All Forum Posts by: Jim Blackburn

About 300 Add 100-150 for distance, rural areas, extra square feet, or rent schedules Add 150 for lender buffer for unknown complexities that add cost In the end, borrow gets a copy of the invoice directly from the appraiser and only pays for what is invoiced to the lender

Go with the better location -- romantic. If locations are same, go with the better cash flow.

Fha 203 k renovation loan or Fannie Mae home style renovation loan. Both give you the ability to purchase, and get major contributions in improvement and labor costs.

60k primary residence 80k investment property If the loan amounts are less then typically the loan violates the high cost loan guidelines and investors will not buy them. In that case, you need deal with small banks that portfolio their loans, like local credit union or Community Bank with just a few branches..

Which bank has the 2nd HLOC at 95 cltv?! That's very competitive.

Investor usually just cares about getting the payment. You won't have any trouble refinancing it later (even though your name is not on the note)... as long as you can show proof that you've made the mortgage payment from your personal bank account for the previous 12 months (continuity of obligation). The title and copy of previous purchase contract will support. The risk of course is 100% on your sellers, bc technically you could stop making the payment and have zero effect on your credit since no debt was ever recorded on your name.

Fannie Mae home style renovation loan

1. 90% sure you'll be hit with Captial gains tax on the sale - Check with cpa. 2. Yes I believe if you lease option it then yes your equity that carried forward untaxed into the new property would be tax deferred. 3. I also believe you can pull out equity and roll it over into another property in taxes--- just make sure it's not out in escrow more than 60 days.

1. Does paying down the note provide an advantage opposed to waiting out for the refi? Cash is king. Keep the long term note and low cost of capital. Keep your cash to purchase more property or invest. 2. How long should I be looking at before going to the bank for a refi? 6 months. 3. On my next loan can I apply for an fha since I am already in a conventional, assuming I would move into that property once the year is up on the one I will be living in? Sure you could with a good letter of explanation. 4. I would really like to make a move in the next 6 months before interest rates hike again, am I better to wait a year given the stipulations of the current purchase? With a good LOX, you co do it in 6 months.

You close in your personal name, then quit claim the title to LLC which protects you from personal liability from slip and fall, etc on the property. You can not however be released from liability on the note.