All Forum Posts by: Jack Miller

@Charles Seaman

Thanks for the input! I’m looking at a 5 unit this year

Hello All!

I’m an investor local to Oklahoma City. I’ve done a few deals in the past, all of which have been single family and one duplex. I’ve decided to make the switch to multifamily because of the attractive cash flow that comes with.

In doing so I’ve been listening to more podcasts on the subject and have heard that when closing on 5 units and more the approval process is more based on the property and less on the individual. Does this mean that as long as I can meet the 20% down payment and the numbers work a bank will more than likely approve me?

Thanks in advance for your time in answering and reading!

Hello all! 

Well, after a further review at the title company, unfortunately my first wholesale deal seems to be falling through. Owner is unexpectedly in over their head on the property about $30,000 after further review of their foreclosure fees and I want to find a solution to be able to get this headache off her hands. 

I’ve done some research on creative options I can use to possibly to solve the problem and “Subject to” financing has shown up a few times. Does anyone out there know a good low money down next step for me in this predicament? 

Thanks in advance!

Jack Miller

@Forrest Faulconer appreciate the input!

@Chris Teti thanks so much for your input! Really helps me with my next step

Hello!

My name is Jack Miller and I have been investing for about a year and a half now. I live in the Oklahoma City area and have 3 units under my belt, all of which have been owner occupied loans. At the rate I’m wanting to grow, I’ve found that I cannot make money fast enough from my job to fund my vision so I’ve had to start looking at other opportunities.

The BRRRR strategy is the new route I'm wanting to take so I can begin to recycle my money and reinvest at a quicker rate. I recently received an offer in the mail from my Credit Card company which pre approved me for a 35,000 personal loan since I've been a loyal member. This would be enough money for me to fund my down payment on a hard money loan.

In summary, my question to the forums is would I be able to do this or would the lenders not recognize a personal loan as a valid form of down payment? Is this even possible?

Thanks in advance for your time in reading this and I hope to get some clarity soon!

@John Neff

A more under the radar book is Rental Houses for the Successful Small Investor by Suzanne P. Thomas. Really breaks it down and helped me better understand the process

Is this still going on?