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All Forum Posts by: Jesse Simpson

Jesse Simpson has started 5 posts and replied 10 times.

Post: HELOC and how long until the banks will allow the loan?

Jesse SimpsonPosted
  • Morrison Illinois
  • Posts 10
  • Votes 2

I filled out 30+ applications. And on those applications they advertise no money down and no experience needed.  However, before a recent funeral, and the purchase of a new house, I listed my available funds. I do have experience flipping houses and rentals, almost 15 years worth. I've Listened to 100+ pod casts about investors starting with little or no money, no experience, and they were able to get started. I’m in their shoes just trying to get my feet wet. I’ve walked 15+ properties and have them on standby. I’ve made connections with contractors and realtors and pulled all the comps. I’ve ran the numbers and weaved out the properties that don’t make sense.  I’m ready to go and I have this one thing standing in my way, the same thing that held back many of the investors who are seeing six figures now on BP. 

Back to the original question about HELOC. Do you know the answer?

I appreciate your time. 

Thank you. 

Post: HELOC and how long until the banks will allow the loan?

Jesse SimpsonPosted
  • Morrison Illinois
  • Posts 10
  • Votes 2

My wife and I are in the process of buying our first home. We used all of our savings for this purchase along with a funeral we just paid out of pocket. We are looking to purchase rental properties, however with our savings now depleted, we are looking at HELOC. How long after purchasing a home, will banks normally approve a loan? I'm very new to BP, and I'm looking at every avenue to get started. I've reached out to 30+ hard money lenders with no or little response. Getting $5,000-$10,000 for a private lender will take forever to save up as we have 5 children who eat that much money in food a month, (so it seems). I appreciate all comments and suggestions as they are valued probably more than anyone would know!

Thank you! 

@Alex Bock, I look forward to it! 

Thank you! 

I'm from the Quad Cities. Currently living in Morrison Illinois. Looking to start up and close on my first deal. Looking to network and learn from others. I've got several properties I've lined up by networking that I'm struggling to get my hands on and close. Properties ranging from $10,000 to $80,00 with great potential and high ARV. It's nice to see others from my area!

Post: How to evaluate a ARV?

Jesse SimpsonPosted
  • Morrison Illinois
  • Posts 10
  • Votes 2

Yes, I did precisely that. I guess the problem I have, the property actually has two houses on it. She said she didn't feel comfortable giving a ARV. I guess I just need to reach out to more agents. However, is this a service agents do on a regular basis. I would think if I wasn't doing business with them directly, they would tell me to hit the road.

I appreciate your response greatly.

Thank you! 

Post: How to evaluate a ARV?

Jesse SimpsonPosted
  • Morrison Illinois
  • Posts 10
  • Votes 2

I've been reaching to to realtors and having them pull Comparable comps. However, the lists I'm getting back are in about the same shape as the one I'm looking at buying. This isn't helping me evaluate what the ARV will be? The BP Pod casts talk about sharing these with your property managers and getting their opinions. I'm new, I don't have a property manager yet. What other avenues are there? I don't want to spend too much in a BRRRR project, when I won't be able to pull anything out when refinancing.

Post: Lesson learned. Always line up more the one contractor.

Jesse SimpsonPosted
  • Morrison Illinois
  • Posts 10
  • Votes 2

Just leaned my first lesson on my first deal. Took a few hours off work to meet a contractor for a renovation estimate. Drove an hour, and the contractor never showed up. Lesson learned, always line up multiple contractors. 

Post: Hard Money Lenders issues

Jesse SimpsonPosted
  • Morrison Illinois
  • Posts 10
  • Votes 2

I really appreciate everyone’s input as time is money. I have a better idea of where to go. Thank you! 

Post: Hard Money Lenders issues

Jesse SimpsonPosted
  • Morrison Illinois
  • Posts 10
  • Votes 2

All the research I’ve done through Bigger Pockets, I cant seem to find a Hard Money lender to lend under $50,000.

In my area (Illinois) there are properties selling between $5,000-$10,000. With an estimated Reno costs between $20,000-30,000. ARV $50,000-$60,000. Is it worth it to not explore these deals and expand my vision to houses in the $30,000-40,000 range to be able to meet the loan value minimum of $50,000?

Post: Refinancing using the BRRRR method

Jesse SimpsonPosted
  • Morrison Illinois
  • Posts 10
  • Votes 2

I'm currently working the numbers on my very first deal using the BRRRR method. When it comes to the refinancing, I know I have heard in a Bigger Pockets pod cast at some point them mentioning using either local or large banks. Are smaller, local banks easier to get the refinancing done?