All Forum Posts by: Jordi Valado

Hi All, 

Does anyone have a local bank in Memphis they would recommend for the refinance portion of a BRRRR deal? I would like to know a Max LTV number for the area. I am currently using the recommended 70% but I was wondering if there is anything higher out there.

Thank you,

Jordi

 Thank you John! I am in the Memphis Market, the taxes and insurance may be a bit low they could be from a previous property i analyzed. My rate for my refinance is 7.25%, is that low? I got the rate off multiple sites online. What rate do you recommend? 

Also, i'm not sure what you mean by "buying points down". Could you please explain?

Thank you! I think this was my issue. I thought the new loan amount would be the ARV of the property which is 165k in this example. Since the bank would only cover 70%, would i have to bring the other 30% as a down payment or is that the equity i added?

Hello, I've been using a calculator to analyze deals and when it comes to the refinance portion. I'm able to pull my money out but the PITI with the new mortgage payment ruins my cashflow. Does anyone have any advice on this? I've links my calculator below if you'd like to play around with it and maybe you'll spot the issue. BRRRR Calculator (cells in gray can be edited) 

Hello All! Does anyone have a BRRRR method calculator they use outside of the one provided by Bigger Pockets? I am specifically looking for something using excel or google sheets and that can include calculations for a hard money loan on a BRRRR. Thank you!!

Hi All, 

I am getting started on the BRRRR process in Memphis. I am looking to get all of my ducks in a row. Who do you recommend I use for hard money in Memphis? Additionally, do you refinance with another bank (if so, Who?) or with the same hard money lender? I am already working with Crest Core in the area, Dean and his team are great! I'm looking forward to your responses! Thank you!

Hi All, 

I am new to investing and would like to connect with anyone who has experience investing in section 8 rentals. Please let me know below a positive and a negative of working with the MHA/section 8 tenants and the Memphis real estate market.  

Hi Jonathan, thank you for the tip. I will find out exactly who are the local housing authorities in and around Memphis. I think setting up a call with them to fully understand the process is very helpful! 

Hello, 

I am new to real estate and would like some help on funding for section 8 rentals. Back story, I live in NJ and the barrier to entry is pretty high for a home here and I am low on cash for a down payment. I am very interested in the idea of section 8 investing in the South East, specifically Memphis, TN. How I plan on funding these projects (at least the first deal), is using a hard money lender for the purchase price and rehab and forcing the appreciation to refinance with the bank. I understand the HML will still require 20% down and I plan on using a business credit line for the gap funding. I am looking for some advice on this strategy, I know there are some holes but I wanted to keep the post short and sweet.

Thank you!!
 

Hello, 

I am looking to get started in real estate with section 8 investing in the South East specifically in Memphis, TN. I am choosing section 8 due to the low entry costs and with Tennessee and Memphis markets on the rise appreciation should increase. I would like some advice from other section 8 investors on how they got started and mistakes they've made in the beginning that you would avoid now. 

Thank you!!