All Forum Posts by: Jimmy Warr

@Ayodeji Kuponiyi Thanks for the advice.  

@Ayodeji Kuponiyi@Paul Thompson@Alex Craig@Patrick Liska@Douglas Skipworth @Erik Nowacki All I do have another question. I have found another property. Its a total rehab, but its cheap enough that I can pay cash for it but not the rehab cost. If I purchase this now, all cash, would it be difficult to refinance it to cover the rehab cost ? Its a 6-8 unit building, completely vacant.

Thoughts anyone ? 

@Ayodeji Kuponiyi Funny that you say that. He did eventually counter to say that he could "owner finance" but for the higher amount. But I still said no. Things just didn't sound right, not to mention I really don't trust him at this point.

@Ayodeji Kuponiyi@Paul Thompson@Alex Craig@Patrick Liska @Douglas Skipworth Okay, the deal fell through. The appraised value came back at $20k less than the sell price. Needless to say, the seller refused to budge on the price. So I am on to the next multifamily:-). Thank you all for your help and quick answers. 

Keep me in mind if you are selling a 2-15 unit building $10k-$60k. 

@James Wachob How much is the 8 duplex package in 38118 ?

@James Wachob Thanks Let me check it out

Afternoon all. I am a new investor and I am seeking my 1st property. I am looking for a Duplex triplex fourplex and up to a 25 unit building. Looking to stay in the price range of $10,000 - $60,000. I do not mind a fixer upper. Does any one have something available ?

Memphis,  Cordova and the surrounding areas. I must locate a great Multifamily building.

Welcome to BP @Kevin Jordan. Remember Education Education Education !!

:-)

@Percy N.@Eric Benzenhoefer@Jon Holdman Thank You ALL... This is why BP is soo Amazing.

I will be looking to build my relationships with a few local banks. :-)

I just know  I must get rid of this Hard Money Lender ASAP... 

Thanks Again everyone.

In Memphis TN, if i use hard money to finance a quick deal (small commercial loan) and refinance it using a traditional bank within 3 months, does the bank still typically require a 15-35% downpayment? Or will I jus have to pay closing cost ?