All Forum Posts by: Jesse Kerr

@Michael Ealy. Your response is gold. Thanks

@Frank Patalano

Started a business. Can’t get a heloc due to this. Banks don’t like business owners. Have to either sell house, refi with a larger payment, or get a Sba loan through company. Not as “easy” as these guys on podcast’s talk about. They need to talk more about the struggle.

When underwriters verify income, how is this accomplished? - aside from just looking at what I sent them.   Let's say I forge all the numbers on my tax returns, w2's, paystubs, etc. etc.. would they be able to catch this or verify that what I submitted is false?  From what I'm reading, they go off of what you submit to them. I know how it sounds, i just can't seem to get an answer online anywhere.  

When you figure out cash flow..  what spreadsheet/parameters are you calculating?  

It this an out of state investment?  If so, did you see the property or just pictures?  

The money you put down.. did you have cash or bride loan etc?

This be video recorded?  I'll be on the east coast..  darn it..  

 Do you have connections with hard money lenders?  

Does this answer her question?  I have the same query, if possible, would it make sense to just purchase portfolios instead of starting grass roots.  and has anyone does this?  2 million dollar portfolio..   purchase, the rents come in and cover the 2mil loan while having cash flow..   I know I'm burning through details, but if I could hack that size of a loan..   that would make sense..  you would also be able to immediately 1031 exchange your properties day one and grow from there..   starting with one sucks to be honest..     the more I research this - and I do plan on starting my own portfolio - it's not has easy as some say.   it's not - no money down etc etc..   you need thousands and if you dont' just flip, you'll need more thousands..  I don't see this mentioned enough.. even on BP podcasts..   If you don't live in your rental and your purchasing as a rental, it's big bucks to hack this..   which leads me to .  why not speed this up and buy a large portfolio instead??  

Am I making this to complicated regarding sizing up a property?  I have one lender that I can use a "cross collateral" loan, meaning using the equity in my house as equity and he will finance the entire purchase.  I just need to come up with rehab costs etc.  That and make sure I can get out of this interest only 1 year loan.  

Then I have another that is 15% down and will refund me all rehab costs.  I guess I need two spreadsheets with each scenario trying to determine which to go with?  Do most of you go with one lender once you are comfortable with them?  

I love my 401k..   I take loans at a small interest rate.. pay back..  do it again ..  all while paying back to myself - even the interest..  You can borrow 50% of your balance..  got 100k in there..  there's 50k you can tap into to pursue rentals..   Just be smart, but..   it's another avenue..  

If I'm unfamiliar with a certain area, what great questions might I ask a realtor?