All Forum Posts by: Jim Blackburn

@Eric Martinez - Buy in Phoenix or Las Vegas.  Nuff said.

@Kris Gupta - 

Blanket loan to finance all in LLC and remove all from personal credit, then you free up personal credit for 10 more properties.

Downside: Blanket loans are commercial loans. Rates are higher than residential loans and there are no 15 fix or 30 fix options. Only 5,7,10 arms and usually have origination points.

Upside:  So what... what has higher value to you:  A) save a 1/2% on the rate or B)generate 5% appreciation on millions of dollars in additional real estate? 

@Chetan Patil - 

Typically for commercial properties you will subject to 70% cash out (sometimes 75% of some portfolio banks) of the purchase price for the first 6 months (some banks have 12 month seasoning) before you can cash out based on the higher improved appraised value. 

@Sergey Grunt - 

If your LLC has established credit, and you want to apply for a business loan, then sure you can apply for a loan through LLC. Rates are higher than residential conventional loans and there are no 15 fix or 30 fix options. Only 5,7,10 arms and usually have origination points.

If your LLC does not established credit, then you need to qualify personally with personal income and credit, and go on title personally as the owner. Fannie Freddie does not lend to businesses. They want people liable for paying them back. Make sense?

Secret: You can quit claim deed the title to LLC after closing to protect yourself from liability. :)

It's a great day to begin the refinance process! Get a quote without receiving a thousand calls plus download your free refinance guide!

www.MortgageManJim.com/RefinanceQuote

@Amy Canfield

10-15%

I’d love to hear from the sharpest people here in Bigger Pockets and anyone who has a great opinion!

If you had to pick only 3 concepts, what are your top 3 secrets to building wealth and stability?

By the way, here is The best video I’ve ever seen on the topic. It’s straight to the point, calculated from years of experience.

https://youtu.be/cbjyMfwRCPA

I love to get some feedback from highly driven, self-motivated, top performers in their industry.

What time do you wake up every morning (religiously)? What does your morning routine look like? First few hours?

@Johan Kappelhof

Logan square, Humbold Park, Lincoln Square, Avondale