All Forum Posts by: Jewel B.

Hi all,

Thanks for your feedback! I have already read Avery's book and I've been stuck in analysis paralysis for a few months now. I keep seeing more that I need to learn before I move forward on a property. I'm also considering rental arbitrage for my first STR but haven't dived into information on that yet. I'm someone who does well with coaching and direction so trying to piece things together on my own has kept my investing journey in a hold pattern of learning.

I know these forums tend to be anti-mentorship, but I was hoping someone who has gone through a mentorship for STRs, even this particular one, could reach out and let me know if it's worth the success they've seen so far.  

@Briana Smith I'll be sure to check out Mike Sjogren's podcast as well!  I haven't seen his stuff yet.  From his website, it looks like he has a masterclass as well.  I'm not sure if I want to do co-hosting though.

 I kept reading the thread hoping someone would tell him the truth and not just look to get business. Funny I see that you're in Philadelphia. I have a F&F in Media, PA. DM me let's talk.

Most HMLs aren't a great fit for the refi portion.  HMLs are usually for the purchase and reno and then you would seek long term financing with a local bank/credit union.

 Love the profile picture!!! Thats a great shot of Steelstacks.

We've had fantastic experience with Alpha Omega Plumbing / HVAC. 610-428-0826

Theve done numerous large scale jobs for us and several clients. 

 The best time to plant a tree is 20 years ago.  The second best time to plant a tree is now.  You're on the second best time to talk to a mortgage broker.  It would have been best to have the exit strategy more concrete before purchasing the property.  I would post the particulars of your loan in the Classified section of BP and just let the process begin.  You'll get contacted by every mortgage broker and their Mom.  Pick a couple and ask what their process is like; ask where they are with rates and fees and turn times.

All the best

Stephanie

@Jewel B. I am speaking to 3 people right now who got HML for a flip but the flip is not sold and the must Refi, bad thing is their credits are sub 650. Yes we can do HML also but I warn people about this scenario, there are not many private lending institutions that will lend to under 660FICO, and typically they have a higher min. $200K.

One way to mitigate this is to get a partner that owns 25% + of the LLC and has a 700+ FICO. We can use their FICO as the qualifier.

And you are correct, as a Broker I do all the shopping for you. We are 100% commission.

@Jewel B. Congratulations on reaching the refinance stage with your BRRRR. You can certainly take a stab at approaching lenders on your own just know that using a mortgage broker can shorten up the process and potentially save you capital in the long run.

Programs are always changing and what works today may not be around tomorrow.  A qualified mortgage broker can hone in on your profile and offer funding solutions that best suit your specific scenario. Then there are the intangibles as well, it frees you up to focus on your projects, work or even finding that next deal.  Best of luck!