All Forum Posts by: AJ Exner

Hello, RE friends! Wanted to see if anyone has insight into the best long term cash out refinance programs right now? Best rate? Highest LTV? Lowest fees? I'm refinancing 2 BRRRR rehabs in Illinois. Thanks!!

Hey Sarah,

Yeah, “best” is actually kind of subjective. @Brittany Minocchi kind of hit on a few of the implications that lenders are looking, not to mention the amount on the loan itself as many lenders have minimum loan amounts.

The best way to do it is to prioritize what YOU value the most and find the lender that also meets your needs. Rate, leverage, fees, speed, document requirements are all things that you need to think through and then find a lender that matches what you need.

I hope that helps, happy to assist in finding one if you need some personal recommendations.

1 Vote

Chicago, Illinois

Quote from @James Wise:

Quote from @AJ Exner:

Quote from @Engelo Rumora:

Quote from @AJ Exner:

Quote from @Engelo Rumora:

So I get investors reaching out to me everyday and it goes like this:

"Hi, I know you offer turnkey properties and property management and am interested in the Toledo market, I don't want to buy turnkey but was hoping you could help me find a deal.

Also, do you have any contractor and lender referrals?

I'd also love to work with your property management company"

Diplomacy left me a long time ago so how would you guys reply?

Seems like to me that everyone wants something for nothing nowadays and nobody is willing to put in the work or to pay the margin for someone else that is willing to do the work...

Folks want to "own a monkey", play with the monkey, but not "carry the monkey" or clean it's S#@% when it does one hehe

I guess next time I go to McDonalds, I'll ask them for organic burger buns or where I can find them, I'll bring my own meat paddy and potatoes, get them to make a Big Mac meal for me and maybe I throw some change their way haha

How about those analogies above... lol

Have a great weekend guys and much success with your investing 🙏

Just had a pretty good one of these the other day. Found a lender that worked around some pretty big implications, helped manage their entity, switched lenders for them when an implication came up, took flack from realtors, got extensions, and then when we got them to closing they asked why we had a fee…

Its interesting that we talk about the Core 4 and building a team, but the folks that I see who do the best understand that to sustain the C4 that it needs to be worth everyone’s time.

Coming out of last year and how tough it was in REI, I think its going to be a lot of resetting of expectations with clients, at least from what I've seen so far this year.

Wow mate,

That’s gut wrenching

When something like that happens, it still stings me to this day and I’ve seen and heard it all over 12 years of running various RE businesses.

Never took S#%@ from investors and never will but the S#%@ still does sting to this day ehhh

Has cost me millions but worth the price for not having to kiss A$$

Life is too short for that 💋

You are not wrong!

Glad its not just me though, I’ve learned over my professional life that knowing your value and being confident in that is both a value and a skill.

I’m getting too old to mess with that kind of stuff.

Sounds likes some of ya'll don't tell enough of these BP terds to F*** themselves. If I don't tell at least 1 investor per day to F*** Off I get too antsy.

James, honestly, when I see that great blue avatar on a forum, I know we’re going to get some truth.

1 Vote

Quote from @Engelo Rumora:

Quote from @AJ Exner:

Quote from @Engelo Rumora:

So I get investors reaching out to me everyday and it goes like this:

"Hi, I know you offer turnkey properties and property management and am interested in the Toledo market, I don't want to buy turnkey but was hoping you could help me find a deal.

Also, do you have any contractor and lender referrals?

I'd also love to work with your property management company"

Diplomacy left me a long time ago so how would you guys reply?

Seems like to me that everyone wants something for nothing nowadays and nobody is willing to put in the work or to pay the margin for someone else that is willing to do the work...

Folks want to "own a monkey", play with the monkey, but not "carry the monkey" or clean it's S#@% when it does one hehe

How about those analogies above... lol

Have a great weekend guys and much success with your investing 🙏

Its interesting that we talk about the Core 4 and building a team, but the folks that I see who do the best understand that to sustain the C4 that it needs to be worth everyone’s time.

Coming out of last year and how tough it was in REI, I think its going to be a lot of resetting of expectations with clients, at least from what I've seen so far this year.

