All Forum Posts by: Jacob Barnhill

@Josh Stevenson, yes I've struggled with follow up in the past. I use Google Voice now but there are other features that I need to check out, such as the fwd and the text shortcut. Thanks for the tips!

@Josh Stevenson yes, they would be my 3rd and 4th rental properties. These both got nabbed by other investors. I'm looking at opportunities like this everyday and will update you. We should link up, Josh. When I made that post a month ago I was referring to rentals in Washinton State. I just switched my locations on BP as I'm moving home to Columbia as I'm writing this. 

@Darren Budahn can you clarify after 6 months and the point in what you're referring to? I would think whenever the updates/rehab is complete you get the appraisal complete? Do you get an estimated complete before rehab with a scope of work with an appraiser. It seems dicey! I was talking with a loan officer friend of mine and he said that the bank is going to loan on 70%-80% (depending on the lender) but that they'll be looking at the asset at a lower ARV than one would estimate normally to limit their risk.

Example: If I purchased at 100K, it needed 20K, to make it worth 200K (You'd think 50% would be sweet). The bank is going to look at it about 80%- 90% of the highest ARV (200K/80% = 160K), naturally to limit risk. Then I'd have to be 70-80% LTV for the loan (160K/70% = 112K). This is my fear. I'd have to get all expenses of the refi, rehab, purchase to be 0 down less than the 112K. Anyone have an example deal?

@Evan Wiesner that is amazing advice. It's so simple and I totally get what you're saying. I've tried to make it professional and clear and concise. But you've given me some inspiration to go a little above and beyond. Any good recommendations on apps, phone services etc?

I love getting on the phone and helping people, but I'd be interested how you all are streamlining your business. I'm not a fan of the voicemail cause I know that most don't leave a message. I know cause I miss my calls from time to time and then they never pick up no matter how many times I follow up. 

All ideas whether you are currently using strategies or only heard about them are welcome! 

Thanks BP :) 

all very good tips! Thanks guys. I'm very hesitant to jump in as I'm also going to need to partner on getting the refinance portion completed. I'm confident in renting it out for a certain amount but getting the financing on the back end and making sure it will fit into the parameters of not putting any money down are my biggest fears.

I have 2 deals that look to be great candidates for the B.R.R.R.R. (Buy, Rehab, Refinance, Rent, & Repeat) method

? Do you get an appraisal upfront and then again when you refi to see if it is 75% below LTV ?

? Can someone break down the timeline of how one of these deals typically go down?