All Forum Posts by: Jim Blackburn

@DJ Roshan

This here’s a story bout Billy Joe and Bobby Sue....

Cash is king.

Reducing your risk of not receiving rent in the future by 100% sounds like a no brainer to me.

It would take an awful lot to convince me otherwise.

Would you rather have $48,000 cash upfront or $4,000 month by month with the risk that each month moving forward the tenant may either lose his job or spend the money?

Just like the eagles say....

 https://youtu.be/-WCFUGCOLLU

Got a question?

Just ask,

Jim

@James H.

Why don’t you ask him why he wrote it and report back what you find?

https://www.linkedin.com/in/john-csiszar-863a9514

@Ethan Eddy

Have you thought about buying it as your primary residence first so that you can get a better interest rate and a lower down payment?

And then you can convert it to a rental property after you move out and buy another primary. 

Got any more questions?

Ask,

Jim 

@Whitney Ortiz

You get a lot more else for your money in GA vs CA, which means you tie up less of your capital. .

You could actually buy a 4 unit property in Augusta area for about 300-400k. 2BR/1BA units that will each rent for be 600-900. Total gross rents 2400-3600.

With 25% down, you have a total est. mo. expense of approx. 1200 -1500/mo. Strong cash flow. Good for buy hold.

If you need an intro to any Augusta realtors , pm me.

Jim

@Kameeka Shirle

Everywhere in Florida is pretty solid. 15% down for investment. 25% down for the best rates.

Jim

@Christian Daviscourt

Your best bet is to purchase a multi family home as your first purchase with an FHA loan at 3.5%. You're able to open in control for residential units for an extremely low down payment.

If you buy a single-family home first… And then you try to buy a multi family later, you’ll need 25% down.

The FHA loan as a first time purchase is the best way to buy a multi family property with less than 25% down.

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@Eric Martinez  - 

Also, this is good article you should read.

https://www.biggerpockets.com/insights/articles/real-estate-markets-july-2020

@Sunny Er - 

When you purchase home, you get second home interest rates which are same as primary residence rates and significantly lower than rental property rates. Also 10% down vs 15% minimum for investment. When you sign your mortgage note, you sign an intent to occupy for 12 months.

If you rent it out and are not occupying it, technically, you are violating the note you signed at closing and the note can be called by the lender. Be careful, there may be a lender detective secretly watching you from their parked car for 12 months, just waiting for that opportunity to catch a renter on video walking into your second home!

If you later decide to rent this home after 12 mo. occupancy and claim rent on the tax returns, then if you every try to refinance this proeprty in future, the rent income on schedule E will tag this property as a rental property and you will get rental property rates.

Upside: You can use the rental income on schedule e to qualify towards your next real estate purchase.