All Forum Posts by: Jasmine Ansley

@Thomas Mott I would find another lender, if you have not. There are reputable lenders on Bigger Pockets and some scammers. David Morgan would be one of those scammers. I do not think his webpage exists anymore.

@Diante Lawrence could you inbox me with details...location, price, terms, etc?

@Adrian Smude, I will check into it. Thanks.

@Andrew Thorell

Check with CenterState or Citizens, they are local banks. Citizens was started in Polk County.

@Andrew Thorell

So true! I was talking with another new investor, I think it would be great if we could get a meetup group for this side of Polk County.

Hello All! Nice to see other locals. I grew up in Davenport.

Hello All,

I am looking to finance a deal using a LOC for the down payment, then finance the rest with a mortgage. Essentially giving me 100% with zero of my money in the deal. The BP Rental Property Calculator does not let me perform such "creative financing". Any ideas on how to calculate?

Thanks in advance.

@Lawrence Moore, I understand your pain! I have about $50k in student loan debt. But my personal residence is in my name and I have an income property in the name of my LLC. The banks look at your monthly payment, not the total debt. The monthly payment is used to calculate your debt to income ratio.

My full time job is a high school teacher. I have about 8 more years before my loans will be forgiven. I plan to continue my career as a teacher, at least for 8 more years to receive the forgiveness while building my investment portfolio. I am working on my second property now. 

You will have to be creative, use private investors that only look at the property. Make sure the property cash flows because their interest rates will be higher. In the meantime build a relationship with your local bank so you can refinance for a lower interest rate.

Good luck!

@Adrian Smude I am in Polk County. I would be interested in small multifamily properties. 

@Andrew S. I am near Lake Wales.  So I can imagine the trailer and the lot. I would buy and hold for a bit or do the owner financing option, you mentioned. Replacing the trailer wouldn't be expensive. 

@Richard Morency

I start with a search on BP for private lenders. I have connected with three of them. I did a private loan with one to purchase a duplex. I am currently working with the other for a different property. After searching BP, google them, and check out their website. Ask for references to answer specific questions about the lender. Shop around! Go luck!