All Forum Posts by: Jamal Fontenot

Whats going on Nick, this sounds great and I would love too. Shooting you a DM.

To my Texan's,

I'm working on building business credit. I'm stuck between Amegy and Regions. I do understand for the most part they are very similar. I was wondering if anyone could give me more insight on their customer service is when dealing with business accounts. Also, if you know any other small banks worth looking into that are great for real estate investors, please let me know. 

Would like to know when they do start back up as well. It's nothing like face to face connections.

@Kristyn Grimes YOU ARE AMAZING!!!!!!!! lol, I have recently moved to Houston and have been looking for the areas where the multifamily neighborhoods are. I literally spent all day yesterday googling "multifamily neighborhoods in Houston" as well as driving around. 

@Nicholas Welch Great post! I myself have been looking for a multi unit as well and have been striking out. Remember when there is a will, there is a way! I would look into possibly trying to get a line of credit out from your bank if you have good history with them. The cash flow should be more than enough to cover the mortgage and payment on the LOC. Also, if you haven't purchased a home yet look into first time home buyers program. You might even be able to do FHA 3.5%, or conventional 5%. There are tons of options, it's on you to figure out what will be best for you. I wish you the best of luck and lets connect. Can't wait to see your success come to life.

@Jimmy Le you're absolutely right!

@Ehab Shoukry Yea, I kind've figured that out through here. I told my relator about it ( he was the one who actually came up with the idea) and he kind've downplayed it. Won't happen again! The hard money, cash out refi is a great no money play as well. I've definitely been researching that. Thank you!

Hey @Jimmy Le , I just was looking into this. I think it is a great option. I will definitely look into it. I think just finding owners that are willing to accept that option is tuff.

@Rolando Rivera Subject to is a great option I'm interested in thinking about seller finance with low downpayment or ballon payment.

Hey @Mark Zermeno, It was turnkey for the most part. I put MAYBE 1k of work into it. Mostly newer updates. I did all the marketing. It helped that the property was on a main street.

Thank you for that information @Odie Ayaga. So, what would be a different, helpful, strategy?

Hey @Sandy Sawyer, yea I know I'm in some dangerous waters. It was suppose to be a flip just because we knew what it would appraise around, things came up so we decided to hold it. Since using that property for financing seems to be out of the question for at least 6 months, what are other creative financing solutions? This SFR is in the Northshore area.

@Chris Hopper I love seeing you under post man, you always have great and helpful information. I will surely do that, I need to work on a system to generate leads honestly, I have some eager lenders. Thanks again for the guidance!

@Mark Sewell I keep hearing good things about Jet Lending. I'm definitely going to go check them out. I surely don't mind using my cash reserves but I also understand without figuring out OPM formulas It'll be hard to build my RE empire.

@Ryan Blake Is LTC for commercial only? Also, yeaaaa I walked into a bear cave with this one apparently but hey, It's my first deal as an investor, I've worked really hard to make it happen and finally take action, so I'm a proud law breaker for this one time only lol.

Hello BP Family,

So recently I closed on my first rental. Used an FHA to purchase got tenants in within the month. I'm currently looking to acquire another deal. I want to be able to fund this one using OPM if possible since my cash reserves are low right now. I have about 22k in equity in this first rental already. I've also thought of doing a hard money loan then refinancing out. I've ran into two small road bumps. Im uncertain of the refinance process if I just purchased the home( also, 85% of 22k in equity isn't much in the Houston market), I'm hoping to get a multi family. Other than get a hard money lender and refi out what other way could it be structured? Open to any suggestions and opinions? Still new to investing.