All Forum Posts by: Jamie Atkinson

I'm not currently in the Evansville area, but want to help connect my father (93 yr old WW2 vet) with a reputable banker in the area where he lives.  

He wants to get out of the market and is having difficulties working with his current lender/financial advisor.    

Looking for a solid referral.  Thanks!! 

First Western in Rogers.  Landon Taylor

Iberiabank in Fayetteville.  Keaton Smith

@Jonathan Schwartz

Great advice and I’m in the same market. Skyline Report is very useful, as well.

You're right, college isn't for everybody.  I'm just saying that a degree in the humanities has value intrinsic value.

As far as AI is concerned, I have no idea.  It's like speculating about the combustible engine and its future uses in 1909.  There are so many possibilities right now.  

A lot of talk about STEM, learning a trade, MBAs, and the like, but what about a good ole liberal arts degree?

I'm dismayed by the general deemphasis on the humanities.  

Conventional thinking has evolved regarding folks paying through the nose for pedigree and miring themselves in debt as they begin adulthood.  Rightly so.  Pedigree and the cost to attain it is increasingly a bad idea for most folks.  

However, we should be careful not to throw out the baby with the bathwater, so to speak.  Who'll be left amongst us to put all of our great economic and scientific advances into a proper historical context? Google won't help us.  Food for thought.  

Dustin,

Thanks for the note.  The scenario I encountered may be a little bit different.

Purchase $145k

Repair cost $5k

Appraises at 170k.

Bank policy is 90% of purchase price, plus improvements or 85% appraisal, whichever is less. In this scenario, the loan amount is $135k (90% of purchase price, plus improvements). If done with a simple 85 LTV, it essential cashes out (what I wanted to do). In this case, I'm left with $10k of my own money stuck in the deal.

Furthermore, they're saying they ideally want to see an investor own the property for 2 years to ensure cash flow.  

I like this bank, and they've been great on non-BRRRR deals. It just seems that either I don't know how to BRRRR properly (not unlikely), or they are hesitant to do these kinds of deals.

Regarding my repairs, I targeted some low cost, high impact areas to affect appraisal pennies to the dollar.  

Perhaps I'm missing something, and if so, shame on me. It's still a nice cash flowing property, but I didn't quite get to the finish line regarding BRRRR.

Does that make sense.

Best,

Jamie

Dustin,

Thanks for the quick reply.  Sorry I wasn't more specific.  :)

Looking for an in-house lender for commercial refis/BRRRR. 80/20 LTV on multifamily and a general eagerness/willingness to do these kinds of deals (I've found that some have restrictive in-house policies that prevent full cash-out, even if it appraises).

I'm coming out there in the summer and want to meet with some lenders.  Hopefully, I'll be able to get back to one of the meetups (I believe we met briefly last summer).  Would you mind PMing me some folks from Simmons and Signature that you recommend?

Kind regards,

Jamie

Hey all, 

I've been investing remotely in NWA for about 13 years.  Currently sitting at 30 units in the area.  So, I finally splurged and became a Pro member, so I can actually use theses forums in the way they are intended.  :)

Generally happy with my lenders, but looking for some recommendations for BRRRR-friendly lenders in the NWA (specifically 2-4 unit and above multifamily and some SF) in Bentonville, Rogers, Springdale area.

I've attended one of the local meetups and had a good time (I'm registered there also).  Will try to link up next time I'm in country (I serve overseas in the Czech Republic for Uncle Sam), likely July/August and October.  Cheers to everyone. 

Best,

Jamie

I agree, but I'm afraid that the numbers are harder to work now. Not as much of a secret as it was before. Are you finding good ROI on multifamily. If so, where? I've focused mostly on Rogers and Bentonville, but looking for value in Springdale now.

Wish I could make it.  Nice meeting some of you all at the most recent meetup in Fayetteville a few weeks back.

Cheers, Jamie