All Forum Posts by: Josh Payne

Thanks all for your feedback. I also emailed our local lender, someone that we’ve done a few deals with prior. She says she can get it done so we’ll pursue that since we’ve built a rapport. @Andrew Postell, thanks for the time and detailed response. I’ll definitely keep you in mind for future deals of if this ends up falling through. 

@Ronaldrohde. If traditional financing falls through I’d certainly consider private. I’m looking for a 30 yr fixed at 5.75-5.9%. Guessing private lending won’t compete with those numbers though. 

Thanks again

Josh

Hello

For all the BP mortgage brokers in Texas...

My wife and I, with a partner, purchased an investment property in Rowlett, TX. We live in Oregon. Property was purchased with cash from the other investor, we provided  all the work from finding to closing. It’s been 6+ months. We’re now seeking a loan to pay back other investor. Property is worth approx 200k and we’re seeking approx 100k. The other investor would like to stay off any type of loan. I’ve been told that banks in TX are not able/willing to do a cash out refi on investment properties. Is this true? Any advice on seeking a different loan product(s) wold be great. 

Thanks

Josh 

Hello. My wife and I (live in Medford, OR) have decided to take the leap and invest out of state. We’re looking at the Dallas, TX area including, Rowlett, Garland and Mesquite. Can anyone provide any info on investment property in these areas? We have an idea of average house cost and other indicators via Zillow, etc., but can someone provide info on good parts of town, rental market strength, economic info, anything else relevant would be great. Also a reference for a good PM co would be great!

Thanks! 

Josh