All Forum Posts by: Isiah Ferguson
Isiah Ferguson has started 66 posts and replied 315 times.
Post: BRRRR without proof of income?

- Investor
- Charlotte, NC
- Posts 320
- Votes 157
@Brian Garrett Now that's forward thinking from both you guys. I didn't think that but good points. Ill analyze it from a numbers stand point as far as cash flow and ROI. If it make sense ill weight my option and mybe refi quicker than I expected. Thank you.
Post: BRRRR without proof of income?

- Investor
- Charlotte, NC
- Posts 320
- Votes 157
I'm currently almost in the same siuation as you. I had the funds save up from playing professional sports only for 1 year and released. Initially I was going to banks and trying to get a loan. No bank would give me the loan because l only played for 1 year and I only had 1 year of W2. Most banks reqiure 2 years of W2. I went ahead an cashed out on a duplex for 100k. Probably wasn't the smartest decision but I'm determind to get the ball rolling. I'm looking to refinance to get my cash back out and to start the BRRRR strategy to expand my protfolio. Now, I'm collecting monthly rent for about 7 months up to date and also I started a full time job which is a little above minimum wage, which I've been working for 4 months. Hopefully after 1 year instead of 2 years of working and collecting rent I can refinance, get my cash back at 75% or 80% LTV and start to expand my portfolio. The only other option I knew of was Lima One Captial bank. They will lend to lenders based on their assets they have. Lima One will do a 30Y/F but their interest rates are at 8% in which I asked the BP family and people responded saying that was too high of a rate.
Post: Am I looking at this the correct way ?

- Investor
- Charlotte, NC
- Posts 320
- Votes 157
@John Leavelle Thanks. Currently, I have a lil side job I've been working for about 3 months now. With the 100k I have in my 1 property, that I have now will be used my business. Wasn't looking to get any private lending yet until I can prove to myself and reach my small goal at the moment of 10 unit with good numbers. That was ill have portfolio to show and prove. For instance once I refinance roughly ill get back about 84k plus the rents I've been receiving for the up till this point. Altogether about 95k once the refi process goes through. With the entire 95k I'm looking to get a distress property at 70% market value minimum minus repairs. I'm guessing my purchase price range before rehab should be around 65k maximum depending on house damage. Rehab the property with the remaining 30k. Get it rented and then refi at 75% - 80% LTV. Get my Cash back and repeat the process so on and so forth. I'm currently build my team now (Banks, contractor, lawyer etc) and I won't making any more moves until everyone is in place.
Post: Am I looking at this the correct way ?

- Investor
- Charlotte, NC
- Posts 320
- Votes 157
@John Leavelle @Ralph R. Thanks for the feedback guys. I wasn't able to get a loan from the beginning because I was a professional athlete for a year and then was released. I only had 1 year of W2 for my work history. The 2 mortgage companies I did speak with are willing to give my 70% LTV without a seasoning period as long as I can show I purchased the property with my own funds, which I did. I'm going to keep looking because I'm looking to pull out any between 75% to 80% LTV. Once I get the cash out. I'll search for distressed properties moving forward to get the BRRRR strategy in motion. I'll do that to I reach my own limit of 10 loans and the last property I use BRRRR strategy on, I'll refinance that one of course. In the end of that period I'll end up with 10 properties leaverge and with all my money back. If not all but close too. That way I'll have reserve too.
Post: Use Leverage or Stick with Cash?

- Investor
- Charlotte, NC
- Posts 320
- Votes 157
Hey, @Ericka G. did you figure out what you want to do moving forward, continue to pay cash for your properties or leverage everything ?
Post: Am I looking at this the correct way ?

- Investor
- Charlotte, NC
- Posts 320
- Votes 157
I puchased this property. The reason I paid cash is because I couldn't find a bank to loan my anything with 20% down, so i took this route. My goal is to expand my portfolio and create passive income.
Turnkey duplex property - 900sq 2bd/1bth for each side
Listed price - $109,000
Purchased price - $95,000 CASH BUY
Minor rehabs - $4,500
All in CASH BUY - $99,500
Appraised - $117,000 before minor rehab
Rented - $1,200 total $600 for each side
So now I have this property & here are the numbers. Of course it's not the best deal and everything is a learning curve. I'm at the point now where I just been collecting rent for the last couple months and CASH flow is great which is my ultimate goal. After learning about the BRRRR strategy and about leveraging your cash, I think the BRRRR is the niche I want to use to expand. I'll refi to get my CASH back, buy another property cash and fix it up a little, and do anthoer refi and pull the cash out the 2nd property. So on and so fourth. As long is the numbers with the property is value higher enough or above to get my initial CASH back each time and a cash flow minimum of $200.
Am I missing something ? Is this correct?
Post: Use Leverage or Stick with Cash?

- Investor
- Charlotte, NC
- Posts 320
- Votes 157
@Edwin Williams " I got killed leading up to the 2008 crash with vacancies. The only way to cover is to drop the rent and when you can't, there goes your sleep and the properties." So ultimately how do you cover yourself ? Buying all cash properties ? Or using leverage and having cash reserves per unit ? Maybe this is a question I need to ask myself idk....hmm
Post: Use Leverage or Stick with Cash?

- Investor
- Charlotte, NC
- Posts 320
- Votes 157
@Brent Coombs Wow you're absolutely right, I didn't think of it like that. "PLUS MORE" should be considered icing on the cake, I always thought that was mandatory, RULE OF THUMB. Even in the position I'm in now as long I get my money back after I refinance. My ROI is infinite. If I'm only receiving $100 a door after expenses that will be ok because at this point I have my money back that I put into it. As the tenants pay my mortgage down, my CF will increase. HMMMM something to think about.
Post: Detroit market really ?

- Investor
- Charlotte, NC
- Posts 320
- Votes 157
@Kyle Tanner Thanks. Sounds good too me if you buy right.
Post: Detroit market really ?

- Investor
- Charlotte, NC
- Posts 320
- Votes 157
Why is Detroit, MI market so low right now ? I've seen multiple properties as low as 1k. Would it go back up sooner and is a good time to buy and hold there ? Newbie questions, am I missing something here ?