All Forum Posts by: Nikki Grizzle

Hey David, welcome to BP! 

Oh gosh. This is why I love BP. I was just looking at this company and as soon as I saw they were affiliated with Midwest Corp I hit that exit button. We used Midwest Corp this year and I have to say we were not too pleased at the fact they tell you you are getting a line of credit when in fact you are just getting a bunch of credit cards. One the upside, we just started investing this year so having business credit cards has helped in many ways. Instead of of applying for a credit card with each bank and having our credit hit, it was just done one time and went out to about 20 banks. Wasn't too bad but definitely something we would not do if we had at least 2 or 3 years in. 

 Yes. We do buy and holds. We are okay with shorter term financing so long as we can refinance with a bank when we want. That is why we are looking more for private money than hard money. 

Hi Gina! We were in the same boat. Looked at homes off and on for about over a year and now we regret it. I joined BP and had my first deal in 2 months thanks to this community and support. Take advantage of everything including the webinars every Wednesday night at 7. 

Keep doing what you are doing. I love seeing the under 30 crowd succeeding in real estate. I suggest to browse the forums, use the search bar for all your questions and interact with everyone. There is so much to learn and so many to learn from.

Gotcha. Well good luck.

Brandon, we currently do buy and holds and all our properties have been 50k and under. We decided to try different types of financing as everyones situation is unique. We have used personal loans, line of credit, credit cards (cash advances) and bank financing. I see you are from Sneads Ferry. We invest in the New Bern/Vaneboro area and are currently using two small local banks for two different deals. The properties are both under 50k. We also have another deal our realtor sent us that we are finding financing for. This time we are trying to find some private investors that we can work with on a regular basis. 

I also get annoyed with the rehab loans however they can work out really well. A HML I met explained how the process can work in our favor, even though we focus on buy and holds. We have yet to use it but will on our next property over 40k. Think of it this way. Get a rehab loan. Add in any repairs. Technically you are getting 100% of the loan. I am assuming the value of the properties you are buying are higher than what you are buying them for. After 6 months, refi with a bank loan. Most banks require at least 6 months from what I have been told. So you have 6 months to do any major repairs or quick improvements and find a bank.

I would have to agree with @Anish Patel. The 3% is amazing and a great deal but the entire deal itself does not seem that good. We are still learning a lot but one thing we learned is that doing those numbers can make or break you. When you start realizing you need 3k here and 2k here and another 2k there due to repairs and maintenance that you couldn't see coming, that cash flow drops quick. I also highly suggest you also look outside the area. If you are looking for cash flow from rental properties, you get one heck of a deal outside the Triangle area. 

We are looking for a private lender who provides loans for properties starting at 20K. All properties are tenant occupied. Right now we only invest in Eastern NC. 

I just signed up for TenantCloud and so far love it. I definitely love it better than Cozy.