Next purchase. Financing this time.

[Cody Krecicki]

Well. We bought a place for cash and now live in it for $127,000 and it's now worth $145.000+. I don't want to cash it out or heloc it. Ive got two little girls and a wife and pets that I no longer need to worry about having a place for them to live, ever.

So we're on to he next ones. I just got my 2015 and 2016 taxes done. I show $65k in income for 2015 and $112k in 2016.

We own our corporation. Our company has great credit. I have none. I just started and have three cards rotating for gas etc.

Here is my question. We'd like to buy a few multi family properties or even a few condos. The properties were looking at are between $50,000 to $80,000 for condos and $90,000 to $350,000 for 3 to 8 unit multifamily properties. The condos we want to buy are in west Las Vegas. The multifamily are in downtown Las Vegas.

What are my options for financing now that I have all my taxes and business in order. FHA, how does that work now that I own a place cash? I am a very conservative investor.

Share your experience or financing ideas. Will banks be hard to land foreclosure and more run down multi families? 

We are investing here in Las Vegas. Thanks everyone for your interest in this post. 

P.S. -- the strategy is to just accumulate property, all or most of the rents will go towards the debt service for the next 15-30 years.

[Kenneth Garrett]

Cody,

I would look at commercial loans. I use them all of the time. Less paperwork, credit is not as critical and they look at the deal more than anything. Buy and Hold it works great. Will loan up to 75% of ARV. Buy low and rehab. You may need to be a little creative f there are other issues. My credit good but not great. I use private money to purchase and rehab the property. When I refi with a commercial loan it becomes an easier process.