All Forum Posts by: Ron West

Thanks for the feedback! I have decided to reach out to some local portfolio lenders and see if I can work something out. It seems like either path is fine so we will see what happens. 

@Aaron K. Thanks! I want to get better clarity on the seasoning period from the next lender. The properties are C class but the numbers work and the BRRRR potential is there. The goal is to build my way up but currently I am just working with what I have.

@Nicholas Covington I do value building business relationships which is why its challenging for me to consider going with someone else but I think your right. If they can give me what I am looking for maybe someone else can. I am working in Southwest Georgia. We have a lot of smaller towns with property values from 40K to 200s. It really depends on what city you are dealing with and what school district in the bigger cities. I live here so it help with the market.

@Stephanie P. Thanks! For the home prices I am targeting a lot most conventional loans wont work with me. But the numbers still work on the portfolio loans and it is much faster. 

Hey everyone!

I purchased my first property 2 months ago. Things have been going great so far. The tenant was already in place, rent was at market price and with zero rehab I have 50% equity. This property was purchased from another investor that was looking to get into storage units. I used a local bank with 20% down and was told 2-4 payments would be my seasoning period. I reached out to ask about using my equity to continue and his response was now 6 months for the seasoning.

I know this is not a get rich quick game and I am definitely learning from my mistakes but here is where I am at. I have started creating my team and systems so yesterday my realtor informed me of some listings that were not listed yet (coolest thing that’s happened so far) but I need to tap into that equity or look into hard money. So would it be unethical for me to go to another local bank and refinance/transfer the loan to them? Just need some advice on this and maybe some options. Thanks everyone and I look forward to the comments.

Thanks @JD Martin

Thanks @Taylor L. It rents for $450. I inherited a happy tenant that has been there for about 4 years. Knock on wood it has been a great experience. Now I just have to build up a 4 month history before I can use my equity but I can't wait to repeat the process!

Hey everyone. I just purchased my first property and it appraised for 14k more than what I bought it for and I also have 10-15k in my primary residence. I am excited and motivated to get a few more before the year ends. I would like to pull some of that out for my next down payment but the local bank that my loan is through told me I need to wait 4-6 months. So my questions are:

1) What options do I have besides wait? Can I go to another local bank and open a line of credit with them? Would hard money be a option? More to follow if yes.

2) I also have about 10-15k in my primary residence. Could I combine the two to open up more available cash?

3) Should I just wait the 4-6 months to become more knowledgeable as an investor and property manager?

Investment Info:

Single-family residence buy & hold investment in Albany.

Purchase price: $18,550
Cash invested: $4,000

Buy and hold 3 bed 2 bath Single family.

Just wanted to update everyone. I just closed and am very happy with the decision. The seller was willing to pay 2/3 of the HVAC price so final loan was $18,550 with a tenant already occupying and paying $450 per month. I have decided to manage the property myself and after talking to the seller at closing, he stated she has been a great tenant and seems super happy to have a working air conditioner. Thank yall for the help and I really think I would have talked myself out if it wasn't for the encouragement. Time for another!

I am looking for advice on what are good, normal, or unique agreements when family/friends what to invest in you! 

For example, if I am purchasing a home for $50k and using a 80/20 split with the bank, I would need $10k for my down payment. If my family decide to loaned me $5k or $10k what would be their benefit? I would assume loan pay back (maybe with interest) and a percentage if/when you sell but I would like some clarity. Thank you for your time!

@Frank Wong

Thanks Frank! And no disrespect taken. I am working the deal now and hopefully I will close Wednesday.

@Linda S.

Thanks for that. My nerves probably have clouded my mindset. I am moving forward with the purchase. Appraisal came back great! I am just working some HVAC repairs into the deal now. Hopefully I will know more today and I will be able to lock in the deal. As far as 207 N Carroll St, we have several small multifamily in the area. The issue I see, just from knowing the area, is the ARV isn't the best in that area which makes me hesitate. I will definitely dig more into that property though. Thank you for taking the time to share that with me!