All Forum Posts by: Isiah Ferguson
Isiah Ferguson has started 66 posts and replied 315 times.
Post: BRRRR STRATAGIES AND REFINANCING
- Investor
- Charlotte, NC
- Posts 320
- Votes 157
@Richard Moreno Congrats. I hope all is well. Were you still able to cash flow with 8% ?
Post: BRRRR Strategy really works! Even in the Bay Area!
- Investor
- Charlotte, NC
- Posts 320
- Votes 157
Awesome ! Great JOB.
Post: First Time Landlording
- Investor
- Charlotte, NC
- Posts 320
- Votes 157
@Joe Splitrock That's very true. My mentor says' he has a business account with a bank. When it's time for tenants too pay rent, they simply go to the bank and tell the banker the business name as they proceed to pay. He doesn't have to give the tenants his account info.
Post: First Time Landlording
- Investor
- Charlotte, NC
- Posts 320
- Votes 157
Do anyone recommend or have experience where the tenants deposite their monthly rent in too your buisness account at the local bank ?
Post: First Flip - before and after - with numbers - Louisiana
- Investor
- Charlotte, NC
- Posts 320
- Votes 157
Awesome, congrats. !!!
Post: BRRRR Analysis for Florida Duplex - First Offer Ever
- Investor
- Charlotte, NC
- Posts 320
- Votes 157
I think you should document all 3 properties in 3 separate binders, have everyone in very great details (numbers, have your personal plan, reserves). Go to about 5-10 different lenders and explain your plan in great details and persuade them to partner with you. Be very professional and be a business model. The worst thing can say is no but you won't be denied. Your already have great income and credit. Show them you're worthy. Also approach the landlord the same way and see if he is willing to do Owner financing. I think it's a great way to get started. Good luck and wish you well.
Post: How important is it ??
- Investor
- Charlotte, NC
- Posts 320
- Votes 157
What's your opinion on this subject "TEAM" ? The more I study this game and familiarize myself with the terms and verbs. It seem like the term TEAM keeps coming back to me. I always been a self made individual and if I didn't get things done, they wouldn't get done. When people counted me out, I counted on myself. But in this REI business. I think having a great TEAM in place. How can you lose ? Who are good TEAM members ?
Post: BRRRR without proof of income?
- Investor
- Charlotte, NC
- Posts 320
- Votes 157
Originally posted by @Jay Hinrichs:
@Isiah Ferguson in todays reality or market reality that metic is VERY OLD NEWS and pert near impossible to get.. you can get that in the HOOD but not in B or A class. ( again with any consistency )
How do I make sure the appraisal is favorable, so when I refinance at lease I get money cash back plus more ?
Post: BRRRR without proof of income?
- Investor
- Charlotte, NC
- Posts 320
- Votes 157
Originally posted by @Michaela G.:
Originally posted by @Isiah Ferguson:
When doing a BRRRR. How do you make sure your refinancing apprasial is high enough to pay back your lender ? What are to specific ? is it the buy ? @Jay Hinrichs @Michaela G.
You make your money when you buy. You have to run your numbers before you buy and buy low enough to make it worthwhile. But you don't have much control over the appraisal. Yes, some people provide a whole package for the appraiser. A few months ago an appraiser told me how he just takes that package and throws it into his backseat and doesn't look at it, because he isn't allowed to.
70% of ARV - repairs = maximum offer. This will make sure the numbers are correct to buy, to make money when you purchase ? This way the apprasial will always be favorable correct ?
Post: BRRRR without proof of income?
- Investor
- Charlotte, NC
- Posts 320
- Votes 157
When doing a BRRRR. How do you make sure your refinancing apprasial is high enough to pay back your lender ? What are to specific ? is it the buy ? @Jay Hinrichs @Michaela G.