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All Forum Posts by: Jim Blackburn

Jim Blackburn has started 26 posts and replied 264 times.

Post: Use HELOC to paydown mortgage fast

Jim BlackburnPosted
  • Lender
  • Pompano Beach, FL
  • Posts 308
  • Votes 118
Joe Au - what is the advantage of accelerating the payoff of your biggest tax deduction during your highest income earning and most taxed years? Have you considered taking that extra $500-$1000 per month and investing it instead? If you can earn a higher return than your actual net cost of capital (after tax deduction cost of interest), then you are coming out ahead. I can't tell you how many clients I've seen who accelerate the payoff of their residence before reaching 67 years old, and then realize that they still have a 20-30 year time horizon, with which to build a comfortable retirement nest egg through disciplined investing. They say "Jim, my home is owned free and clear, can I get a loan on that now via a variable rate HLOC or fixed rate mortgage that I can use to buy more real estate?" Ask anything.

Post: ***Property Cash Flow Loan***

Jim BlackburnPosted
  • Lender
  • Pompano Beach, FL
  • Posts 308
  • Votes 118

Highlights

  • no tax returns, transcripts, w2s, or paystubs required
  • qualifies on 90% of market rents from the appraisal rent schedules
  • does not have to be rented at time of purchase
  • no additional collateral pledged
  • can close in a LLC (2 person max in LLC, borrowers must be personally liable)
  • unlimited number of financed properties
  • non-warrantable condos allowed

Requirements

  • subject property must be for investment
  • own a primary residence
  • zero late mortgage payments in last 24 months
  • must have at least 3+ active consumer credit tradelines paid as agreed for past 24 months
  • no gifts allowed (down payment & closing costs must be sourced and seasoned for 60 days)
  • 6 months PITIA reserves required on subject property
  • no bankruptcy, short sale, deed in lieu, or foreclosure in past 2 years (also mist not have more than 1 event in last 5 years)
  • appraisal must be "As Is" (no repairs needed... IE. We were unable to close until broken tiles were replaced.)

Example

  • 2 unit with 1,000/unit = 2,000/mo
  • 90% = 1,800/mo
  • max PITIA = 1,800

Cell: 773.234.2584

Post: $1,300,000 Deal at Age 21 & I'm Retired!

Jim BlackburnPosted
  • Lender
  • Pompano Beach, FL
  • Posts 308
  • Votes 118
Abraham Anderson curious, what did the financing look like? Down payment? Rates? 1st and 2nd?

Post: Get up to $8500 Down Payment Assistance (Primary Residence Only)

Jim BlackburnPosted
  • Lender
  • Pompano Beach, FL
  • Posts 308
  • Votes 118

Discover How You Can Buy A Home With Just 1% Down Payment... Plus Guaranteed Rate Double Matches 2% For a Total Down Payment of 3%!

Minimum Qualifying Criteria

- 680 fico score

- 2 year employment or education history

- 3% of purchase price in bank, retirement, or gift

- must be used for primary residence and only own 1 home at time of closing

Apply Here

www.rate.com/jimblackburn

Questions?

Call 312.753.6399 or email [email protected] 

Post: First buy--out of state vs in state

Jim BlackburnPosted
  • Lender
  • Pompano Beach, FL
  • Posts 308
  • Votes 118
Hello Curtis K Thomas I suggest investing somewhere you routinely like to visit, where you could accumulate multiple properties, and enjoy visiting/vacationing when you stop in. Somewhere not too far from where you live that's convenient and comfortable to get to. Few thoughts that pop in my mind are condos in Arizona where east coast retirees move to. Colorado condos in a mountain/camping/ski resort area. Or maybe Florida, except that's a bit of a hike from your side. Perhaps near some universities in Portland, although from what I hear that's beginning to be pricey as well. Ask anything. Jim Blackburn

Post: New Investor Hoping to House Hack in West Palm Beach, Florida

Jim BlackburnPosted
  • Lender
  • Pompano Beach, FL
  • Posts 308
  • Votes 118
Hi Kevin Knox One of the best ways a new investor can get started, in my opinion is by purchasing a 4 unit property as their very first purchase. Palm Beach County ... Here the county loan limit for a 4 unit property is 663,440. We can acquire this property with just 3.5% down payment, and the seller can over the closing costs & escrows. That's about 21k cash. Plus we need to be sure to have another 3 months in reserves. Call it 15k. Let's round up to 40k cash for some cushion. We live in one unit, and rent out the other 3. In some cases the rents from 3 may be enough to cover the living expense in unit we live in. In most cases, the rental income will make our cost of living in our unit much cheaper than it ever would be if we bought our own condo or single family house. This is an FHA loan. Typically you can only use FHA one time. Unless you have a really good letter of explanation that details the reasons why you are moving out of your current primary and into a new house using FHA a second time. (Ie. having a baby, moving to other side of town for job, etc.) If the exception is granted, then we get to use FHA twice allowing us to control more real estate with only 3.5% out of our pocket! Where many investors make a big mistake, is buying single family or condo first... then trying to acquire a 4 unit later. It's much more difficult to convince the underwriter that you are moving out of a comfortable private space , and into a building shared with 3 other families. Then you are stuck putting down 25% to acquire that 4 unit as investment VS the 3.5% FHA as primary residence. Long story short.. by purchasing the 4 unit as your first property, you're able to acquire, control l, and benefit from the appreciation of 4 units with just about 21,000 down (3.5%) vs 160,000 (25%). How long would it take us to save up 160,000? My vote is a 4 unit purchase with FHA on our very first buy. Ask anything.

Post: Buy Your 1st 4 Unit Property W/ Just 3.5% Down

Jim BlackburnPosted
  • Lender
  • Pompano Beach, FL
  • Posts 308
  • Votes 118

Get rates from 23 banks as correspondent lender, and 30+ banks as broker. 

Fast preapproval letters

In house underwriting 

Close in 21 days.

Post: FHA loan MF question

Jim BlackburnPosted
  • Lender
  • Pompano Beach, FL
  • Posts 308
  • Votes 118
Hey Jesse Gargus-Smith - this is how we do it in Clare county Michigan. The max loan we can get for 2 unit FHA is 352,950. 426,625 for 3 units. 530,150 for 4 units. Our down payment for FHA is only 3.5%. Generally speaking, FHA is for primary residence only so you can only get away with using it once, sometimes twice with a good letter of explanation. It's best to get 4 units out of the gate with only 3.5% cash out of your bank account. You control 4 units with very little outlay. If you can find 4 units that look like a good buy, in a place you would feel comfortable living for a minute, 4 units is the way to go. Ask anything.

Post: Should I sell my L.A. home?

Jim BlackburnPosted
  • Lender
  • Pompano Beach, FL
  • Posts 308
  • Votes 118
Andy P. LA is buy/hold. It will continue to appreciate as long as you own it. You can put a renter in there and use 75% of the lease as qualifying income towards your next purchase. Ask anything.

Post: Cash Out Refinance Special (Cash Purchase)

Jim BlackburnPosted
  • Lender
  • Pompano Beach, FL
  • Posts 308
  • Votes 118

Get up to 75% cash out of the purchase price within 60 days of closing using the delayed financing guideline. 

Or wait 6 months after closing, and you can cash out 75% of the new appraised value.

Example: 

100,000 purchase price 

30,000 renovations 

180,000 after repair value

Cash out within 60 days = 75,000 loan amount

Cash out after 6 months = 145,000 loan amount

Ask anything.