DFW REI Club

 Dallas/Fort Worth Real Estate Investor Club

Justin State Bank

  • 25 Mar 2009 8:30 AM
    Message # 133288
    Justin State Bank does the type loans Dave mentioned in the Saturday 3/21/09 meeting.  You can contact them to learn about their programs. http://www.justinstbank.com/
  • 26 Mar 2009 4:52 PM
    Reply # 134472 on 133288
    I was not able to attend last Sat.'s meeting.  What type of loans are you describing?  Thanks!
  • 27 Mar 2009 12:19 PM
    Reply # 135058 on 134472
    Stacie Meeker wrote:I was not able to attend last Sat.'s meeting.  What type of loans are you describing?  Thanks!

    Dave calls it a bridge loan. The way we use it is to buy with Justin (low closing cost compared to a mortgage company). Rehab and re-sell, or get a tenant then re-fi for a normal mortgage. When we re-fi the mortgage company recognizes our appraised amount, not what we paid & we are able to roll in closing & still have a good amount of equity.

  • 27 Apr 2009 8:20 PM
    Reply # 135255 on 134472
    Cindy Carriger (Administrator)
    Stacie Meeker wrote:I was not able to attend last Sat.'s meeting.  What type of loans are you describing?  Thanks!

    Stacie, Just in case you had not noticed, on the front page of this website there is an option to hear the meetings via audio or visual recordings.  [see the word Meetings and it has a little icon that looks like sound waves-sort of] So, you can pick the meeting with Dave Beach and Terry Weekly to listen to it.  We attempt to get each Sat. meeting on at least audio, but at times run into technical difficulty and aren't successful with getting one or both audio/visual recordings.  So, I hope all of our visitors will take advantage of this feature- I think it is unique, at least in our area, I have not seen it on local websites (but I have not been to others for a while).
  • 02 Oct 2009 10:24 AM
    Reply # 225688 on 133288
    Deleted user

    I have several clients who have used this loan program with Dave Beach and it has worked out great.  I have even had clients buy occupied "Turn-Key" properties from my organization using this loan (I didn't attend Dave's session but he may have mentioned this).  The benefit of doing this is that the down payment and closing fees are fairly low and the interest payment is deferred for 6 months (i.e. not payment for 6 months).  We then roll the loan into a 15 year loan (much less expensive than a refi).  Even though the 15 year amortization reduces cash flow (compared to 30 year), the fact that cash flow is through the roof for the first 6 months, this makes up for the smaller cash flow of the 15 year AM if you don't plan to keep the property for 20+ years.  My clients often use a Rent To Own strategy meaning that they plan to keep the proeprty less than 5 years so this works well.  And, this loan stays off of your credit report and is a great way to go if you have several properties considering the issues with conventional financing.

    Just my 2 cents worth.

    Johnny Burks

    www.txreipartners.com

     


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