All Forum Posts by: Jason Smith
Jason Smith has started 15 posts and replied 60 times.
Post: HELP! How Can I Finance $150k for downpayment for Owner Financing

- Weatherford, TX
- Posts 63
- Votes 43
@Lisa Hall
Have you considered a hard money loan for the home then refinance it after purchase. It wouldn't be at the 3% rate but at least you would be able to close the deal.
Post: Texas cash out financing

- Weatherford, TX
- Posts 63
- Votes 43
Currently own a rental free and clear in the Fort Worth area and I would like to find a lender that offers a 30 year fixed cash out allowing 80% LTV.
Apparently this seems to be a unicorn and hard to find or at least hard for me to find.
Can anyone advise as to anyone that lends in Texas that can do this?
Post: Is buying used equipment for a rehab businesses a tax deduction

- Weatherford, TX
- Posts 63
- Votes 43
Looking at buying a used dump trailer for my rehab business. But I got to thinking about the tax implications. I know I can depreciate a new one with a sales receipt but with a used one what do you show as evidence of a cash purchase in order to depreciate it?
Would I be better from a tax stand point on just buying new?
Thanks in advance
Post: Seller hasn’t signed termination of contract

- Weatherford, TX
- Posts 63
- Votes 43
@Remone Randolph
As long as your TREC 1-4 contract was filled out “on conditional to financing” you are covered. Just have the lender send you a letter stating they will not loan the amount you seek and give it to the escrow agent. They will release your escrow.
Post: Must I pay Self Employment tax from doing part time RE

- Weatherford, TX
- Posts 63
- Votes 43
In the midst of doing taxes this year my CPA says she feels that I need to file as Self Employed because of the amount of time I spend doing RE. I only do this part time and have a full time earned income job. I flipped 1 house last year and added 2 rentals. I am not trying to pull one over on the gov but filing this way will cut my refund in 1/2 as opposed to filing as capital gains and not SE.
So what are your feelings as to the best thing to do here? What is actually required vs what is best practice? How should I proceed?
thanks in advance
Post: Is this a good deal?

- Weatherford, TX
- Posts 63
- Votes 43
Post: Does anyone know if you're prohibited from getting a HELOC in Tx

- Weatherford, TX
- Posts 63
- Votes 43
Post: What is the best RE-related 9 to 5 job?

- Weatherford, TX
- Posts 63
- Votes 43
Post: Best Texas Home Equity Line of Credit (HELOC) banks?

- Weatherford, TX
- Posts 63
- Votes 43
@Michael Mullins did you get your HELOC secured by your primary residence or an investment property? I keep being told that Texas does not allow HELOCs on investment property, but when I called Penfed they said they will do them here. Confusing! I just dont want to start the ball rolling only for underwriting to stop the process 5 weeks from now and then have to start over with a cash out loan. Thanks
@Peter M. Thanks for posting the vendor recommendation. What kind of loan or line of credit are you using with them? I will have to give them a call.
Post: Does anyone know if you're prohibited from getting a HELOC in Tx

- Weatherford, TX
- Posts 63
- Votes 43
Ive been researching this myself for the past few days for the same reason. What I have found thus far is that YES you can get a HELOC on you primary residence with no mortgage. However, HELOC's on investment property is not allowed under the Texas Constitution. You can seek out just a line of credit secured by the property and not a HELOC too.