All Forum Posts by: Jim Blackburn

I think anything over $100 positive cash flow is a good deal, especially if the property is located in a romantic location with lots of appreciation… You're benefiting from owning and controlling that asset, while your tenant is making the payment!

You can estimate 1/2 point higher rate than current average rate as a cushion… right now the average 30 year fixed rate is about 3.75 for primary residence, and 4.125 investor property

Yes that is correct. Simply quit claim deed it into the LLC after closing… No big deal…

Real estate attorney and a good loan officer.

You can cash out refinance after you are on title for 6 months and then use the cash to renovate, then list or rent.

True. Typically 80 k is lowest loan amount for investment or the loan ends up violating high cost loan test since the fees could be more than 3% of loan amount when dealing with small loan.

GR does more renovation loans than any bank in the United States. I can introduce you to the president of the renovation department Chris. She will take good care of you.

If you are doing a lot of improvements and expect appreciation, we can go 5/1 arm with huge lender credit to cover most of the costs.... then after value comes up refi it again at 75% max LTV. At that time we may consider a longer term rate lock like 30 fox or 10/1 arm in case you want to hold the property without worry of increasing payment in the near future.

You should have two years history as a landlord to buy new investment property. Two years history can be as little as 13 months receipt of income evidence by 2015 schedule e rental income and 2016 schedule e rental income

Quit claim deed