All Forum Posts by: Jaycee Greene

Quote from @Jaycee Greene:

Quote from @Eyal Goren:

Hi, 

Just looking at this sensitivity table, I guess 55% is probably where I can have a little bit of cash flow to handle ongoing issues while being not too far from the optimal CoC.

Yes, I'm aiming for section 8 - I hope I didn't make a mistake there with the rent. Will double check.

 @Eyal Goren Got it! But again, how did you come up with rent of $2,060 for a 3-bedroom unit in that zip code?

 I see you're right. It's nowhere close to this number.

Hello BiggerPockets Community,

I’m Lexi, a mom of four with a passion for flipping homes. I’ve successfully flipped six properties and am working on my seventh, (where my capital is tied up for another 45-60days) specializing in custom craftsmanship. I’m looking for a private money partner to take the first position on a solid fix-and-flip deal, with no financing application or down payment required from me. Here’s the breakdown:

Deal Details:

Purchase Price: $218,000

Rehab Costs: $126,000 (includes $101,000 cash for rehab + my $25,000 contribution in building materials)

ARV: $490,000 (supported by comps averaging $469,000, (enhanced by a larger 1.73-acre lot)

Projected Sale Price: $490,000

Timeline: 6-8 months for rehab and sale

Estimated Profit: ~$104,000 after closing costs (approx. 5% of ARV) and holding costs

My Role:

I’ll manage the entire flip, bringing my expertise in creating modern farmhouse-style homes with unique features like shiplap, accent walls, and vintage-inspired designs.

I’m contributing $25,000 in building materials (separate from the $101,000 cash rehab budget), reducing the lender’s exposure.

I’ll handle all rehab, design, and project management to ensure a high-quality finish that maximizes buyer appeal and quick turn around. 

Partner Terms:

Loan Amount Needed: $319,000 ($218,000 purchase + $101,000 cash for rehab)

Interest Rate: 12% annualized, interest-only payments during the project. 

No Early Payoff Penalty: Repay early without penalty, ensuring you get your capital back quickly upon sale

Points: 1-2 points, paid at closing to align with project cash flow

Security: First-position lien on the property

No Application or Down Payment: Seeking a straightforward partnership without a formal loan application or cash down from me

Repayment: Full repayment upon sale, targeted within 6-8 months

Why This Deal?

Solid Numbers: Adheres to the 70% rule ($490,000 ARV x 0.7 - $126,000 rehab = $218,000 max purchase + rehab, offering a safe margin).

Proven Experience: Six completed flips with a focus on custom designs that drive sales.

Market Edge: Comps average $469,000, and the property’s 1.73-acre lot (vs. comps at ~0.37 acres) adds value, with potential for lot subdivision if desired (lots sell between 60-90k) Homes in this this neighborhood on average go under contract within 60 days. 

Transparency: Happy to provide comps, rehab plans, and a detailed budget to serious partners.

I’m active on BiggerPockets and local to this investment, driven to create standout homes, and ready to make this flip a success. If you’re a private lender or investor looking for a secure, high-return deal with an experienced operator, let’s connect! DM me to review numbers, discuss terms, or set up a call. Excited to partner for a win-win!

Best, Lexi

Hi, 

Just looking at this sensitivity table, I guess 55% is probably where I can have a little bit of cash flow to handle ongoing issues while being not too far from the optimal CoC.

Yes, I'm aiming for section 8 - I hope I didn't make a mistake there with the rent. Will double check.

Bigger Pockets,

I am in the process of buying a primary residence and was just denied a conventional loan from a lender because my DTI was too high.

Here is my situation:

I am in the military and moving from HCOL area to a LCOL area. My Housing allowance will shrink from around $4,000 a month to $1,700 a month because of the much lower cost of living.

I own two rental properties. One bought in 2017 with a VA loan. It has $275,000 left on the mortgage that cash flows about $300 a month. The second bought in 2021 with a conventional loan; $135,000 left on the mortgage with about $700 a month cash flow. The lender that denied my loan request said that the rental income from ‘pretty much canceled out the debt I owe in mortgages'.

The problem comes from the fact that I also own a house at my previous duty station (HCOL area) with $530,000 left on the mortgage, which was a VA loan as well. I am in the process of selling that one, but the housing market is slow and it's not a fantastic property, and I don't anticipate it being sold before I want to close on a house at my new duty station. The mortgage on that is about $4,000 a month. This was fine when my housing allowance was $4,000 a month, but now that the allowance is $1,700 a month, I am eating that cost every month. I have the money in savings to float that house for a year if needed, not including money for a down payment.

Other information:

I have reached out to another lender that I have used in the past and have a good relationship with to see if he will give me a loan. I am expecting to hear back in the next 24 hours.

I will not be able to use a VA loan right now since two of my three houses were bought using it, and I would not have enough VA entitlement in this LCOL area available.

I am planning on putting at least 20% down on this property; potentially more if I think it will get the payment to a place where I can rent it out and have positive cash flow upon leaving in 2-3 years.

I have been house hunting in my new area, found a house I like, and am currently in the process of buying it. I’ve put $1,500 down for earnest money. Yes, I would have done things differently had I known the lender would have not approved my loan, as they originally said a few months ago when I reached out that I would be good (they did not fully understand the reduction in housing allowance that would happen).

Here are my questions:

1. Other than getting my house in Northern California sold to reduce that debt from my DTI, will my current DTI allow me to get any conventional loan? Or will I need to look at a different loan product?

2. If I do need a different loan product, what do you recommend? Should I be going to smaller community banks, private lenders, etc.?

3. My girlfriend is moving with me; she makes more money than I do, and has no debt. She has offered to ‘help’ if needed. However, there is a very good chance that 1) she will be my wife by the time I have to move again, and 2) we will be moving to a HCOL area after this duty station. I’d like to keep her separate from this home buying process so that she can potentially take advantage of any first time home buyer loans at the next duty station, since I would not be able to. Is this a sound strategy or not?

Thanks for reading this diatribe; any advice would be appreciated. If there is more information needed let me know.

Need a reality check on this Cleveland deal. Want to make sure I'm not missing something obvious.

3/2 house in Cleveland 44111, listed at $194k but I can get it for $160k. 

Here's what the analysis shows:

• Buy: $160k (±)
• All-in after rehab: $190k
• ARV: $209k
• Rent: $2,060/month
• Refi at 55% LTV
• Monthly cash flow: $493

Main concerns:

• Is $2,060 rent actually possible in Cleveland 44111?
• Never handled a basement - what should i look into?
• Can I actually refi at 55% LTV?

Cleveland investors - what do 3/2s actually rent for in that area? And has anyone pulled off a successful BRRRR there recently?

--> Full deal numbers here

@Jaycee Greene 

Thanks for the Welcome! I'm currently looking for 2 unit multi family properties. Ideally something that can cash flow with a solid rental market behind it. I'm open to both turn-key and light fixer-upper properties- not full guy jobs, but something where I could possibly add some value.

my price range is around 400-550k, and I'm planning on putting 15-20% down. Since it's my first time I really want to learn the ropes and build a solid foundation for something long term. I appreciate any guidance or leads!