Wow mate,

That’s gut wrenching

When something like that happens, it still stings me to this day and I’ve seen and heard it all over 12 years of running various RE businesses.

Never took S#%@ from investors and never will but the S#%@ still does sting to this day ehhh

Has cost me millions but worth the price for not having to kiss A$$

Life is too short for that 💋

You are not wrong!

Glad its not just me though, I’ve learned over my professional life that knowing your value and being confident in that is both a value and a skill.

I’m getting too old to mess with that kind of stuff.

2 Votes

Quote from @Engelo Rumora:

So I get investors reaching out to me everyday and it goes like this:

"Hi, I know you offer turnkey properties and property management and am interested in the Toledo market, I don't want to buy turnkey but was hoping you could help me find a deal.

Also, do you have any contractor and lender referrals?

I'd also love to work with your property management company"

Diplomacy left me a long time ago so how would you guys reply?

Seems like to me that everyone wants something for nothing nowadays and nobody is willing to put in the work or to pay the margin for someone else that is willing to do the work...

Folks want to "own a monkey", play with the monkey, but not "carry the monkey" or clean it's S#@% when it does one hehe

How about those analogies above... lol

Have a great weekend guys and much success with your investing 🙏

Its interesting that we talk about the Core 4 and building a team, but the folks that I see who do the best understand that to sustain the C4 that it needs to be worth everyone’s time.

Coming out of last year and how tough it was in REI, I think its going to be a lot of resetting of expectations with clients, at least from what I've seen so far this year.

5 Votes

Quote from @Elvin William:

hello, any one know any lender does dscr loan minimum $60,000 or $80,000 loan amount in Ohio? I see the minimum is $100,000. Any help will be helpful. Again DSCR loan $60,000 or $80,000. Thanks

I am aware of a few that can do that. Sent you a DM and would be happy to get you connected.

1 Vote

Toledo, Ohio

Quote from @Jarred Marrow:

Hello all at BP. I am currently trying to figure out the best strategy for my goals which is to buy my first property. I am not sure which market to look into as right now I am currently in new york and was told my best bet for cash flow would be to look oos for deals that I could use as a rental or house hack. I am currently employed but making only 30k as in new york that is nothing, but i do have 30k saved in which i was looking to take some of this money and starting my real estate journey. If anyone has any advice or can point me in the direction to get started of what is my best best to figure this out please feel free to comment! Aso was looking in areas such as texas, OH, I would love to stay in NY but not sure my income is high enough to get something suited for here.

Hey Jarred,

You can also look into a DSCR loan in either of those areas. These types of loans are not dependent upon your income but more on the cash flow of the property itself. It also stays off of your personal credit/DTI which will help you as you live your life outside of these properties.

Those will be a specific set of lenders that you will want to look into as many of them have different requirements that you would have to adhere to, but overall much more of a simpler process than your conventional lenders, while being a couple of points higher in processing.

0 Votes

Quote from @Jack B.:

In a state with no income tax, I'm getting killed by property taxes of 7K a year for each property. Some would be 10K if I had not sold those year ago.

I'm considering leaving this state, it's a dumpster fire, criminals and tenants have all the rights. We were the only state in the country that allowed people not to pay with no proof they lost their job during COVID, etc.

I noticed the other day that houses of similar size and quality in Fresno, CA sell for 250-300K and property taxes are MUUUCH cheaper. Rents are actually the same as my expensive properties here, which cost 3 times what a comparable house in Fresno costs. But CA has even friendlier tenant laws so they are out....

I'd like to find a state where I can 1031 the rentals and have more cash flow and less expenses, as well as laws that aren't outright theft of my property by the government for years at a time to give free housing to people at my expense...(luckily all my tenants paid, but I hear apartment owners got screwed by the bottom feeders. Apparently SFR has higher caliber tenants).

What cities and areas? Please no Memphis, etc. Florida is also out due to insurance costs. I have considered Nashville area...low taxes, more favorable laws, better cash flow and you still get some appreciation. Maybe not as much as WA, but...

Hey Jack,

Would be interested to know more specifics of involvement that you would like to have, but I’ve got clients doing good work in Ohio, Alabama, and the Carolinas right now. Ohio and Alabama for low property prices but stabilized rents that cash flow well, while the Carolinas provide some unique areas with higher value homes but rents that have somewhat kept up.

