All Forum Posts by: Justin Jackson

@Christopher Eddy

5 yr term with 20 yr amortization are what I have always experienced. Closing costs are usually less but you have a soft refinance every 5 years usually costing a couple hundred dollars.

@Chase Banta

Sounds like an escalation clause of on time rent payment collection and occupancy could greatly benefit you.

Maybe 3% if 90% occupied and 90% on time payments

5% for 95% occupancy and on time

7% for 100% and 100, might be surprised what a dangling carrot might help you accomplish!

@Meg Goode

Highly leveraging when done correctly will always out earn a cheaper mortgage.

Let’s use a simple example:

You own a house paid off that is worth $100k and rent is for $1000 a month. All things simple you make $1000 a month. You have a tax advantage on one property.

2nd example

You own the same house valued at $100k and rent it for $1000. Because the property is leveraged and have an 80k loan you pay a mortgage of $500 a month and make a profit of $500 a month.

You are able to buy 4 other homes all with 20% down with same scenario each earning you $500 in profit.

5 houses @ $500 a month is $2500 a month profit plus tax advantages x5.

If I were you I’d refinance the equity out of the home (tax free of course) and use the money to build your portfolio!

@Michael Ndjondo makadi

Go see a real estate attorney and have them prepare a deed of bargain sale. Buy the property in your name and then have the deed re-recorded as a LLC after the fact. Make sure to update your insurance policy to match the LLC name. Should coat you $100 for the LLC to do yourself online and about $300 for the attorney.

Mortgage company won’t do anything about it, if they call the note due you could always refinance with another vendor but I could never find evidence of it being called due. I have had 8 rental notes this way for years.

@Alex Bedell

Avail.co

I have 16 doors through the site and it costs $50 a month. Posting new listings, applying, screening, signing leases, collecting payments, and entering work orders! It was recently bought by realtor.com so I am expecting even more improvements soon!

@Ramona Huot

Go with Penguin with overflow protection. It’s a special order @ HD but if a tenant clogs the toilet it has a separate drain near the top to skip the clog and flow back into the pipe. For $160 you can’t beat it. One overflowing toilet will cost much more than the difference in toilet. Put 15 of them in the last 12 months without a single toilet call!

@Anthony Green

Hey Anthony, good to see you on here! I hope your family is doing well!

I have used Capcenter with offices in Richmond and VB 12 times over the last couple of years. I just asked and they can do as low as $50k but they won’t pay closing costs and there is a .375 rate increase. The penalty drops off at $100k. Hope this helps.