All Forum Posts by: Jamie Parker

Quote from @Robert Rodriguez:

Hello,

I have a 5 unit multifamily in contract. I'm having a hard time finding financing because the rehab is more than the purchase price. The purchase price is 130k and needs 350k rehab. Can anyone send me in the right direction to find funding?

Thank you.

Couple questions, how long you have to close? Do you have contractor bids? what's your experience on taking down this type of project? What's the expected length of holding. whats the exit strategy? 

Quote from @Jamy Lomento:

I'm a new investor seeking my first SFH. I have enough cash to cover a 20% down payment and repairs but would like to use as little of my own money as possible. I plan to buy in the next 90 -120 days, then cash out refi to purchase another property by end of 2QCY24 and do the same to obtain a multifamily by year-end 2024. For my first property and to deliver on this strategy, should I look for something turnkey and needing little reno and go conventional OR look for something I can get for 80% of purchase price, force equity through reno, and use hard money to cover down payment and reno costs?

Why conventional and hard money are two ways to do it, Private Lending could be a nice go between. Financing purchase and rehab in one mortgage. A 203k loan(a conventional product)  has some perks depending on how much rehab you are looking to do.  Hard money usually has an expiration date like 12 months maybe 18 months but thats rare. Private lending could run all the way thru a 30 year term, because the flexible terms and many times no prepayment penalty requirement, you can cash out refi. As long as your "numbers" work.

 Getting a good deal will help out a ton no matter which way you run the funding. 

Whats your plan for repair and refinancing? Have you interviewed contractors or talked to lenders about terms and rates?

Quote from @Chris Roberts:

I have an STR that shows income on my tax returns for 2022 but obviously not 2023. Are there any specific lenders that will use 1+ years of income so the mortgage on the STR isn't killing my DTI ratio?

The banks I've called just give a generic response of "go online and apply". 

I'm trying to get a HELOC but most banks are requiring at least two years of income on tax returns for the STR, otherwise my DTI ratio is too high. However, my DTI ratio is fine as long as the banks are counting the STR income.

What would your ultimate win situation look like out of curiosity?  

Are you currently under contract or needing funding. Some lenders in Private Institutional Lending that may not require credit checks or income docs. In some cases the interest rates and points for origination are more reasonable.

Hey I am an investor from Memphis with some experience in Birmingham but it’s been nearly 4 years (2019) since the last visit to Birmingham for a property tour. Back in 2019 Oporto Madrid was a tough part of town between East Lake and Roebuck. East lake was on the east of a Woodlawn developing part of town in terms of commerce.

I guess I’m looking to understand, how has that area (Woodlawn, East lake, Roebuck)  changed since 2018-2019. Jobs, business, legislation, investment? Oporto Madrid (the area I’m curious about) is north of Irondale.

Value-add opportunity  seems to be in a dead zone (mostly small businesses, convenience stores, fast food) . 
if you know the area, what you think? Thanks 

Quote from @Fili Aguirre:

I talked to my banker today, and told me wire transfers are used when sending money to a different bank, when individuals are working different banks. And its called "bank transfer" when they're using the same bank. Isn't it the same?

  @Justin Sullivan is correct sending money to someone using the same banks as you is much easier right now. I went to the bank earlier this week, attempting to set up a bill pay on a seller financing property I recently closed. The banker told me that the account that I am sending the bill pay to has to be an account with my name on it. Confused as if I can do an external transfer, even wires are tough as well. 

@Fili Aguirre but yes wire transfers are same day transfer to different banks thru the ACH system and usually comes with a fee around 30 bucks (as far as I know, not a banker). Bank transfers are account to account within the same bank. IF you opened your account in one place and someone else opened there account in another place but same institution. Same bank but the numbers get off when for each individual bank tho they are the same. same same but different lol

Quote from @Jamie Parker:

If interested . inbox me I can provide more detail. 

@Steve Wolfrey

 My mistake on the last post. Moving too fast. Would Private lending be an option? 

Quote from @Steve Flynn:

Do you need money for your investment properties? We have funding in 36 states. We are a direct money lender. Investment properties and commercial properties. Brokers welcome. Rentals, Refi, and Fix/Flips! Low FICO with a great investment opportunity? Then funding may be available. Short-term loans begin at 30K and 30-year loans begin at 55K.

Call or text Steve at 480-543-9702

TG Funding LLC

Could I get more information about ur products? 

Quote from @Frantzy Louis:

Any recommendations for a great DCSR lender ?

Thanks 

Would you be interested in a private lender offering long term options?