All Forum Posts by: Jemma Jacques

I think more info is needed here. Although a DSCR is lenient on your personal income, they will still require a relatively clean appraisal. You might need to flip this to a "flip" or "renovation" loan depending upon the circumstance. Are you buying this personally in your name or in the name of an entity? What is the purchase price? Do you plan on rehabbing it? How much cash are you bringing to the table and what will the loan amount be. Let's start there and perhaps I can guide you in the right direction.

The property price is $95k
im buying under my llc (I am single owner)
no I don’t plan on rehabbing already done, I was going to bring in $26k cash to close.
loan was for $72k

0 Votes

Hi there,

I was supposed to close a house last week in Milwaukee. But the lenders have been a nightmare, there was a small amount of seepage in the appraisal and they want it fixed before close. (Basement to get sump pump) I’m already way past closing and the cost is $6k. Seller is frustrated. Won’t pay for repair and I like the house and our deal.

Any thoughts on what to do? It doesn't really need to sump pump but that's the only way this lender will let me have it…. I don't want to pay to fix it and then for what ever reason it doesn't close, it's a DSCR loan under 100k so not easy to get lots of lenders for, I was thinking to buy it all cash and then refi down the road?

Any advice welcome

3 Votes

Quote from @Juan Rios:

Has anyone had any experience with MPI Milwaukee.

Yes, I used them and was not a fan at all. I would not recommend.

0 Votes

Milwaukee, Wisconsin

Hi there,

I am looking to buy a set of 3 duplexes (that are $125k each) Id like to buy either one or all of them, wondering if I buy 2 or three if I can roll them into one DSCR loan to save on all the fees. Also what qualifies if the location is rural? (Location is about 50 mins from metro city in a smallish town)

What are the current rates and fees pls and best companies to work with.... Thanks

2 Votes

Memphis, Tennessee

Hi there,

So good to hear this and know there are other people in this world thinking about this too.

This has been a dream of mine for a while now!!!!

So I own properties across the US that cash flow well and have often thought about getting them rent to own, id love to discuss more and partner if needed too, I don't have a large portfolio but I have experience, I am a single mom myself! and we have the same vision....

1 Vote

Charleston, South Carolina

Quote from @Michael Wentzel:

@Iris Olivas

We have financed single-family homes that were under $100k and we have also bundled some of these sub $100K properties together for commcerical loans. It takes a lot of phone calls and asking around, but you can normally find a local or regional bank that is willing to work with investors on these types of properties.

Mike

Hi Mike, Im interested if you could send me more info pls :)

0 Votes

Billings, Montana

Quote from @Eric Prescott:

Quote from @Jemma Jacques:

Do you have experience with them? I have been so burned by a terrible PM that I am very reluctant unless someone personally recommends them

Yes. Two properties with them, rehab and rental. The SFR is done and rented out at $1875. The triplex should be done next month. Also, charges a flat rate for monthly PM fee, not a percentage.

Ok if you could pls put me in touch m, thank you

0 Votes

Cleveland, Ohio

Quote from @Bob Stevens:

Quote from @Jemma Jacques:

Quote from @Bob Stevens:

Quote from @Edward Koch:

I have 11 apartments so i thought the best plan was an assessment. $50 per apartment and $50 for 2 stairs and extra $50 for two passages $700.00

I now know what is basically required to fix the units. Mostly put more paint where it is damaged and 5 new windows in the unit which has children

Now comes the scary part!!!!!!!!!!!!!!! Once these repairs are done The charge is $500 per apartment and $500 for the stairs and landings. $7500!! They will fill in the lead submission for for FREE!. This is only good for TWO years!!!!!!!!! And then we will have to have another inspection!!

Anybody know a cheapo inspector??

That is about right for pricing, IMO this whole lead thing is a total scam, just and income generator for the city

Hi there, @Bob Stevens

Do you know a good reliable PM in Cleveland please?
Thank you

Jemma

Of course I know them all. I know who to stay away from and who to use. 10 years experience out there

Could you share a recommendation please 🙏🏼

0 Votes

Cleveland, Ohio

Thanks Dwayne, they do and Ive been in touch with the city but it is not so easy, Cleveland heights has *Up to* $21k grant but only if I accept low income and even so Ive been getting quotes of over $50k per house :(

... Im working through it all but would love a good PM to help guide me.

0 Votes

Cleveland, Ohio

Do you have experience with them? I have been so burned by a terrible PM that I am very reluctant unless someone personally recommends them

0 Votes

Cleveland, Ohio

All Forum Posts by: Jemma Jacques

Jemma Jacques has started 9 posts and replied 44 times.

Post: Help with DSCR financing options

Post: Help with DSCR financing options

Post: Mpi property management Milwaukee

Post: DSCR Loan options

Post: Helping Single Moms with Home Ownership- a rent to own model?

Post: Does anyone do a DSCR loan for a single property under $100K?

Post: Cleveland Heights - Cleveland OH

Post: Lead paint inspections Cleveland

Post: Cleveland property manager needed

Post: Cleveland Heights - Cleveland OH