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All Forum Posts by: Nick Johnson

Nick Johnson has started 24 posts and replied 110 times.

Post: Mortgage Options for 620 FICO on 75% LTV purchase 8-12 properties

Nick Johnson
Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 161
  • Votes 15

@Ken Naim Thanks for the additional insight. I need to do some research. Have never even looked at 5+. This is a new game for me. If you have experience in that realm, I take advice. Thank you. 

Post: Mortgage Options for 620 FICO on 75% LTV purchase 8-12 properties

Nick Johnson
Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 161
  • Votes 15

@Chris M. thanks again for your time and advice! If you have anyone that you would recommend, I'd always be grateful. 

Post: Mortgage Options for 620 FICO on 75% LTV purchase 8-12 properties

Nick Johnson
Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 161
  • Votes 15

@Chris M. so I should reverse away from SFRs in your opinion and look at 5+ or? Just a little translation please. Thanks!!!

Post: Mortgage Options for 620 FICO on 75% LTV purchase 8-12 properties

Nick Johnson
Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 161
  • Votes 15

@Shaun Weekes

Please stop replying.

No one is paying cash for any homes.

Apparently you can’t read what my question is.

Post: Mortgage Options for 620 FICO on 75% LTV purchase 8-12 properties

Nick Johnson
Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 161
  • Votes 15
Originally posted by @Shaun Weekes:
Originally posted by @Nick Johnson:
Originally posted by @Shaun Weekes:
Originally posted by @Nick Johnson:

I am considering selling my duplex in SoCal and taking that money out of CA. I nearly break even on the rent/mortgage but if I am able to escape CA on a 1031, I could potentially be positive cash flowing in the $1500-$2500 a month range on the same numbers. Here are the very ballpark #'s.

Sales price $1.2m

Net $1.1m after sales expenses

Mortgage payoff $800k

If I wanted to do a 1031 on 8-12 SFRs priced in the $80,000 to $150,000 range and have about the same #'s (without adding a ton of my own funds), what are my options for purchase loans? I assume that I can't have 8-12 individual mortgages?

Had some credit challenges last year, thanks to COVID. These are all handled at this point, with no running lates.

FICO around 620 (Experian 641, Equifax 622)

Options? Forget it and don't even try? Thoughts? Thanks so much in advance!!!

I would speak with your CPA first to see what your tax liability is.  Then move forward from there.

 I will be utilizing the 1031 IRS Tax Code. Deferring taxes until a later date (if I choose to exit the properties in the future)

 What if your taxes foot print is very small and you could have 1mm to pay off debt and purchase homes.  Just another option to explore Sir.  Take care and have a good one.


 I have a large tax footprint on this one. I have zero interest in paying those taxes. I have nearly no debt to pay off. 

I am hopeful that someone here is able to actually attempt to answer my question. 

Post: Mortgage Options for 620 FICO on 75% LTV purchase 8-12 properties

Nick Johnson
Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 161
  • Votes 15
Originally posted by @Shaun Weekes:
Originally posted by @Nick Johnson:

I am considering selling my duplex in SoCal and taking that money out of CA. I nearly break even on the rent/mortgage but if I am able to escape CA on a 1031, I could potentially be positive cash flowing in the $1500-$2500 a month range on the same numbers. Here are the very ballpark #'s.

Sales price $1.2m

Net $1.1m after sales expenses

Mortgage payoff $800k

If I wanted to do a 1031 on 8-12 SFRs priced in the $80,000 to $150,000 range and have about the same #'s (without adding a ton of my own funds), what are my options for purchase loans? I assume that I can't have 8-12 individual mortgages?

Had some credit challenges last year, thanks to COVID. These are all handled at this point, with no running lates.

FICO around 620 (Experian 641, Equifax 622)

Options? Forget it and don't even try? Thoughts? Thanks so much in advance!!!

I would speak with your CPA first to see what your tax liability is.  Then move forward from there.

 I will be utilizing the 1031 IRS Tax Code. Deferring taxes until a later date (if I choose to exit the properties in the future)

Post: Mortgage Options for 600 FICO on 75% LTV purchase 8-12 properties

Nick Johnson
Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 161
  • Votes 15

Thank you Kevin. I updated my post. I ran my scores a few minutes ago. 622 Equifax and 641 Experian. So I guess I am in the right ballpark to move forward?

Can I have that many individual loans? Or would I need some type of portfolio loan? Or what are my options?

Yes I am ready to move away from appreciation and into the cash flow model. CA makes me crazy. Thanks for taking the time to reply to me!

Post: Mortgage Options for 620 FICO on 75% LTV purchase 8-12 properties

Nick Johnson
Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 161
  • Votes 15

I am considering selling my duplex in SoCal and taking that money out of CA. I nearly break even on the rent/mortgage but if I am able to escape CA on a 1031, I could potentially be positive cash flowing in the $1500-$2500 a month range on the same numbers. Here are the very ballpark #'s.

Sales price $1.2m

Net $1.1m after sales expenses

Mortgage payoff $800k

If I wanted to do a 1031 on 8-12 SFRs priced in the $80,000 to $150,000 range and have about the same #'s (without adding a ton of my own funds), what are my options for purchase loans? I assume that I can't have 8-12 individual mortgages?

Had some credit challenges last year, thanks to COVID. These are all handled at this point, with no running lates.

FICO around 620 (Experian 641, Equifax 622)

Options? Forget it and don't even try? Thoughts? Thanks so much in advance!!!

Post: Mortgage Options for 600 FICO on 75% LTV purchase 8-12 properties

Nick Johnson
Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 161
  • Votes 15

I am considering selling my duplex in SoCal and taking that money out of CA. I nearly break even on the rent/mortgage but if I am able to escape CA on a 1031, I could potentially be positive cash flowing in the $1500-$2500 a month range on the same numbers. Here are the very ballpark #'s.

Sales price $1.2m

Net $1.1m after sales expenses

Mortgage payoff $800k

If I wanted to do a 1031 on 8-12 SFRs priced in the $80,000 to $150,000 range and have about the same #'s (without adding a ton of my own funds), what are my options for purchase loans? I assume that I can't have 8-12 individual mortgages?

Had some credit challenges last year, thanks to COVID. These are all handled at this point, with no running lates. 

FICO around 620 (Experian 641, Equifax 622)

Options? Forget it and don't even try? Thoughts? Thanks so much in advance!!!

Post: Where can a BP member ask about TurnKey providers?

Nick Johnson
Posted
  • Rental Property Investor
  • San Diego, CA
  • Posts 161
  • Votes 15

@Josiah Jenison

Interesting concept. Not quite what I am looking for though. Thanks!

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