All Forum Posts by: Jim Bray

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@Maurice Collier, I'm sorry that no one responded to this.  I know it was forever ago but its happened to me and I wish someone had helped you out with info.  Did you ever sell, move or invest?

@Nathan Gesner  Thanks for posting the video.  It would be an awesome value for the BP members if you would do a video walk through after its been rehabbed for rental and let us know how much it set you back.  This would give everyone a clear picture of what kind of interruption (financially and time-wise) that situation actually is in the cashflow of a unit that size.

Sounds Good @Dylan Quagliato I'll DM you and we can connect.  @Michael Ohara I have noticed that loan restrictions are tightening up this week with larger institutions like CHASE and BofA.  Is that also trending toward being the case with private lending in your view?

Thanks @Michael Ohara!  I DM'd you to connect.  I'm grateful for the insight!

I may be new to REI but I believe in the power of encouragement. @Tim Kaminski call like crazy and don't quit.  Different CU's have different criteria and I really believe the difference maker is persistence.  GO GET 'EM

@Chris Teti THANK YOU for the feedback! I hadn't really thought about an LOC. I think you're right that the "seasoning" is the secret ingredient in this dish. I will likely need to set something like that (or a similar maneuver) to ensure I don't miss the next great chance. In the mean time, I will be soliciting a viable partner. I believe that @Brandon Turner utilized a partner to get his first deal so, they're not bad footsteps to walk in!  I appreciate your time in replying. I'll be looking up just how long lenders want to see funds sitting in an account doing too little so I don't waste more time.  

@Chris Teti The asking is 100k and the realtor has let me know that the buyer would very likely take a little less.  Why do you ask?  I'm open to all ideas, collaborations and inspirations!  

Thank you for your reply @Kris H. It's wonderful to see a community member encourage people new to REI with constructive feedback!

To clarify, I don't have 'zero reserves'. I have "limited reserves"... about 3-4 months worth.

I learned from @Brandon Turner and @Josh Dorkin not to say "Can't" but rather "How can I?"

Hi BP Family!  

I am a "newbie" PRO here in the Bigger Pockets community and after lots of reading, listening, watching and learning I have finally found what I believe is a solid "Buy-and-Hold" deal.  Its a Triplex that has been rebuilt from the ground up and is occupied fully by long-term tenants.  The owner is ready to sell off his properties and retire.  I learned what he would likely accept and it leaves a decent chunk in equity right away for what amounts to a *relatively* turnkey scenario.  

After conservative analysis it still cashflows a nice number and I really want the deal BUT....

I don't have the reserves that many lenders want to see.  My credit score is over 740 but like most of america, I'm out of work. My job in Film/TV won't fire back up until what seems like June at the earliest!  

HOW does a rookie who found a cookie get the financing?  I have heard most suggestions like "get a partner" and I do know someone but I'd really like to begin on my own two feet.  This will likely garner backlash in the replies and I'll take that.

What I'd love to know is: Has anyone encountered a way to get financed with less than 6 months rental income reserves?  

I have learned so much from this community already and am very grateful for any sagely advice.  THANK YOU!

Jim