I would also consider GA, but that market is pretty saturated right now, so it would be hard to really do it effectively in the time frame that a 1031 would require.

Hope that helps, happy to walk through more details with you if that would be helpful.

2 Votes

Quote from @Nidja Bell:

Currently rehabbing a home in 21214 area code. Nice neighborhood. Property is a duplex. I was thinking to furnish the units and put it on furnished finders since I can't get a STR license in Baltimore with the home under my LLC. Property is about 20 minutes from Hopkins. Is this a smart move or should I consider other options? Any advice on what would be a better route is highly appreciated!

Nidja,

That sounds like a great idea, I think if you do that and utilize a DSCR lender that is maybe more comfortable with underwriting a "vacant" property (MTR/STRs usually) then I think you would be in great shape. Especially if you want to keep it and get it cash flowing after you get done working on it.

Happy to give some suggestions or help in any way I can.

Good luck!

0 Votes

Baltimore, Maryland

Quote from @Deane Leonard:

Hello everyone!

In 2023, my interest in real estate began to grow and led me to putting time aside to learn about the brrr method. Sitting here now in 2024, ready to take that first leap into real estate, I'm both excited and anxious moving forward.

My plan as of right now is to brrrr a property in Indiana using my own cash. I have the funds set aside and am now contacting agents in that area. Being completely honest, I believe I'm experiencing anxiety moving forward not necessarily because I'm afraid to mess up (I've accepted I'm going to screw up at some point), but because there seems to be so much I need to have prepared before I close a deal. I feel as though I know exactly what I want out of a deal but not sure where to take that first step.

Nonetheless, the emotions I'm experiencing almost ensures me that I'm moving in the right direction.

I would love to hear the communities experiences, stories, and advice.

Thanks,

Deane

Hey Deane,

The first step is always the toughest, but you are in the right place and, if it helps, the clients I have up in Indiana are doing very well with good barrier to entry and healthy rents.

There will be lessons learned along the way, but like @Jake Baker said, build a good team around you and you will be in great shape.

Good luck! Happy to help where I can!

1 Vote

Indianapolis, Indiana

Quote from @Jake Baker:

@AJ Exner

Thanks AJ! Great point you make that these people will need to know me well before investing with me.

For sure, the "Underwrite" process becomes a bit more personal at that point.

1 Vote

San Diego, California

All Forum Posts by: AJ Exner

AJ Exner has started 1 posts and replied 475 times.

Post: Best cash out refinance lenders?

Post: WTF is wrong with investors these days?

Post: WTF is wrong with investors these days?

Post: WTF is wrong with investors these days?

Post: DSCR min $60,000 loan Ohio.

Post: Looking for advice

Post: Looking to 1031 my Seattle AREA properties to another state for cash flow and retire

Post: MTR in Baltimore?

Post: Looking to BRRRR my first property

Post: How to find Private Money?

AJ Exner has started 1 posts and replied 475 times.

Biggerpockets Logo Post: Best cash out refinance lenders?

Biggerpockets Logo Post: WTF is wrong with investors these days?

Biggerpockets Logo Post: WTF is wrong with investors these days?

Biggerpockets Logo Post: WTF is wrong with investors these days?

Biggerpockets Logo Post: DSCR min $60,000 loan Ohio.

Biggerpockets Logo Post: Looking for advice

Biggerpockets Logo Post: Looking to 1031 my Seattle AREA properties to another state for cash flow and retire

Biggerpockets Logo Post: MTR in Baltimore?

Biggerpockets Logo Post: Looking to BRRRR my first property

Biggerpockets Logo Post: How to find Private Money?

Post: Best cash out refinance lenders?

Post: WTF is wrong with investors these days?

Post: WTF is wrong with investors these days?

Post: WTF is wrong with investors these days?

Post: DSCR min $60,000 loan Ohio.

Post: Looking for advice

Post: Looking to 1031 my Seattle AREA properties to another state for cash flow and retire

Post: MTR in Baltimore?

Post: Looking to BRRRR my first property

Post: How to find Private Money?