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All Forum Posts by: Jason Grimm

Jason Grimm has started 4 posts and replied 21 times.

Post: Financing a deal w/ high debt to income

Jason GrimmPosted
  • Real Estate Agent
  • Wytheville, VA
  • Posts 21
  • Votes 28

@Andrew Postell, Thanks for helping me clarify. One lender only does SFRs, and the other wants a purchase price of at least $50k per door. So a loan on the duplex (which is listed on the MLS) is too low for their interest. I am not planning on living in it, which rules out all the conventional routes I'm aware of. I'm trying everything I can think of because I know it can be done, but I'm running out of ideas.

Post: Financing a deal w/ high debt to income

Jason GrimmPosted
  • Real Estate Agent
  • Wytheville, VA
  • Posts 21
  • Votes 28

Thanks, @JustinKane. I've been trying to work with a couple hard lenders, but no such luck. I have no idea where to look for the others. Could you perhaps recommend a good starting place?

Post: Financing a deal w/ high debt to income

Jason GrimmPosted
  • Real Estate Agent
  • Wytheville, VA
  • Posts 21
  • Votes 28

hey BP. I just had the bank call me and tell me my debt to income is too high for them to approve me for this loan. I have zero cash right now as everything is tied up. I have a private investor willing to pay 20-25% down, but I'm having trouble finding another source to cover the rest of the financing. I've tried a couple Affiliated lenders from BP, and either they don't do multi families or the loan amount isn't High Enough for them to bother with. The property is a duplex I've got under contract for 80,000 that rents for 1075 a month, which more than double covers the payment. Any suggestions or anybody to point me in the direction of where I could come up with this other $60,000 or so that I need, I'm all ears.

Post: 3 - Unit House Hack turned Investment Property

Jason GrimmPosted
  • Real Estate Agent
  • Wytheville, VA
  • Posts 21
  • Votes 28

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Greeneville.

Purchase price: $87,000
Cash invested: $10,000

After realizing I had spent around $30000+ on rent, I decided to find a place of my own. Then I realized I didn't have the money to make a mortgage payment, so I started looking for a place where someone else could help pay the mortgage for me. I started working with a Realtor friend from church, and after finding a triplex and a duplex for sale in my hometown (I bought the first one I looked at. The duplex was kind of gross, and overpriced.), I ended up with my first property.

Post: How to attract Seller Leads

Jason GrimmPosted
  • Real Estate Agent
  • Wytheville, VA
  • Posts 21
  • Votes 28

Following this thread as I am in the same spot @Jonathan Bolano was 10 months ago. (I would love to hear how things have progressed for you.)  I'm just getting started as well. I work full time for the Postal Service, so I am very familiar with the town and know pretty much where all the vacant & "for rent" houses are. But my real estate work is strictly a side hustle right now, since I work all day every day for USPS. I have gotten a few leads from Realtor.com, but so far nothing has a materialized. Just some back and forth conversations and a few showings. I have set up social media accounts, mass emails, and hand out my card every chance I get. But so far, it's quiet.
@Patrice Boenzi I am also a Fathom agent. I would love to connect and hear your story and any tips or advice you might have to share.

Post: Wholesale in the New River Valley

Jason GrimmPosted
  • Real Estate Agent
  • Wytheville, VA
  • Posts 21
  • Votes 28

Following this thread, as I'm also in the general area. Licensed Realtor in VA. Investor, mostly into small multis, but have been considering/studying the are of the wholesale as well. Would love to see where this goes.

Post: Trouble finding Hard Money Lenders in Rural Areas???

Jason GrimmPosted
  • Real Estate Agent
  • Wytheville, VA
  • Posts 21
  • Votes 28

@Cassidy Burns, I am having the same issue. Also in Southwest Virginia. I've checked with a couple HMLs that were mentioned on BP, but so far it's been a lot of hoops to jump through. I have a family member who is interested in helping me invest, but it's still been a tough go so far. Would love to pick your brain if you have some advice to share.
Thanks for reaching out. :)
- Jason

Post: What to do with mail being delivered for prior tenant?

Jason GrimmPosted
  • Real Estate Agent
  • Wytheville, VA
  • Posts 21
  • Votes 28

I am a USPS carrier, and I run into this on the daily. There are several variations of this solution, but it ultimately comes down to the former tenant needs to put in a change of address form. If they're a postal worker, they should've done it (it takes literally less than 5 minutes). They may be trying to dodge debtors, as mentioned earlier. I would definitelt put a sticker on the box saying "(new tenant's name) only," because chances are there are carriers who rotate that route daily, and it's hard to keep up with all the forwards, especially on multi-family addresses. Another thing that will help is instead of writing "return to sender" on the mail, smply write "FWD." This will force the mail back into the system, and if there is a forwarding address on file, will send it on to where it should go (assuming it's first or second class mail). If there is a forwarding address on file, it will expire after 1 year, at which point you may have to start the proccess again. Another tip, which you may or may not want to bother with: if the mail says "first-class" or any version of "service requested" ie change service, it can be forwarded. If it simply says "standard," it cannot be forwarded, and most likely will end up in the recycling bin. But the safest bet is to rubber-band the whole bundle, mark it FWD, and leave it for the carrier. As for going to the post office to rectify the situation, I would request to speak to the actual Postmaster or a Supervisor, as they will have the most accurate information, as well as the most influence over the situation.

I know this is probably an overly long explanation, but I hope it helps.

Post: new member, southwest Virginia

Jason GrimmPosted
  • Real Estate Agent
  • Wytheville, VA
  • Posts 21
  • Votes 28

Hi, Matt. Thanks for the add. I too am awaiting licensure. It's been a back-burner dream for about 12 years or so and, per my wife's suggestion, I wanted to get that out of the way before the baby came. I actually a property in Greeneville, TN that I'm working on getting refinanced. It's just taking forever because I rented it to the wrong folks last time and now am having to fix all the mess they so graciously left me. But we'll get there.

Post: new member, southwest Virginia

Jason GrimmPosted
  • Real Estate Agent
  • Wytheville, VA
  • Posts 21
  • Votes 28

Awesome! Congratulations to your growing family! My wife and I are expecting as well, and our due date is actually tomorrow! But in all likelihood, the baby will be a few days late. I'm super busy with work and normal life stuff, so I'm not on BP that often. But I listen to the podcasts every chance I get. Happy to talk shop and/or daydream with you though.