All Forum Posts by: Justin Jacobs

What’s a portfolio loan? I’ll look it up in meantime. Won’t I be denied a refinance because of debt to income ratio too?

Hey thanks for your reply. Well My thinking is my HELOC is only 85 grand so that's not enough to really do much with.

The house cash flows 800$ a month, i was thinking to sell it to free up the cash now to grow since I feel like my hands are tied. 

Hey everyone really need some help trying to bring my investment to a full time level. I own 3 units currently. 

I'm trying to get a HELOC on my 1st investment property after an appraisal I will have 80,000 available in the house at a 75% LTV. I was denied the HELOC based on my debt to income ratio today. How do I leverage this property? I would be denied a refinance and cash out as well?
I was wanting to use the line of credit to fund another investment purchase. I was going to use a hard money lender to finance the property and PML for the down payment. I haven't used a HML but from what I have found is that they won't look at my debt to income ratio? THE HELOC money would be used to pay for the HML and to fund the rehab project.

My goal would be to build enough value to refinance the rehab project and pull out the cash to pay back the PML and rent the property afterwards. Would I be denied a refinance from a bank here as well even with leaving them enough skin in the game to satisfy them? My Worse case scenario I would sell and just consider the purchase a fix and flip instead of a BRRRR which I'm okay with. I just don't understand how to leverage my property to use that money is there no way to ? Will I not be able to ever refinance deals because of my debt ratio?

thanks for the help

Thanks for the report that’s really helpful. Is there anything similar to this for the sales prices of home in Tennessee as a whole? 

Hey everyone I'm looking for a place to BRRR around the Nashville area. I'm willing to venture out of the area an hour to an hour and a half. I'm happy to do a flip but the true goal would to be to do a rehab refinance and rent out the unit. Some areas I started to look in were Portland and Smyrna. I have no idea what the Portland area is like but I'm very familiar with Smyrna. I'm not sure what rental markets are like outside of the Nashville area could anyone lead to a website where I can find information on this matter?

@Brandon Penn awesome!! That's my goal by 30! I'm currently managing 48 units have 3 SFR. Where are your units where'd you get the 70?

@Steve Vaughan Your probably right that numbers wouldnt work. When i had the discussion with the gentleman I didnt know where to lead the conversation to.  I understand the owner financing in my head but didnt know the proper steps to getting them to be on your side of the fence. Next time i find the right purchase i want to have a better understanding of what those negotiating steps should be. 

Thank you @Allen Fletcher i just purchased a negotiating book "Start with No" ill add this one to the amazon cart. 

@Darrin Carey Ohio boys! ya your right, I'm from smack dab in the middle of 2 is my point. Whats the Dayton market like is that where you invest? I lived there a year went to good ole Sinclair Community college. That what was back in 2012.