 Buying More Rentals (by Marc [AL]) Jul 2, 2013 9:17 AM
 Buying More Rentals (by Elena [PA]) Jul 2, 2013 9:24 AM
Buying More Rentals (by Marc [AL]) Jul 2, 2013 9:26 AM
Buying More Rentals (by Ken [NY]) Jul 2, 2013 10:00 AM
Buying More Rentals (by Marc [AL]) Jul 2, 2013 10:11 AM
Buying More Rentals (by BillS [CO]) Jul 2, 2013 10:17 AM
Buying More Rentals (by gevans [SC]) Jul 2, 2013 10:21 AM
Buying More Rentals (by David [MI]) Jul 2, 2013 11:28 AM
Buying More Rentals (by Ken [NY]) Jul 2, 2013 11:38 AM
Buying More Rentals (by BillS [CO]) Jul 2, 2013 12:45 PM
Buying More Rentals (by Chris [CT]) Jul 2, 2013 12:54 PM
Buying More Rentals (by Txmike [TX]) Jul 2, 2013 1:13 PM
Buying More Rentals (by gevans [SC]) Jul 2, 2013 1:18 PM
Buying More Rentals (by Gmeech [TX]) Jul 2, 2013 4:58 PM
Buying More Rentals (by Greg [IL]) Jul 3, 2013 11:46 AM
Buying More Rentals (by Marc [AL]) Posted on: Jul 2, 2013 9:17 AM
Message:
State Specific Question About: ALABAMA (AL)
Ok - so I know have 4 rental properties. I was able to refinance and got a rate of 4% through the "HARP" program. The banks won't finance the purchase of any more rentals - how do folks with 4 or more homes finance an additional purchase? How folks with multi-unit properties...want to grow but don't know how. Any help would be appreciated.
--192.73.xx.xx |
Buying More Rentals (by Elena [PA]) Posted on: Jul 2, 2013 9:24 AM
Message:
Have you considered using your home equity line of credit for purchase? And then refi? --71.225.xxx.xxx |
Buying More Rentals (by Marc [AL]) Posted on: Jul 2, 2013 9:26 AM
Message:
Don't have a home equity line of credit. My equity on my personal home is about 30k - the homes I want to buy run around 100-120k --192.73.xx.xx |
Buying More Rentals (by Ken [NY]) Posted on: Jul 2, 2013 10:00 AM
Message:
Small banks that do not sell the loans do not have that requirement,also owner financing --24.92.xx.xxx |
Buying More Rentals (by Marc [AL]) Posted on: Jul 2, 2013 10:11 AM
Message:
Thank you Ken. I always hear about these "owner financing" properties on forums but never see them in real life....I'm I missing something? --192.73.xx.xx |
Buying More Rentals (by BillS [CO]) Posted on: Jul 2, 2013 10:17 AM
Message:
Find a new mortgage broker. The limit is 10 but only a few are doing it. Might be some more now that the volume is going down.
Owner financing is rare but if you have no other options then you have to do what you have to do. BTW they aren't on the MLS. You have to find them. --75.160.xxx.xxx |
Buying More Rentals (by gevans [SC]) Posted on: Jul 2, 2013 10:21 AM
Message:
A $30k HELOC can get you a $120k property. I've done it with BB&T and Wells Fargo in the past year. --141.129.x.xx |
Buying More Rentals (by David [MI]) Posted on: Jul 2, 2013 11:28 AM
Message:
BillS is right, you will need to spend a lot of time calling every bank within 200 miles. --165.207.x.xxx |
Buying More Rentals (by Ken [NY]) Posted on: Jul 2, 2013 11:38 AM
Message:
Marc,owner financing is more common in lower end neighborhoods where there are less buyers and sellers just want to get rid of them.I have bought this way for years,I don't go to banks for financing.I do a lot of advertising and take over property subject to the existing financing also meaning I just start paying on someones mortgage after they give me the deed to the house.I also wholesale property and the trick to all of these kind of deals is you want the seller calling you from direct mail,bandit signs etc,then you have no competition --24.92.xx.xxx |
Buying More Rentals (by BillS [CO]) Posted on: Jul 2, 2013 12:45 PM
Message:
Gevans - care to elaborate? I assume based on what you said that those banks took your cash as a down payment and wrote you a loan for the difference. Or did you actually buy at that much of a discount? --75.160.xxx.xxx |
Buying More Rentals (by Chris [CT]) Posted on: Jul 2, 2013 12:54 PM
Message:
Go commercial, they will finance as many as you and the deal qualify for. --24.228.xx.xx |
Buying More Rentals (by Txmike [TX]) Posted on: Jul 2, 2013 1:13 PM
Message:
Do you have a spouse? If not get one, that will get you 4 more hoses. --66.169.xxx.xxx |
Buying More Rentals (by gevans [SC]) Posted on: Jul 2, 2013 1:18 PM
Message:
Bill:
25% down minimum and finance the rest.
And I ALWAYS buy at discount!
So far, they are willing to loan me 75% of purchase or tax value, whichever is LESS.
Really cheap ones: I use a HELOC or 401k loan to purchase outright. After rehab (and after 6 month minimum) I go for a standard loan, then repay my HELOC or 401k. --141.129.x.xx |
Buying More Rentals (by Gmeech [TX]) Posted on: Jul 2, 2013 4:58 PM
Message:
For typical government low Interest rate loans there are 2 agencies that every bank and evey loan officer uses unless they are using commercial loans. Those are freddie mac and fannie mae loans. One is max 4 loans and the other is max 10 loans and then a few exceptions. But I get confused which is which.
If you got 4 loans then switch to a new bank or broker that uses the other agency.
Then you can go up to 10. I have 10 financed properties ranging from 5.875 to 3.875 interest rate. Now I had to put 25% down but that's ok. I like the LTV and having really low payments that are locked for 30 years. --74.7.xx.xxx |
Buying More Rentals (by Greg [IL]) Posted on: Jul 3, 2013 11:46 AM
Message:
I would find another banker. Ask the local Realtors who is give the money away. I was stuck a couple years ago at 7 properties. A Realtor made a suggestion and it made all the difference. Not only was this bank willing to loan, but they only required 15% down with competitive interest rates. But these are also 5 yr balloon note amortized at 10-20 years, depending on the property. I know own 43 properties. Also, keep your eye for other real estate pros going under. I have bought most of my properties from landlords in pre-foreclosure. And the banks they have the loans with have given me zero down loans to take them from the liabilities column in their books. Its a win for you, the bank, and the previous owners. --173.165.xx.xxx |
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