All Forum Posts by: Jim Blackburn

@Jonathan Soto

yes, send me an email with the property address, estimated purchase price, and estimated renovations.  

@Chris Mason - what do you mean the "cap actually goes away?" 

All I was saying is that both Fannie and Freddie now will allow up to 10 financed properties listed on the REO section of the 1003 application.

@Brian Garrett yes correct. 3.5% down w/ FHA. If you'r expecting to do improvements and getting a good buy, you will refi out of the FHA and into conventional in 2-5 years.

Consider an FHA 203K Renovation Loan for improving long term holds up to 4 units with just 3.5% when purchased as primary residence (initially).  Buy as primary residence, and you can move out and keep as rental 12 months later.  Loan maximum is subject to FHA county loan limit. 

Loan is paid two increments 

1. Purchase funds paid to seller at closing  

2. Renovation funds are paid to licensed contractors over 3-6 months 

Example 

This example is for Los Angeles. (I can do business in all 50 states.) 

In LA, the county loan limit for 4 units is 1,223,475.

800,000 purchase price 

400,000 renovations (100k per unit) 

----------------------------------------

1,200,000 total loan needed 

3.5% down = 42,000 down payment 

All closing costs and escrows can be covered by seller as long as less than 6% of purchase price.  

Shoot me an email for details. 

[email protected]

10 year arm mid 3s. Let me know if you have any more questions.

Real Answer: you can use 75% of the lease on vacating primary residence as qualifying income towards the purchase of your next primary residence. Let me know if you have any more questions.

If you decide to go single family, I can get you 2% down payment assistance up to $8500 max. Just 1% is required from you. Let's talk tomorrow.

You can put down 75,000 on one 300,000 investment property. Or 37,500 on two 150,000 investment properties. Or 25,000 on three 100,000 investment properties.

We can do a rate term refinance immediately after purchase. If paying 100% cash for property, we can do cash out refinance 60 days after closing for 75% of the purchase price with delayed financing guideline. If wanting to get 75% of the higher appraised value, then we can do that after six months…

7/1 sounds like a great deal