All Forum Posts by: Jamie Jones
Jamie Jones has started 5 posts and replied 200 times.
Post: Bigger Pockets Featured Lender
- Lender
- Nashville, TN
- Posts 205
- Votes 107
Quote from @Chris Watkins:
The categories of loans need to be a little more granular and agree with @Robin Simon that the filtering needs a little work. I've been on the program for a little over a month, have had 8 leads -> 7 conversations (one ghosting), 2 folks who weren't nearly ready, 2 that were looking for more than they could afford, 2 got outbid, and 2 applications working towards deals. I'm not sure how standard that is, but the inquiries have been there. Following up quickly with a text as soon as I get the notification has been important to get the ball rolling.
This is great information, thank you for providing! Keep me posted how the rest of your leads work out please.
Post: Local bank won't accept rental income until its filed on my taxes.
- Lender
- Nashville, TN
- Posts 205
- Votes 107
Hi @Ben Freeman, it might be time to talk to another lender. If you provide lease agreements for the unit that was vacant last year, along with a clear letter of explanation of why it wasn't reported on 2022 tax returns, you should be able to use that income. You may need to provide bank statements showing the rental income hitting your account. You should be able to use 75% of the gross rental income shown on the lease agreement, minus the PITI on the property.
Post: Bigger Pockets Featured Lender
- Lender
- Nashville, TN
- Posts 205
- Votes 107
Have any fellow lenders tried BP's new Featured Lender program? I have heard mixed reviews about quality of the leads from the Featured Agent program but I can't find any reviews or feedback on the lender side. I'm a conventional mortgage lender that would be looking to work with clients wanting to house hack a primary residence, buy a rental with 20-25% down, or pull cash out of existing rental properties.
If anyone has experience with this program, please provide some feedback on how it's going. Thanks!
Post: Scott Trench ‘Set For Life’
- Lender
- Nashville, TN
- Posts 205
- Votes 107
Great book! I've recommended it to multiple people over the last few years. @Scott Trench
Post: Bigger Pockets Featured Lender
- Lender
- Nashville, TN
- Posts 205
- Votes 107
Have any fellow lenders tried BP's new Featured Lender program? I have heard mixed reviews about quality of the leads from the Featured Agent program but I can't find any reviews or feedback on the lender side. I'm a conventional mortgage lender that would be looking to work with clients wanting to house hack a primary residence, buy a rental with 20-25% down, or pull cash out of existing rental properties.
If anyone has experience with this program, please provide some feedback on how it's going. Thanks!
Post: Wilson County Investing… Stupid idea?
- Lender
- Nashville, TN
- Posts 205
- Votes 107
Hi @Will Adams Jr, I live in Wilson County (Mt. Juliet) - let's connect! While so far all of my local rentals are in Rutherford County, I think Wilson County is a great area to invest in (depending on your goals). The short answer to your question regarding further developments - YES! There is currently a ton of plans for Golden Bear Gateway in MJ - including Costco, medical/retail, entertainment, and housing. I just recently sat in on a meeting with someone from the Lebanon Economic Committee and there are large plans for Lebanon as well. Wilson County has great schools and is pretty close to downtown, so demand for housing should remain strong. Here are a couple articles/images about a few of the plans in MJ.
https://www.tennessean.com/story/news/local/wilson/mt-juliet...
Post: Looking for lenders for cash out refi or portfolio loan
- Lender
- Nashville, TN
- Posts 205
- Votes 107
A conventional loan is going to be capped at 75% LTV for a single family rental property, so best bet is looking for a DSCR or some type of commercial or portfolio loan. Like others here have stated, many lenders are reducing risk right now by lowering their max LTV thresholds.
Post: What do we love/hate about some things that lenders/mortgage professionals do?
- Lender
- Nashville, TN
- Posts 205
- Votes 107
Quote from @Doug Smith:
We lenders all suck. We're terrible people. Seriously, my pet peeve in the lending community is loan officers that hold themselves out as "experts" but never take the time to really master guidelines and hone their craft. Other than that, communication up front, honesty, and disclosing everything to the borrower regardless of how distasteful you think what you are disclosing to them will be. One other thing...a quick no is much better than a long maybe. Don't try to string someone along if you really feel the deal isn't going to fly.
"A quick no is much better than a long maybe"
I will 100% be stealing that line, Doug.
Being proactive and unafraid to have the difficult conversations upfront saves a lot of time and stress throughout the loan process for everyone involved.
Post: Mid Term Rentals
- Lender
- Nashville, TN
- Posts 205
- Votes 107
I don't personally have any experience with mid-term rentals, but with healthcare being such a large industry here, I imagine you would have success with travel nurses.
Post: Can anyone suggest investor friendly title companies in Nashville Tennessee
- Lender
- Nashville, TN
- Posts 205
- Votes 107
Try Hywater Title. They are based out of Murfreesboro but will meet clients anywhere for closings. All of their owners are investors themselves so understand a lot of in intricacies.