Spring is almost here along with a lot of rain. The Millwood Project did not go through as we had hoped. Only two investors signed up, but not enough capital had been raised for the down payment. JJ continues to look around searching for smaller properties for those one to two investors’ combined income could acquire. Banks have further tightened on their lending practices, and currently, are lending on a 25/75% ratio. Yet, they have re-opened another opportunity that originally had been closed to investors this past January. This was on the rule for how many mortgages an investor could have open at one time. Banks wouldn’t loan to folks who had more than 4 open loan/mortgages back in January. Now the new rule is that an investor can have up to 10 open loan/mortgages again.
As of March 5th, JJ and I have joined forces with Rick Gamboa on a complete overhaul on an investment property. With any luck we will be done with the property’s make-over come the end of April, given the weather holds out and no unforeseen issues arise. We welcome him into the Real Estate Investors Group and hope to do many more properties in the future with him.
It’ll be a great learning opportunity along with earning potential for both parties as long as the cards are played correctly during the experience. The School of Hard Knocks is always open to folks wanting to learn and challenge themselves. How far you go, is dependent on how many times you get back up and return to the brawl.
Crissy and Johnny Jackson