All Forum Posts by: Julie Jenkins

Hi,

I am have been scouring websites for properties that go into foreclosure or pre-foreclosure in Nashville.  I have participated in online bidding as well as gone to the county steps where the auction takes place.  However, I have been seeing a trend that a lot of the hot property deals get sold to a third party or are cancelled (and don't return) before they come up for their auction date.  Can someone give me insight into how this is happening?  I tried to follow one deal down the rabbit trail but didn't get anywhere- trying to find owner's contact info, calling the bank that took possession, reaching out to the trustee of the property...but nothing.  Any ideas or tricks on how to get to these properties before they come up on the auction steps? Thanks!

@Lina Miller I am an investor in Nashville and have recently been interested in the Chattanooga market as well.  If you have a good contact in that area I would love to get in contact with them, if you don't mind sharing their information.  Would love to start purchasing Single or mutli- family homes over there.  Thanks!

In my search for lenders here in Nashville, it seems as though there are two options each with varying terms from lender to lender. There is usually some kind of fixed rate mortgage I can obtain (80% of purchase price, 70% of ARV, etc) or some kind of ARM. I always cringe when they talk about the ARM because it just seems so risky. Can someone play devil's advocate here and tell me why an ARM may be beneficial to me as an investor? It seems like if I were going to sell in a few years before the renewal period that would be the way to go but not if I want to hold these properties for the long haul, right? All feedback appreciated!

Thanks so much for all the feedback.  The best I have found so far has been 70% of appraised value.  I will keep searching for the 75% but I feel good that I have at least found that option.

Hi,

I own three properties and am looking to purchase my fourth.  This new one, though, is the first one in which I am going in with an investor approach.  We purchased our first home with a conventional mortgage and then moved out and is now a full time Airbnb.  The second house we bought and fixed up so we had somewhere to live now that our first home is an Airbnb.  Then we refinanced it as a primary residence at 80% of the appraised value.  The third property was purchased in cash and is a long term rental and all cash still remains in the house.  I am running into financing trouble with this fourth one.  We are going to purchase the house in cash and finance the renovations in cash and then get long term tenants.  We think there will be 75-100k in equity when we are done.  However, it seems as though equity doesn't matter and that the lender will only lend 80% of the total cash in amount (purchase price plus renovation expenses).  Note, we are doing a personal loan (30 year, fixed rate) and not a commercial loan.  It will be our third personal loan.

So, how is it possible to get all your cash back out? I have listened to a good number of Bigger Pockets episodes and wanted to follow the BRRRR approach but I am obviously missing something as it seems it is not possible for me to get all of my cash back out. Is it possible to refinance based on appraised value? If so, can someone point out my mistakes in my approach to refinance? Any advice would be appreciated.

Julie