All Forum Posts by: Jaycee Greene

Hi @Eva Zino. Welcome to the BP Forum! What type of property do you want to refinance, what is your current loan balance, and how much do you think the property is worth?

Hey @Chad Verde. Rather than commenting on such a broad question, I generally ask some qualifying questions like:

1. What type of property are you drawn to, Single Family? 1-4 Unit Multi-Family? 5+ MF? Mixed Use?

2. What's your investment horizon? Do you want to "stash" the money for 5, 10 years? Or do you want to generate a quick profit (like fix & flip)?

3. And what amount of leverage are you comfortable with in your portfolio?

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $89,900
Cash invested: $20,000
Sale price: $160,000

House hacked before it was a thing. Lived in the upstairs unit for 3 years until I got married and bought a house

What made you interested in investing in this type of deal?

Already lived in the area

How did you find this deal and how did you negotiate it?

Bought from the brother of a client at the time

How did you finance this deal?

Conventional financing with bank

How did you add value to the deal?

Upgraded kitchens, bathrooms, and other items that hadn't been touched for years

What was the outcome?

Lived in upstairs unit for 3 years, then rented both units out for the next 12 or so years

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Not for this one

Hey @Michael Dallas. I'd echo the comment by the earlier posters and add, have you put together an actual proforma with the numbers you gave to the PL? This is what I usually give to them, along with the other info suggested, so they can see everything.

Hey @Alexander L Gulledge! Do you have a finance person in your family/group of friends? Or at least just getting all of your thoughts and numbers on paper (or in a spreadsheet) and mapped out over the time period you're talking about, I think would be a very helpful exercise for you. I'll shoot you a DM.

Hey @David O Smith. Have you talked with any CDFIs in your area? They often have loan products targeted at rehab loans on low value properties, particularly those that are in underserved communities of big cities like Detroit.

Hi @Jasmine G.! I concur with Robin's comment about the DSCR loan, but it can be an intimidating process. I'm curious as to the "financial institutions" you've talking to, were they banks? credit unions? HMLs? Also, what type of "non-conventional loans" did they offer?

@Alecia Loveless Yes, that was my exact point. If that's not the standard in your area, the potential for the extra rent is attractive. If it is standard (and you don't have them), it could be the reason you're finding it harder to attract tenants. In my experience, having them lso attracts a higher quality tenant. Just my 2 cents!

Hey @Morgan Russell. Were you able to find anything/anyone to help you on this?

OK. Good luck in your search