC for 2019.

Will it be impossible for a bank to give me a mortgage like this? Ive heard a of bank statment mortages, but i use capital one and they dont do home loans, so i cant get one from my own bank. :/

I've quickly decided BRRRR is the route for me, and out of state since I live in NY. What I'm confused by as who to borrow from. I have about $15k+ to start with.

For the purchase of the home that I rehab originally am I using my money + a hard money lender? or my money + a bank

for the rehab is it hard money (I'm assuming so)

the refinance comes from the bank I know

Am I going to the bank from the start to get pre approved for the ARV?

Thanks!

 Thats great to know! Im currently looking at Pittsburgh so that makes sense. Also looking at Indiana, Missouri, and Ohio. WIsh I could find something close to me that doesnt have the harsh winters, but it is what it is!

Been thinking of pitssburgh as a good city! Or maybe Indianapolis

Thanks! That may work anyway. I would like to avoid the wear and tear of northeast winters anyway. Plus the market is VERY pricey near me.  

I am looking to buy my first rental property, but live in NYC. Where i know the tenant almost always wins. 

Trying to cover all angles here, what states near NY are particularly landlord-friendly v tenant friendly ?

@Nathaniel Green thanks so much! Ive been listening to the BP podcast and love it! Looking to find groups in NYC still though for networking and learning. Will be diving into the BP begginers course tonight as well.

Ive decided NYC is too expensive of a market for me to get into, Id love to find something within 4-5 hour drive, thinking maybe pittsburgh? or maybe cleveland? but may be too far? Ive heard st louis is CHEAP as well

I just dont want it to cost me more to visit my property than I make in cashflow a month.

Looking forward to it!

This is great man, very inspirational