In OKC you can get cash flowing deals on 60k properties.. so you're looking at 12k down and 5k in closing costs and prepaids.

As I understand it when purchasing a "replacement property" via a 1031 exchange, prorated rent, HOA and specifically property taxes should not be paid with the proceeds of the relinquished property. However what about...

I like to avoid having my clients portfolios hitting their return on page 1 of their schedule E via disregarded LLCs because Freddie/Fannie loans limit how much of the income you can count toward your debit/income ratio for future investments. 

Please DM me if this holds any interest for you and I can give you the name of the Broker agent who can provide you with his opinion as to whether or not you have VA credits coming to you and if your Credit Union is passing them on to you or if they are keeping the credit a secret and worse yet, keeping the credit for themselves.HI Barry,That is true, we operate as a broker and we have set comp plans with each lender that we can only change once every quarter so if there is excess credit in the market we're obligated to not only disclose it you as a borrower but also give you all of the excess credit.If I was a banker or a correspondent lender and I had excess credit I would not have to disclose to you that I had 4.00 pts of credit behind the rate, of which if you had gone to a broker you may have received 1-2 to points of that money you could use to offset your other closing costs, prepaid taxes/insurance/interest,etc.VA IRRRL or interest rate reduction refinance loans are some of the best because they have a refunded funding fee of only .50% or exempt if you're an exempt Vet.Thanks for pointing out the above as Im sure it will help Paul on his decision process.

@Andrea ColeMy daughter, married in January, was on her way to her fully pre-paid European Honeymoon yesterday.

Closing costs should be around 3k + prepaids.

What about the tenants who don’t use credit or debit cards ?

Hard money: “The Pros and Cons”ProAll CASH TransactionQuick Closing Times (<14days)All “Rehab Cost” are covered in LoanLower Leverage for Buyer and more LiquidityFlexibility to buy Distressed and Value-Add PropertiesLoan based on Property and underwritten so Borrower is ProfitableDoes not show up on Credit ReportNo "DTI" (Debit to Income Ratio)CONHigher interest rate than BankShorter Repayment Schedule (<12 months)More conservative evaluation of the Property’s ValueNot doing your research and working with a “Bait and Switch” Lender Real Estate is one of the most dependable and powerful ways to grow your wealth.

Ensure you start thinking about and developing a Rental Deferral Program and/or offer to start accepting credit card/debit card payments for rent if you haven't already.

Hard money: “The Pro’s and Con’s”ProAll CASH TransactionQuick Closing Times (<14days)All “Rehab Cost” are covered in LoanLower Leverage for Buyer and more LiquidityFlexibility to buy Distressed and Value-Add Properties Loan based on Property and underwritten so Borrower is ProfitableDoes not show up on Credit ReportNo “DTI” (Debit to Income Ratio)CONHigher interest rate than BankShorter Repayment Schedule (<12 months)More conservative evaluation of the Property’s Value Not doing your research and working with a “Bait and Switch” Lender (check out our post on this)      Real Estate is one of the most dependable and powerful ways to grow your wealth.