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All Forum Posts by: Jim Cummings

Jim Cummings has started 88 posts and replied 1161 times.

Post: Best loan options for multi

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

@James Godbout. I'm far from the expert on financing, but here's my take on your question.  Certainly consult a experienced lender for more compete advice. 

INTEREST RATES: If you buy in your name expect to get around 3.5% - 4.00% depending upon credit, etc. 

DOWN PAYMENT: If you buy in your name expect to put down about 20% - 25%. generally speaking 25% DP will get you a better interest rate than 20% DP.

LLC: If you buy in an LLC, expect to get a Commercial Loan. Variable Interest rate, DP won't change significantly, but expect to have a 20-Year Amortized Loan that might balloon in 5-10 Years.

Unless you feel strongly about buying in an LLC, buying in your own name will be far more attractive.

Good luck and keep moving forward!

Post: Wholesale AND Retail

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

@Steve Morris. Might be - but TREC does not discriminate - they punish!!

Post: Wholesale AND Retail

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

@Elizabeth Beard. Disclose > Disclose > Disclose. You do NOT want TREC Coming after you for not disclosing your status as a Licensed RE Agent.  

Post: Newbie Question - Tenant Screening

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

@Mike B. I'm not aware of anything that would prevent / prohibit you from accepting prepaid / Upfront rent. Had a rental client couple years ago that got an application that included all 12 months upfront. Renter did ask for reduction in rent for an all up payment. Client accepted it.

Sounds like you may be in driver seat with 3 solid candidates. 

Good Luck.

Post: Advice on under kitchen cabinet water filter

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

@Mich Copper. If the under sink filter system is easily removed - I would remove it. Saves you the filter replacement cost. What if the system quits - who is responsible for fixing / replacing the system. 

Bought a couple of SFR over the last few years that came with Washer, Dryer & Fridge. As the tenants moved out, I've moved out the Washer, Dryer & Fridge. Sold the appliances to one of my most recent tenants for a few hundred dollars. Now their responsibility to maintain.

I've voided the maintenance cost and responsibility of replacing them. IMO, if you are renting SFR as tenant, it's time to be a grown up and own your own appliances.

Post: My First Two Years as an Owner-Occupied Multifamily Landlord

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

@Mahbubur Rahman. WOW is all I can say. Lesser people than you would have cut bait and ran. Sounds like navigating the corrupt NYC Bureaucracy is no small task. I'm impressed! 

Post: Foreclosures To Increase in 2021

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

Barring a continuation of the Eviction Moratorium and additional action to limit Lenders from Foreclosing on Homeowners and landlords, expect to see an increase in 2021 and probably beyond. 

Received the following today from a Foreclosure Listing Service in Texas that monitors the major counties in the DFW, Austin & San Antonio areas of Texas.

Almost every county we cover showed an increase in postings for the first auction of 2021. We have seen banks and lenders increase posting volumes as anticipation increases for news on eviction and foreclosure moratoriums and potential new stimulus package. I included a quick chart showing posting counts over the past year. Notice that this increase is just the first step in what we hope is a trend for 2021 and we still have a ways to go to get to pre-covid posting levels.

Here are some stats from some of our larger counties:

  • Dallas County: 176 (+85%) (Dallas)
  • Collin County: 42 (+50%) (Plano)
  • Denton County: 43 (+126%) (Denton - North Of DFW)
  • Tarrant County: 101 (+51%) (Fort Worth)
  • Bexar County: 138 (+14%) (San Antonio)
  • Harris County: 409 (+19%) (Houston)
  • Travis County: 40 (+54%) (Austin)
  • Williamson County: 18 (+50%) (Austin / Round Rock /Georgetown)
  • Bell County: 29 (+61%) (Temple)

Post: MO MONEY MO PROBLEMS

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

@Dominic Olguin. Probably helpful if we knew the town where properties located?

Post: Texas Real Estate License

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

Post: 30 day notice to vacate on a month to month lease TX pandemic?

Jim CummingsPosted
  • Residential Real Estate Broker
  • College Station, TX
  • Posts 1,193
  • Votes 968

@Steven C. Suarez.

Going through some of my other emails and found this might be of interest.

https://tinyurl.com/y57p2mjo