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All Forum Posts by: Jokari Trueheart

Jokari Trueheart has started 2 posts and replied 6 times.

Post: Meeting of the Minds, Lending Strategies Needed

Jokari TrueheartPosted
  • Investor
  • 23059
  • Posts 6
  • Votes 2

That is an option I didn't consider, but if the bridge loan option doesn't pan out I may have to re-visit that option, because the equity agreement takes a huge chunk over time. Thanks for that suggestion Chris.

Post: New Member Introduction

Jokari TrueheartPosted
  • Investor
  • 23059
  • Posts 6
  • Votes 2

That is the truth Nate, boy, I'd be exactly where I wanted to be, but I am definitely one that believes it's never to late, so I'm starting now to get ready for the next 20 years so I can retire comfortably.

Post: New Member Introduction

Jokari TrueheartPosted
  • Investor
  • 23059
  • Posts 6
  • Votes 2
Quote from @Nathan Gesner:
Quote from @Jokari Trueheart:

Welcome!

Imagine what your life would look like if you had held onto all that real estate from 20-30 years ago. The good news is that it's never to late to start!


Post: Meeting of the Minds, Lending Strategies Needed

Jokari TrueheartPosted
  • Investor
  • 23059
  • Posts 6
  • Votes 2

all of the units were updated except one, which I did put alittle money into to bring it update to date with the others, so that would have helped the value a bit I would think almost a year later. 

Post: Meeting of the Minds, Lending Strategies Needed

Jokari TrueheartPosted
  • Investor
  • 23059
  • Posts 6
  • Votes 2

HI, almost 11 months ago I purchased 3 duplexes and I borrowed the funds from my personal residence which I took out a equity agreement for the down payment on the investment property, great idea at the time because I have 10 years to pay it off and theres no payment requirement, but , I learned more about the consequence that it takes a large chunk of my equity the longer I take to pay it back, so my goal was to refi cash out the investment property to pay it back but I don't think theres enough equity yet to pull the full $106k needed, I only borrowed $88k but with the equity percentage for one year i'm paying about $18k in equity on top of the amount I borrowed if I pay it off in year one, so I need this paid off ASAP before it increases more. If I refi cash out I can probably only get about $50k out of the investment property, any ideas on another way to get the amount I need that I may not be thinking of? I was thinking a bridge loan might be an option , and then refi it later and pay back the bridge loan,  but I'm waiting for lenders to reach back out and run some numbers. Any other options you guys may suggest if you've been in a similar situation I'd love to hear it ? 

Post: New Member Introduction

Jokari TrueheartPosted
  • Investor
  • 23059
  • Posts 6
  • Votes 2

Hi Everyone ,  my name is J.T.   

I'm excited for the opportunity to be apart of the community with BP, I reside in the state of Virginia and started my investment journey many years ago at 22 doing fix and flips, I stopped when the market crashed in 2007/2008 and didn't like the way the market looked and I left the investing world, I became a mortgage loan officer, and then processor and later underwriter and learned the backend of the conventional lending world. I had a pretty successful career doing that and made good money but, it was not my passion, I love real estate and everything about it the good and the bad. So after being laid off a few times in the last 8 years I decided to get back into investing but this time focusing on buy and hold multi family real estate so that I could built wealth that could help me retire my wife who just had a long battle with cancer and survived , but is now back to work, and I want to give her a relaxing life free of all the stress of the world (by the way did I mention she is also in the mortgage lending field) so that explains the urgency to retire her from w-2 work ! 

But I look forward to the community, look forward to learning, and growing and making money , so pour on the knowledge folks , I'm all ears !! so far my Texas investments has been doing really well, immediate cashflow from day one, working to get another, but as you know, capital is always King, so it's a work in progress.... :)