All Forum Posts by: Eugene Kemp

Sounds like HML at basically 10%. I suspect requirements include a bit more than just credit score, but I'm a bit cynical on these type of things. 😋

Hello Raanan,

Jacksonville is a great market and my wife and I have several rentals here for the long term. My wife is a local Realtor and seeks to specialize in foreign buyers, so if you need some local knowledge, please feel free to reach out to us.

Regards,

Gene

@Tracy Dydney

Hilarious! 😀 What neighborhood are you referring to? We're neighbors, so might be useful information.

Hi Douglas,

Good luck in your search for lrnders that may be willing to work with you. My wife ie a local RE agent and knows some good lenders. If you need some help ot a referral, ferl free to reach out!

Gene

Some roofers offer financing, but you may pay more with a company that does this.

University towns can be dangerous, but I'd stay within walking/biking distance for best returns and occupancy rates. Just got out of a long term college town nightmare in Auburn, AL. Developers have so overbuilt the rental market and the Parents/kids these days want such lavish accommodations that anything not new and shiny with a gym and a pool won't move as easily! 

Check your state requirements. I manage one for a friend that is military Overseas and don't have any problems (legal or otherwise). Good luck!

I'm in the "never even considered it" camp. I rented in my younger days and would not have expected my landlord to do so either. But then I am from a different generation.....

I am interested in hearing from potential lenders here, as I have a similar situation. I have learned that banks (at least the ones I've talked with), will not give a HELOC on rental property. They will on your primary residence if they deem you worthy. 😋

We have a SFR renting at $1,300/mo and worth around $150k that we own outright. I'd like to take out enough to buy one or two more.

Agree...CPA unless you know what you are doing and all of the rules. Particularly if you have multiple properties. If your AGI exceeds $150k, you can't claim your losses and then you have to carry them forward....blah, blah, blah.