All Forum Posts by: Jimmy Moncrief

Eric Metz Welcome!

My dad grew up in North Little Rock and my mom grew up in El Dorado!

Love the state!

Chris H.It depends on what type of financing you are pursuing. If its a government sponsored mortgage (FHA, FNMA) yes very hard.

If it's an investment loan with a community bank, significantly easier.

Tell them to focus on your Schedule C cash flow. Provide supporting financial statements and bank statements.

Also, call at least 3 different banks and ask them what type of loans you are looking for so you don't waster your time when you get a property under contract.

Pat M. It depends on what type of financing you are pursuing. If its a government sponsored mortgage (FHA, FNMA) yes very hard.

If it's an investment loan with a community bank, significantly easier.

Tell them to focus on your Schedule C cash flow. Provide supporting financial statements and bank statements.

Also, call at least 3 different banks and ask them what type of loans you are looking for so you don't waster your time when you get a property under contract.

Aaron Yates I actually have a lot of tenants who don't have bank accounts. What would you do then? I know that that is crazy given it is the year 2013.

Mike Hurney Great tip! I wish I could get everyone online!

Matt Miller WELCOME!

As I'm sure you have figured out - LIHTC is a cash cow if you can figure out the system!

I met a developer in New Orleans that specializes in LIHTC and his projects were over-funded!

Taylor Brannen is this for your home to live in?

Dodie Clasen Could you pledge any collateral to a bank, and then get a line of credit based on that?

Just a thought..

Jacob Seethaler I work at a bank and just wanted to reemphasize what Jon said and that these deals usually end-up bad.

Justin Morris this type of loan is VERY hard. You will be much better off just saving and working a couple of extra jobs to save up the money.

I promise it will be exhausting getting this type of loan if you don't have any collateral to pledge.

Matt Liu DO NOT BE TIMID!

It is very standard to ask for financial statements from the tenants on commercial deals.

You are taking a serious risk by not asking for this.

Also, your bank will probably require it. I do at least.