All Forum Posts by: Tammy Fleming

Its a salon i own and operate I have booth renters. 

I hear there are now DSCR loans for commercial property. I have a hair salon I am interested in doing a cash-out refi on. Does anyone know of someone who does these types of loans?

Hello

I'm looking for someone who can give me a price on a business owner policy. I need a policy asap.

Thank you Tim

I am looking to draw some cash out of my property to do some investing. I have good credit but i am self employed.  Can one of my professional bigger pockets lenders help me out?   

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $202,000
Cash invested: $75,000

For my first investment I renovated it for 5 months. I only had one month to sell it before my hard money loan expired. I found that some people will only share enough information for them to get paid. I thank God for my 20 years of experience in real estate

What made you interested in investing in this type of deal?

It was not my plan. I wanted to fix and flip. I had to do what worked at the time.

How did you find this deal and how did you negotiate it?

searching as a realtor

How did you finance this deal?

DSCR

How did you add value to the deal?

It was quite extensive, all new electrical, hvac, plumbing as well as foundation, painting, floors and yardwork and demo of shed. It turned out great

What was the outcome?

Beautiful apprasial $330,000 refi and mid-term rental. It was the perfect solution for this home considering it's location only a few miles from the University of Houston, Texas Southern Univ., VA hospital, Texas Medical Center, Downtown Houston, Toyota Center, Reliant Stadium as well as Hwy 45, 59, 288 and 610.

Lessons learned? Challenges?

Listen but verify. Do your own research from multiple sources.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a realtor so Ii used a lot of my training or else I would have been in a fix. My loan officer Chris was great.

As I approach my 20th year as a real estate broker in Texas and my 30th year as a small business owner, I've decided to think outside the box and use what I have to get what I want.  The best way is to converse with like-minded people to share visions and thoughts.  If there are any private money lenders or experienced real estate investors in this group that's looking for a hungry, experienced, insightful, resourceful real estate agent to partner with, someone who put in the work, please don't hesitate to contact me. If you are looking for someone as excited about this industry today as you were when you first started, that's me. Contact me today. I'm ready.