All Forum Posts by: Mimi J.

Thanks for the tip @ Mindy Jensen am registering now.

Thanks @MindyJensen...was really disappointed I missed it. 

Congratulations!

Wow...congratulations...looks fabulous!

@Rodney Marcantel thank you for your response.  I will PM the details and give you a better picture.

@Rodney Marcantel and @Ben Stoodley what are you thoughts on private money lending for buy and holds? I am having difficulties obtaining a construction loan for a second property owned free and clear in DC. It is located in a prime area and based on the rental comps I had pulled, the cash flow for the upper unit would be substantial. I am a newbie and have been reading/listening a lot. My exit strategy would be to refinance to pay off the HML after showing 6 month seasoning. From what I have read HELOC isn't a viable option as it isn't my primary property. I have a HELOC on my primary residence in DC and was approved for an increase but it will not cover the entire renovation project.

Thank you!

@Tom Mole thank you for your encouraging words. It took me two late nights to get through the thread and was intrigued that it had been ongoing since 2013 You are absolutely correct...my first take away over and over again is that BP is the place for me to learn about REI...essentially for free. Secondly, I took away that Renatus like most of these other companies are about making money through their course offerings. Having stumbled upon BP in my google search inquiry for the cost of builder risk insurance...I was shocked to get a response from 2 people who willingly shared information. I soon discovered BP was a REI community with much if not priceless information and support to offer (particularly to those new to REI). I read and listen every opportunity I get (it's soooooo much information)...I am here to learn from everyone and to succeed in becoming the best at REI'ing. BP has made me confident in knowing that this is attainable.

@Jay Hinrichs thank you so much for sharing...even the most experienced are just as vulnerable. As a newbie this is my biggest fear and part of my reason for me not moving forward with a property I own free and clear.  I appreciate your honesty and words of caution. 

@Shawn McCarty thanks for post and asking some of the questions I've been reluctant to ask.  I've read numerous blogs, listened to numerous podcasts and read the recommended books and I'll be perfectly honest...my brain is on information overload. This is soooooo much information to digest.  I now have a good understanding of hard money and would use it as my last resort but the exit strategy is my fear...some hiccup leading to potential risk.  I am afraid a re-fi wouldn't be as easy as everyone make it appear to be.  I own a property free and clear but am having difficulties being approved for a construction loan.  Credit is great but debt to income ratio is high given my self employed status.  Hard Money may not likely be a proper avenue for my situation.  You guys have given me more insight and more information to digest ;)

Thanks!