All Forum Posts by: Jason Wray

Welcome a board and should you ever have any questions feel free to reach out or send a quick message.

Use Tinted Paste wax and buff out or try pure coconut oil thick waxing in the jar rub a few times and then buff out.

Ian,

If you can buy a 3 unit that is at fair market value I would for sure consider offering the ask price. I would ask her to offer you a 2% seller contribution (Seller credit) if you are buying it as an investment. That way you can use that 2% to do a rate buy down to ensure a better cash flow.

If you are buying it as a Primary owner occupancy I would ask for 3-4% seller credit to cover rate buy down and a portion of closing costs. If You are buying as an investment you should only be putting 15% down and as a primary 3.5% for FHA or 5% for Fannie Mae. Rates just dropped Monday after a bad 2 weeks so its a good time to pull the trigger.

Multifamily rentals pay off in the loan run so its never a bad investment on a cash flowing property that will debt service itself and grow in equity.  If you have any questions send me a message or reach out!

Guellermo,

As long as you are current and have made at least 3 months of the CARES Act or modifed payments of the plan you can opt for cash out.  You are dealing with a specific lender overlay and not all banks/lender have those types of road blocks.

Wholesaling in Tampa, Miami and Orlando is going to be tough these are all "highly" saturated markets and bombarded with wholesalers...

I would look at Citrus, Polk, Pasco, or Lee County.   

Eric,

Have you looked at doing a cash out refinance versus a heloc?  Heloc rates are terrible right now even if you have a low first mortgage the blended rate is usually higher than a simple refinance.  When you look at the Pro's and Cons or a Heloc there are much more Cons...

I would run the numbers on an actual cash out refinance even if you have a low first versus a 2nd lien and Heloc payment combined with 1st.  

Yes, it is possible and you would need to look under IRC Section 121 which covers primary homes.  You mention you rent rooms to family which is a plus but do you claim the rents.  You can use section 121 once every (2 years).

Tammy,

Sounds like you have a delicate purchase coming up that will require some step by step guidance.  I would strongly suggest you reach out to an agent I have worked with over the years in DFW.  You want a seasoned agent working on the preventive maintenance part of the deal and a good bank to walk you through the process.   

She is a member on here the BP forum as well reach out to @Lucia Rushton

Josh,

Typically when you set up your LLC you need to establish your EIN Tax ID and open up a Business checking account. You can do this after you close on your property just keep in mind not all loan programs allow to close or Quit claim into an LLC. In order to do that you would need to use Non/QM, DSCR or a true Bank protfolio loan program.

 Yes it is possible to do a 1031 exchange on a primary home I have helped other investors in the past.  Check out Section 121 of the IRC.