All Forum Posts by: Sean D. Jackson

Can you actually use an Credit Card like an American Express that has no credit limit to purchase a property at closing for a 90 day Flip? I’m pretty sure you can’t?? Thanks

Thanks!

Michigan

Anyone know any mortgage companies that lend on $50k purchase price with 25% down with loan amount of $37,500 on 30 year fixed for multi family investments?

@Carl Fischer so you purchase properties in your personal name to get the mortgage then you do a quitdeed claim to your business name and just pay the mortgage on time every month and for years, you never had any issues?

@Stanley Bronstein thanks, makes a lot of sense. I just started. This was my first investment property. The lender I used said the mortgage had to be in my personal name sense it was a residential multi family 2-4 units for them to lend. Seems other investors have the same issue and questions as I read through the forums. Thanks for input.

I’m a new investor who just closed on my first duplex on 11-16-2018. I want to quick claim the deed to my business name. I was told the mortgage company could call the loan due to the change of ownership. If that’s the case, how do you get any protection through your business entity? I had to purchase the duplex in my name to get the mortgage but I want all the money generated to run through my business as it should. I also called my attorney but I’m waiting to hear back from him. I want to get this done tomorrow because I’ve already signed up with Property Management company and need everything to be in my business name once rents are being paid. Thanks

We just closed on our first deal on 11-16-2018. Closed on a Duplex for $85k, and put down 25%. Property currently has tenants. Each unit is paying $750. Monthly cash flow is $605 and Cash on Cash ROI is 31%. Talk about a steal! Right now I’m looking to purchase another duplex before the end of 2018. Looking to buy and do BRRRR strategy on the next and keeping buying and holding forever.

@ Joe, what makes you say B class area with lower cash flow than higher cash flow in C class area?

What seems to be better deal a high cash flow of $670 in C class area with some minor repairs, possible major repairs in 5 years. like roof, maybe foundation issues. Duplex was built in 1900. Ne t option is lower cash flow of $300 in B class area that needs no repairs, minor or major. Duplex built in 1987. Both properties have tenants. The B class area duplex is higher price than Duplex in C class area.