All Forum Posts by: Alex Porrett

I may be in a unique scenario. My business partner and I BRR(R)'d a house over the summer. 80k all in. Worth about 115k now. It's already rented for $1235. Problem is my business partner and I can't get qualified for conventional refinancing due to debt to income ratio reasons like we were able to for our previous BRRR. I have a W-2 job, but he does not (he has a large investment portfolio that he can live very comfortably, ironically I qualified and he didn't). We tried 4 banks and they all came up with drastically different DTI ratios. I won't bore you with the details because ultimately even if we found a bank to correctly document our income and expenses (and allow us to use rental income from properties with less than two year seasoning) we're just going to run into this issue again on the next one.

So my question is: How do you people that BRRR 10-20+ houses a year do it?  Do you obtain a new commercial loan on each one? Do you wait until you have a couple then package them into a commercial loan. Is there a loan product out that you can keep adding properties too?  Are there any specific companies that you can suggest? Thoughts on visio, lima one, lending one? Terms we should expect? 

Any direction would be much appreciated. 

 Any suggestions on who to finance through?

 I've only have owned it a couple months. I'm in Ingham County - which has opportunity zones, but I was under the impression opportunity funds were difficult to set up?

Thanks for the thorough response Greg - I really appreciate it!

So its easier for the bank to refinance a private money deal rather than an a free and clear deal? Could you expand on that I'm not familiar with the bank's reasoning.

Are there any investor friendly mortgage brokers that you know of in Michigan?

I'm finishing up a small single-family rehab and I'm looking to get my money out of the deal in order to put it into another deal. I'm also considering just selling it, but looking at these options first. 

Purchased $15,000

Rehab $16,000

Currently worth ~$45000

I own it free and clear with some CC debt on the rehab. Thoughts on doing a mortgage or HELOC? Suggestions on specific companies would help as well.

Thanks for the reply! Do you have a link to the meetup info? 

Hello BP, I'm Alex.

Since becoming a member of BiggerPockets last July, I've spent countless hours listening to the BP podcasts, reading the BP books, and using the MLS and other resources to learn more about my market. Unfortunately, you can only learn so much from the latter, so I'm reaching out to you guys for some assistance.

I'm originally from the east side of the state (Port Huron) but moved to Lansing after college to work as a policy adviser in state government. I've never owned real estate, but I'm very interested in house hacking for my first purchase. My goal is to buy a house before my lease is up in September - though I'm hoping it doesn't take that long.  

Here are some of my questions: 

1. Can you recommend a real estate agent that is friendly to newbie investors?

2. Are there an abnormally high amount of rental vacancies in the area right now? Do you have any trouble filling your vacancies? Is the 1bed/1bath unit market oversaturated? 

3. Are there any networking events in the area? 

4. Are there a lot of wholesalers around Lansing? 

If you have any additional advice please don't hesitate to contact me.

Thanks!