All Forum Posts by: Jackson Tate

My dad is going to be selling his home soon, a house he has lived in for almost 40 years. He will more than likely be able to sell it for close to $2M, and his basis is probably around 500k. This sale is what is going to help him be able to truly retire, so I'm trying to find any available strategies to him to eliminate as much of the potential capital gains as possible. He does plan to use some of the proceeds to purchase a new home, but it will probably be 1/3 of the value of his current home, so I'm assuming no sort of exchange applies. Any tips or advice would be greatly appreciated.

I'm considering buying a SFR to rehab and flip; however, on top of all the work it needs, it is located next door to a mini storage facility. This is a more rural location, and the facility consists of just two buildings; however, it is all you see when you walk out the front door of the house. There is a chain link fence in place around the storage facility. One thought I had was to put up a tall privacy fence to block that view. Has anyone flipped a home in a similar scenario? If so, did your ARV suffer from the location next to the facility, and if it did, by how much?

I'm currently negotiationg to buy a home that is being auctioned. The auctioneer states that if we ratify a contract, the earnest money and 10% buyer's premium are due at that time. If I default at any point from then on, I not only lose the EM deposit, but I also lose the 10% premium. Is this standard?

@Calvin Ozanick that is my issue right now, I just moved to a new area and am having difficulties finding a lender to work with me on a specific purchase.

@Harjeet Bhatti unfortunately the two lenders I've tried working with so far won't/can't do it. I'm pursuing a jumbo loan purchase and I keep getting told that jumbos aren't happening due to COVID. 

@Harjeet Bhatti thanks for the feedback. I’m not familiar with a LPMI loan. Is this something most lenders will do?

Has anyone found and had a good experience with a lender who does 15% down with no PMI on an owner occupied home?

@Andrew Postell Thanks for the feedback! That's crazy that you called 200 lenders. I've called about 10, so nothing close to what you've done, but I've gotten the same response every time. Looks like I need to keep calling!

I've read that getting a HELOC on a rental property can be much more difficult than your primary residence. Has anyone worked with a lender that does HELOCs on rentals?

Does anyone have any recommendations on where to look/who to talk with regarding line of credit for flipping business?

Thanks all for the feedback. The house is a flip in blue collar neighborhood with homes in the 140k to 200k price range. The majority of homes being flipped in this market area have white cabinets. 

@Jay Hinrichs where are you doing new builds in Charleston? I am an appraiser in the area and wonder if I’ve done any of your homes.