All Forum Posts by: Jacqueline Coombs

Hi! I am a local GR investor and I would highly recommend Paul Leason as an investor/realtor! I have worked with him for almost a year and he has done a great job and has a lot of experience with multiple investment strategies! Check out the local REI meet-ups as well! Good luck!

Try going down there in person. I was downtown a few weeks ago and decided to walk in and ask for the list. The lady behind the desk said "sure" and handed me what looked like a dozen page newspaper. She said this printed list was only made up of homeowners/addresses who were at the 3rd year delinquent and owed taxes by March 31st or the property was being foreclosed on. I bought one on the list after I mailed about 50 letters. A lot of them supposedly will get redeemed but it still may be a sneak peek into what's coming up at the auction this summer.

Francois D. What are some good option #4 lenders? I am doing BRRRR properties within my LLC and need to cash out refi into long-term financing. Thank you!

I'm looking for the same thing- at least 75% LTV cash out refinance with no seasoning requirement!! I talked to my usual conventional mortgage broker and he said only 70% LTV plus 1 year of ownership. I am doing a BRRRR deal ( working on rehab now) with a 401k loan and want to refinance that cash out and put it into the next property, and the next, etc. Thank you for bringing up this topic, OP!! 😊

Me, too! I am doing BRRRR deals, paid for and rehabbed with cash and I would like to find a lender that can do cash-out refinances for appraised value before 6 months! Thank you!!

Check out the book called "Tales of a White Trash Landlord" by Daniel Brouillette. He chronicles a lot of his own mistakes in managing low-income rentals. Good read!

Are you asking whether you made a mistake in your calculations? If you plugged everything into a REI calculator like the one here on BP, it should be right. I'm not familiar with your area but where I invest is a C+/B- area where I can pretty easily get my SFRs to hit the 2% rule and cash flow about $400/mo after all expenses including mortgage. Usually the cash flow is higher the lower the asset class which can be offset by higher maintenance and tenant turnover costs. It seems like my properties are at a happy-medium so far ( fingers crossed, Lol). I hope that helps!

I have definitely been there! I am sure you learned something from the deals that did not pan out and that is very valuable education! I gave myself a good 6 months to dedicate to education including going out to see many houses, reading, networking, etc. It seemed as if everyone was passing me by as well but really, most of us start out the same way. It's like getting a snowball started, lots of effort/push in the beginning until it builds momentum to roll bigger by itself. Give yourself some time, value the educational experiences and trust the process! Stay in the game and you will know the right first deal when you see it!

The meet ups in Grand Rapids are all free! West Michigan REIA meets second Monday of each month at 6pm at Buffalo Wild Wings on 44th St in GR - great networking group, haves and wants, sometimes they have a speaker. The RPOA breakfast meetup is on Fridays at 8am at Cheshire Grill on Plainfield -smaller group, speaker, haves and wants. There is also a new wholesale happy hour group that meets at Harmony Hall downtown GR on the 4th Monday ( I think ). It is listed on meetup.com. That's all I know of here in GR!

Helping others always pays off tenfold or more. Any time I get caught in scarcity thinking, it becomes "me against them" which leads to fear and competitive paranoia. My reality is a direct result of my thinking. I would rather think that there is plenty for everyone and network with an open mind than fall prey to fear and live in a "not enough for me" type of world. Who would ever trust me to do honest business with them in that state of mind? I would not. I have ultimately found that helping others make money leads to my making tons more in the end. Obviously, there are a lot of "takers" in the world but my responsibility is to be a giver regardless. And, being a "giver" helps me recognize other "givers" and my network ends up full of good people who all want to help each other succeed. My .02