All Forum Posts by: Jim Haney
Jim Haney has started 3 posts and replied 23 times.
Post: Long Term Financing After 10 mortgages

- Redmond, OR
- Posts 25
- Votes 3
@Jeffrey Boyce - how about you - were you able to find a direction?
Post: Long Term Financing After 10 mortgages

- Redmond, OR
- Posts 25
- Votes 3
@Luke Terry - I am in the same boat - well, nearing it. I am rehabbing my 5th and 6th in the Cleveland area and will be hitting the limit. Have you found anything more on your quest for different financing?
Post: Visio Financial Services

- Redmond, OR
- Posts 25
- Votes 3
@Keli Coleman - who is Alex mentioned above?
Post: Auction.com Property Listed as Vacant but there is full of staff

- Redmond, OR
- Posts 25
- Votes 3
@Andrew Uyghur - how did your auction.com property turn out?
Post: AUCTION.COM IN NEWARK

- Redmond, OR
- Posts 25
- Votes 3
@Carla Hill-Brady - how did your auction.com transaction go? I'll be going down the same road shortly...
Post: Counting to 10 - the "Loan Limit"

- Redmond, OR
- Posts 25
- Votes 3
Thanks @Chris Mason - What about this - and maybe I am getting too far ahead of myself... Let's say I get to 10, and then peel 8 of them off into an LLC and get it refinanced into some sort of commercial lending product. If I have to personally guarantee that loan, do those 8 still count as "financed property?"
Post: Counting to 10 - the "Loan Limit"

- Redmond, OR
- Posts 25
- Votes 3
Could someone help me with the definition of the 10 loan limit? I have a 30-year loan and a HELOC on my primary residence. For my rentals, I have a HELOC on one property that is otherwise paid off, and then three 30-year loans on three other properties. Does that mean that I have 4 loans towards my limit (only the 30-year loans), or 6 (counting the HELOCs) when it comes to getting to the 10 loan limit?
Post: Low BRRRR Appraisal - what next?

- Redmond, OR
- Posts 25
- Votes 3
@Sarah Brown - yes, I think that is what I will do
@Andy Webb - I was hoping for it to appraise at $110,000 and it appraised for $77,000. At 75%, this sets the loan at $57,750. I am into it for just over $80k and don't want to leave the $22k in it.
@Mike McCarthy - The bank won't allow a second appraisal without cancelling the loan and trying again in a couple weeks. I have reviewed the appraisal and it SEEMS like the appraiser just chose the worst possible comps! Not that they were bad - I understand that is how the game is played. However I had another property appraised in the same week, a half mile away with similar finishes that appraised for $106,000. I understand that's just the way it goes, I am just trying to figure out my next step.
@Kimberly Smith - thanks - I think that is what I will do too.
@Jason D. - Thanks Jason, I agree. I am just debating whether to use the same lender. And I may do that because they already have all of my paperwork.
Post: Low BRRRR Appraisal - what next?

- Redmond, OR
- Posts 25
- Votes 3
I am doing a BRRRR and the appraisal came in well below what I think the property is worth. I did the Appraisal Rebuttal and got no movement. My options are 1) to go with the current appraisal and leave more skin in the game than I wanted to, 2) cancel out the loan app and resubmit in a couple weeks or 3) start from scratch with a different lender.
What would you do?
Post: IIP Property Management in Cleveland< Ohio

- Redmond, OR
- Posts 25
- Votes 3
The tenant moved out 6 months ago, I transferred management responsibility to a different property manager, and they still have not closed out my account and sent me the balance. Terrible...