All Forum Posts by: Jess Jones

I have not yet joined the REIA, but will look into it! I came across Robert Shortsleeves in a couple FB groups as well as on here, am on the buyer's list and messaged him privately as well looking to connect, so thank you for that! Appreciate your time in responding.

Hi all! My husband and I are actively looking to get into the game here in Fayetteville, NC, staring with flips or BRRRRs under 100K. He's military currently training for SF, and I work for another real estate investor full time. We're established with a hard money lender and ready to move on a deal, so I'm looking to expand my network and connect with the local RE investing community, particularly wholesalers or those looking to offload off-market or creative finance deals. I already have a decent network of contractors due to helping and being involved in my boss's projects (he's 30+ units in,) so if I can add value to you in any way let me know, I would love to help with recommendations for reputable businesses to aid in your own projects! 

Hello all, thank you for your thoughts and feedback, much appreciated!! I think hiring out is our best bet. Just to clarify it IS a boutique hotel, not your typical short term rental, and we charge premium rates because of that. Therefore we need 24/7 responses. 

Hi all! I'm hoping to find some help and insight here. We run a small boutique hotel business, essentially STR units. (Classified as a boutique hotel in order to accommodate the large military community here.) We're struggling with how to handle the constant customer needs, and how, as the owners, to *not* be the ones getting every after-hours and weekend call, inquiry, maintenance need, etc. It takes up way too much of our time and is keeping us from moving forward with more multi family investing that we've started. For those of you who run short term rental businesses, how do you establish a 24/7 customer care service without *being* the one who always has to respond? Thank you!!

@Terek Henley I can get around the seasoning period with the refi by doing the refi on an arm or balloon loan, just not a 30 year fixed rate conventional. (I am not a cash buyer so cannot use the workarounds that @Andrew Postell was explaining in his other thread.) I am already set on the refi with my lender, and know that I can do 80% LTV if it appraises high enough. (My conventional lender can only 75% LTV on a cash out refi for a rental property, post seasoning period.) The lender I'm working with for the line of credit at 4.5% interest can't refi on a fixed rate mortgage because he's a commercial lender, so I can either refi right away on an arm/balloon, take the 6 month seasoning and refi into a conventional with a lower LTV%, (already have a different lender for that as well,) or refi right away to an arm/balloon and *then* refi again to a conventional down the road once I'm past the 6 month seasoning period. This post was me primarily trying to understand the options of conventional/commercial, arm/balloon/conventional with seasoning, etc.

@Ron Brady thanks again for you help! 

@Andrew Postell thank you for your advice as well! 

@Ron Brady thank you so much for you feedback! How do you choose to long-term finance properties once you're at your 10 limit of Fannie/Freddie loans and have to use commercial loans? 

@Ron Brady, thank you so much for taking the time to reply! Unfortunately we just refinanced our primary home at the end of 2020, (for a rate that was half of what it was when we purchased it!), so a HELOC is not an option. (Also to clarify this is all in our personal names, no LLC yet.) We don't have the straight up cash to do the entire BRRRR process upfront, so we can't use either method of cash purchasing to get away from 6 month seasoning period like I read about in that thread you shared. It sounds like getting a 30 year fixed loan is possible with some shopping around, but due to my method of financing I believe I will be subject to the seasoning. Would you recommend a) taking the arm loan with this local bank with no seasoning period, therefore speeding up my turnover but making myself subject to changing rates or b) take the 6 months seasoning with another lender and get a 30 year fixed rate loan? Do most lenders have a limit on how many times they will refinance BRRRR properties to long term loans? (The lender I talked with doesn't have a loan limit, he said he's done hundreds of them for investors before. But again, they only offer balloon or arm loans, no fixed rate long term options.)

@Andrew Postell I read through your post, very helpful, thank you for sharing! When looking for an investor friendly lender for the refinance, would you recommend starting with local banks and credit unions first? Also, is it usually fine to use one lender for the short term loan (line of credit with a 4.5% interest rate in my case), and another one for the refinance, or is it ideal to use one lender for everything? I would also appreciate your thoughts on my question to Ron above! 

Hey all. I'm new to real estate investing and am looking to purchase my first BRRRR in the next couple months. I'm pre-approved through a local bank that has a line of credit designed specifically for these type of investment properties. They're familiar with this value-add method and can do the refinance in-house with no seasoning period. However, the only two options they have for the long-term loans are 5 year balloon loans or 3-5 year arm loans. There's no option for a fixed-rate mortgage, at least through them with this method of refinancing. My question is, is it possible to refinance with a 30 year fixed rate mortgage, and should I be looking elsewhere for the cash-out refi with a fixed rate if this local bank can't offer that? I've heard that at least a 6 month seasoning period is required by most, and it's a huge advantage that this bank doesn't have that in terms of speeding up the process overall. I would love some experienced advice about the refi. Numbers might work with the current interest rate when I run it through the BRRRR calculator, but if interest rates keep rising and I'm on an arm loan, 10 years from now that could really eat into my cashflow and I have no way to predict that. I'm not a fan of a balloon loan period, so don't really want to go with that option. Thanks in advance!

@Dan Rivers @Andrew Postell thank you both so much for taking the time to reply! Since we are both just beginning this journey I think we’ve decided that I will hire him as the GC and pay him accordingly, but the ownership will be 100% mine. We will discuss and explore LLCs and partnerships down the road if this is successful and we want to explore growing it together, but didn’t feel ready for that right away. Thank you again!