All Forum Posts by: James Kampmeyer

I have not used them but I have heard good thinks about Baker roofing. But I dont know if they work in Lake City.  Lots of roofers on the coast do to hurricanes but Lake city is a really small area in the middle of nowhere SC.

I'm curious, what is a NNN STNL property?

Jamey

Congrats. how is the rental market in Chapin? I didn't realize there were townhomes there.

Thank y'all for the information. 

So having the house under an LLC will make no difference?

One thing i forgot to add. The LLC will be owned by my 2 brothers and me.

So the question is if I start an LLC and buy a house, will it be taxed at 4% or 6%?

The house will be a rental. Income will go into an account under the LLC.

I have asked for the letter, but it was late Friday afternoon. How long is the letter good for?

According to the bank, I can borrow what amounts to 4x my current mortgage... I know I have a good w2 job and credit north of 850 but that is just crazy. Good thing I know better.

@John Semanchuk Oh it is not realistic at all. And way outside my comfort zone. I used Ameris Bank.

@Troy Gandee Thanks for the info. First I have heard getting the letter.

Thank you for the replies.

One hurdle down. Got a call this afternoon that I'm pre approved for way more than I thought. Only took about 3 days.

Now I need to find the right house to use it on.

I live in the Charleston/Summerville/Goose Creek area a South Carolina. I have just started looking for a bank and applied for pre-approval for a loan. Is this the best way to go about it? Or would it be better to find a house and take the property information (like the BP calculator printout) to the bank and ask for a loan on that?

Thank for the help.

Thanks everyone, I listen to every BP podcast and watch the webinars.

@Ryan Toth, my goal is to gain passive income from rentals. I am currently tearing out my brick fireplace to install french doors, among several other things. Once I get that completed I will really start focusing on finding my first property.