All Forum Posts by: Jacob Thorp

@Kent Leach

I love those ideas! We have a pitchbook designed off of Jake and Gino's template for just that purpose! It actually came out pretty nice!

I want to say I've heard podcast guests mention this before, going to banks and getting local institutions to buy into the business model. I'd love to see it happen!

@David Kelly

They're all in Rochester! Southeast section of the 19th ward by the U of R.

@Timothy Hero 11 properties. Values below.

$ 65,000.00

$ 50,000.00

$ 65,000.00

$ 65,000.00

$ 50,000.00

$ 130,000.00

$ 115,000.00

$ 75,000.00

$ 65,000.00

$ 110,000.00

Total: 790

@Timothy Hero Do you have any recommended companies?

@Martin Grizzanti

Thanks Martin! I have been making a list of local banks and putting together a presentation to give. I hope it'll work out! What do you guys use for lending in Rochester?

@Brian Buxton

We went to CNB, they don't like the DTI bc we don't have regular jobs. We live off of the properties. :/

Upstate is on my list to go talk to though!

@Whitney Hutten, thanks for the response! I have been looking for portfolio loans exclusively, but most of the lenders have a 75k or 100k min property value requirement and won't even entertain the lower properties. Which is too bad, Rochester, NY has been in the news for being a VERY stable market, but as a result the prices are lower! Finding a lender that is willing to work with us has been tricky post-COVID! 

Has anyone been able to partner with their local bank on their investments? I'm not talking about an investor who works a good W2 job and qualifies for whatever cash out loan they offer. Has anyone pitched their business model (BRRRR) to a bank and got them to buy into it and partner with them to buy their refinances or offer a line of credit outside their normal lending terms?

How do you pitch a bank to partner with you? I've been developing a pitch based on Oren Klaff's Pitch Anything and am looking for feedback. We are full time investors and don't have W2, looking for a bank to buy our refis in B-C class BRRRR's in our local area.

Thanks!!

Hello! How are you full time investors qualifying for cash out refis? Banks don't like us bc we don't have W2 income, and a lot of the inventory here is between 50-100k and some bigger lenders want 100k min loan or property value so a lot of our assets don't fit their model.

Any advice is appreciated! Thanks BP community!

@Amir Navabpour,

I'm just getting started myself (bought my first duplex this year) but I am good at books and would love to get more properties under my belt. If you're looking for a small local guy who loves excel & real estate to do books I'd be happy to entertain it with you!

Good luck!